Monday, February 8, 2010

"Distressed Property" in Florida

Rick joined a local golfing group in the Leesburg area and gets to go to a different course each week. Recently, he went to a great course called Sugarloaf Mountain which was built as the centerpiece of a large, high-end housing development. Unfortunately, the development just got started when the real estate market crashed and has since been foreclosed.

This is the sales center -- complete with overgrown weeds and chairs sitting on the porch. Looks like one day it was just locked up and left.

The entry gate is very nice and portrayed the kind of community that was planned. Houses were going to be quite exclusive on this interesting course.

There were two model homes that were completed and are now for sale, but are in the middle of the defunct development. Again, the yard is overgrown and maintenance is needed.

All of the roads and infrastructure is in place -- power, water, and other utilities. I would hate to guess how much this cost for the development of several hundred homesites.

An unfortunate "sign" of the times. Sad sights like this makes me wonder how long it will take for the housing market to recover enough to make such a development viable. Anyway, the course was very nice and we enjoyed playing it!

1 comment:

squawmama said...

Yes that is a sad sign of the times... What a shame! Have a good day & travel safe!