With Builder bankruptcy, buyers are omitted
Please note that we have a level, there is tile, all floors, “said Costanzo, a retiree from Brooklyn. He insisted on Kashmir granite in the kitchen. “It is beautiful, is not it?”
Well, if it can not get the key and go inside, instead of peering in the windows as a couple of Peeping Tom.
The house where the couple a deposit of $ 88820, is empty. Your Hab and storage. They live miserable, in a hotel.
“It is very angry at not being allowed in our own house,” said Costanzo, a Russian immigrant. “Please take our money and we are moving in”
Its manufacturer is Levitt & Sons, a unit of Levitt Corporation, which has money in October and November bankruptcy. All work on this project of the 460-house development for retirees, grandly named Seasons in the Prinz-Creek-West, has ceased. Levitt employees were laid off, suppliers present their tools and Costanzos were pending.
The collapse of Levitt, the first big house Builder to failure in the fall, shows that turmoil in real estate extends far beyond Subprime borrower can not pay their mortgages. Levitt was a legendary brand, its long experience and the satisfaction of its customers with good credit, but none of these was enough to save him.
Paul S. Singerman, Levitt’s bankruptcy lawyer, said the housing market in Florida was “absolutely unprecedented and catastrophic decline”, the manufacturer customer in the South-East was the victim. “It’s a bad history, an unfortunate history, which each customer a deposit to the situation,” said Singerman.
Seasons is less than one quarter complete. More than 90 buyers have paid a total of $ 3.48 million houses in deposits placed at various stages of completion, everything, but how Costanzos “simple dirt.
Another 90 houses are occupied, but many of these people, if ever, even more unfortunate that the depositors. Levitt, it sold in a community where everything would be worried. These guarantees now little to say.
“I can not believe that the use of Levitt & Sons,” said Nancy Harth, 59, moves in March. “It feels like a start-up”.
The initial popularity of Levitt’s 18 retirement communities - at least 4 of them are now in disarray as Seasons - Testament is especially the longevity of a name.
Einundsechzig years, Levitt began mass production of houses in a patch of Long Island potato fields. Dial built tens of thousands of homes in Long Island, New Jersey and Pennsylvania, the creation of the modern suburb in the process.
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