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Unread 11-18-2007, 09:48 AM
 
Location: NE Florida
1,645 posts, read 2,660,179 times
Reputation: 814
Default Anyone affected by the Levitt bankruptcy?

Anyone know of properties in NEFL affected by the Levitt & Sons bankruptcy? Anyone living in one of these unfinished communities? I understand that Cascades in St. Augustine is one housing development left hanging but I am guessing that there may be others.
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Unread 11-18-2007, 10:02 AM
 
Location: the red light running capital
98 posts, read 181,143 times
Reputation: 19
Wow, Levitt and Sons bankrupt?
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Unread 11-18-2007, 11:17 AM
 
Location: NE Florida
1,645 posts, read 2,660,179 times
Reputation: 814
Yep, really sad. These people were giants in the housing industry in the 40s and 50s, responsible for the evolution of middleclass housing especially in NY.

Homebuilder: active adult communities, all ages new homes, townhomes: Florida, Georgia, South Carolina – Levitt and Sons
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Unread 11-19-2007, 07:18 AM
 
Location: JAX
353 posts, read 662,474 times
Reputation: 153
Wow! Read some of the Chapter 11 FAQ's..... very dishearting answers...

Be VERY glad they aren't building a home for you right now or have recently given them a deposit on a new home.... cuz....you may not get nuttin....

I could just imagine.. "I know you just gave us a $30,000 check sir..... but it seems we just cant give you anything back.... we have to pay our vendors off.... .... no, we are unable to build you anything either..."

I would be in a rage.
Yikes.
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Unread 11-19-2007, 07:27 AM
 
13 posts, read 49,486 times
Reputation: 11
My Aunt and Uncle closed on their home in PSL(Levitt & Sons). They were lucky, atleast they have a home now to go to. Even if your home is finished...you can not close with them and take ownership/possesion. But then there are all the "other things" they will not be getting, like, clubhouse, pool, maintinance, warranty work and all the other nice things one looks forward to moving into a 55+ community. People work there whole dam life, raise a family, save all there pennies and look forward to being able to retire in comfort. Now they will look out across the street at bulldozed lots, cinderblock structers of unfinished homes, dumpster lined streets, angry contractors.
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Unread 11-19-2007, 09:44 AM
 
Location: orlando
9 posts
Reputation: 10
And what about service and warranty issues? Even if the house is built (be greatful), you may have warranty items and things of that nature that may come up as well.
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