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Old 11-27-2009, 04:20 AM
 
Location: Tennessee
34,687 posts, read 33,686,426 times
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Saw this article today about a developer abandoning his new 55+ subdivision before it was completed. Don't know if this kind of thing is on the rise.

The Associated Press: Seniors suffer in troubled California subdivision
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Old 11-27-2009, 08:06 AM
 
Location: SoCal desert
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Wondering why Associated Press picked this up now, since it's been going on for quite awhile - "In May 2008, residents received a letter from Lo ..." The same man/company is also responsible for unfinished construction in Austin TX.

Sad to say, but there's a lot of stopped construction in the Hemet/San Jacinto area, not just 55+ housing.
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Old 11-27-2009, 10:09 PM
 
Location: OH>IL>CO>CT
5,234 posts, read 8,399,632 times
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Unhappy Erickson bankruptcy

How about this story ??
Bankruptcy Hits Retirement Homes | Newsweek Personal Finance -- Retirement | Newsweek.com

All the more reason I will avoid such places when my time comes to leave the old family home. It would seem that it is the newer communities like the Ericksons that are in trouble. Here in Denver we have 2 older (1960's and 1980s ) 55+ communities that have very strong, local, non-profit management with very reasonable costs and fees.
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Old 11-27-2009, 10:23 PM
GLS
 
1,985 posts, read 4,846,869 times
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Quote:
Originally Posted by LauraC View Post
Saw this article today about a developer abandoning his new 55+ subdivision before it was completed. Don't know if this kind of thing is on the rise.

The Associated Press: Seniors suffer in troubled California subdivision
The ironic humor in the link above is that on the same page as this article, is an advertisement for two other 55+ communities and an ad for treadmills 50% off. These are probably the same treadmills as those repossessed from the Hemet community.
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