Bankrupt Levitt & Sons Communities Find New Beginnings

Cascades at World Golf Village was once owned by Levitt & Sons but is now thriving under the new ownership of Dockstreet Communities.

To the shock of homeowners and fellow builders alike, Levitt & Sons filed for bankruptcy in November 2007. This devastating news destroyed the plans of many active adults who were in the process of building or purchasing homes.

Many would-be homebuyers lost large sums of money, and those who had already sold their previous homes suddenly found themselves stranded without a new abode. The situation also left many current residents without their promised amenities and uncertain about the future of their fledgling communities.

While the recovery is not yet complete, many bankrupt Levitt & Sons communities have found new life from other developers. As new builders acquire these properties, they often develop their own plans to finish building homes and community amenity centers. In some cases, communities are given a new name to go along with their fresh development.

Here is a look at some former Levitt & Sons properties that have been acquired by new developers:

Trilogy Orlando (formerly Cascades at Groveland) — Groveland, Florida

With a new name and new owners, Trilogy Orlando is now part of Shea Homes’ vibrant family of 55+ communities. Plans for developing this community include completing the construction of a spacious 38,000-square-foot clubhouse, which is expected to open in 2012.

Upon completion, this clubhouse is set to offer a state-of-the-art fitness center, indoor and outdoor swimming pools, a cozy cafe, social areas, hobby and game rooms, and much more. Levitt & Sons had built 238 homes, and Shea Homes plans to expand the community to a total of 999 single-family homes.

Soleil at Laurel Canyon (formerly Seasons at Laurel Canyon) — Canton, Georgia

Soleil at Laurel Canyon may have a new name, but it still enjoys the same ideal location between the North Georgia mountains and the bustling city of Atlanta. Amenities are plentiful within the community, and golfers will also enjoy playing at the adjacent 18-hole course at the Canton Golf Course and Club.

Upon completion, Soleil at Laurel Canyon will offer 720 single-family homes comprised of 14 different home models. Some homes were originally built by Levitt & Sons, and many more are being constructed by the community’s new owner, Active Lifestyle Communities.

Can you spot the $207,744 difference between these identical homes?

Financing is the difference!

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