Connerton developers pull out (Tampa, Land O' Lakes: real estate, foreclosure, houses)

[bentlebee]

LAND O' LAKES - The national housing collapse has claimed another victim in this once-booming area.

The developers of Connerton, a high-profile residential and commercial project in central Pasco County, announced Tuesday morning that their project is defunct.

Terrabrook, the company that began Connerton on the cusp of the mid-decade building boom, shut the project down Friday.

In a statement released Tuesday morning, Terrabrook officials said the financial burden of running the project overwhelmed their ability to keep it going. The company still hopes investors will take over the project.

"Although we have been working with potential investors since April, we just weren't able to close the transaction in time," Terrabrook's Pat Fox said in the statement. "We remain hopeful that an agreement will be reached soon."

The announcement cast a pall over what had been one of Pasco County's most lauded residential developments.
County officials were so taken with plans for Connerton they granted the project its own category - New Town - in the county's long-range planning document in the hope similar developments would follow. The enormous project was envisioned as a largely self-contained community where residents had homes, jobs and recreation all within easy reach.

Connerton developers pull out

[Tampa1228]

I am not surprised. We looked at Connerton for fun about 2.5 years ago when the downslide was getting going. Beatuiful place, but it was way out there, way too far to drive to Tampa in the morning rush and way overpriced for being such an inconvenience. It was a massive community and frankly, I never saw them being able to fill even 1/4 of it. Sad though, especially for those who did end up buying in there with hopes of what it was supposed to become. I imagine many of those homes are in foreclosure or getting there soon.

[On-da-Beach]

They announced this Tuesday morning??

I read about this weeks ago...no surprise here

Just another example of either poorly advised or too-greedy-to-care investors blindly led to a dried up watering hole. And now they're working with new "potential investors since April"... ROTFLMAO

[KoZmiC NinJa]

YESSSSSSSSSS

We won one !!!!!!!!!!

I can only hope they lost enuff money to put them under once and for all, too !!!

[Tampa1228]

Originally Posted by KoZmiC NinJa

YESSSSSSSSSS

We won one !!!!!!!!!!

I can only hope they lost enuff money to put them under once and for all, too !!!

Developers....The most lowly, dangerous plague to our society, ever

What do you mean, against Terrabrook? Beef with them?

[debidibly]

Originally Posted by Tampa1228

I am not surprised. We looked at Connerton for fun about 2.5 years ago when the downslide was getting going. Beatuiful place, but it was way out there, way too far to drive to Tampa in the morning rush and way overpriced for being such an inconvenience. It was a massive community and frankly, I never saw them being able to fill even 1/4 of it. Sad though, especially for those who did end up buying in there with hopes of what it was supposed to become. I imagine many of those homes are in foreclosure or getting there soon.

Yes but people said the same thing about Fish Hawk Ranch at one time and that development appears to be succeeding.

[vaughanwilliams]

"Connerton investors pull out". Good.

[Tampa1228]

Originally Posted by debidibly

Yes but people said the same thing about Fish Hawk Ranch at one time and that development appears to be succeeding.

Um, sorry, but you can't compare Fish Hawk to Connerton. Fish Hawk sold nearly all of their houses with the exception of a few towards the end there. Connerton is a massive space of land that will likely never be filled. Fish Hawk has been around for a little over ten years and has loads of families. Connerton again, is empty. You cannot compare them one bit.

[Searcher1702]

Without a doubt, I fully understand what everyone is saying and why. However, having lived in Tampa for 39 years, I finally decided to purchase in Connerton last year; one of the best decisions I made. Knowing from experience the current real estate situation and growth patterns of the Tampa Bay area, you couldn't ask for a nicer place to live with great potential for appreciation. Connerton is the only development I know of with such extensive conservation areas along with fantastic walking/biking areas. Without the traffic congestion of New Tampa, the high taxes of Hillsborough County, and the lower home prices in Pasco County, you can't lose. Not to mention the current widening of US 41, the soon to start east-west road connecting to the Suncoast Parkway and much more, all positive for Connerton and the area. That is, unless you need to commute far from here, something I would not like. But let's face it, life is a trade-off and you must decide what's important for you. We enjoy the peace and quiet and watching the wildlife (deer, wild turkeys, every imaginable bird, and not to forget alligators and the friendly otter). One of the other reasons we moved here is because of the HOA, something some people don't want but we do; the last thing we want are boats and RVs parked next door. And to the surprise of many, building is continuing at a slow but steady pace; several homes are under construction. Taylor Morrison is the builder doing the most with Constanza and Arthur Ruttenburg building too. David Weekley has built a lot of homes here and is planning to resume once market conditions improve. Just my two cents from a Connerton resident.

[debidibly]

Originally Posted by Tampa1228

Um, sorry, but you can't compare Fish Hawk to Connerton. Fish Hawk sold nearly all of their houses with the exception of a few towards the end there. Connerton is a massive space of land that will likely never be filled. Fish Hawk has been around for a little over ten years and has loads of families. Connerton again, is empty. You cannot compare them one bit.

Well, "um," I was not comparing the developments or features, only making a comment based on my own personal experience. I have family living in Fishhawk and Westchase who purchased before the roads were in and people thought they were nuts, everything was too far, too big, etc. That was the point of my comment.

It's a different market and time. I don't believe Connerton, or any of the other communities, failed solely based on their proximity to Tampa, size, pricing, etc.