What Do You Mean They're Closed?#@^%&****?
Another shoe fell the other day as reported in our local newspaper.
The real estate developer, the Ronto Group, shut down the amenities at Palmira Golf & Country Club in Bonita Springs.
The golf course, clubhouse, pro shop, renaissance center, etc. are closed with no services being provided and no facilities, including the golf course being maintained.
The homeowners were caught off guard as they were unaware of such a drastic possibility. They have formed a committee, hired a national law firm, and are proceeding with caution to determine what their rights are and what they can do to save their community's amenity package and protect their investments.
Preceding Palmira's bad news WCI Communities, a luxury regional developer was forced into bankruptcy. But as of this date, no services were stopped and all facilities are being maintained.
Additionaly, Ginn Resorts had missed a debt payment on their high-end golf course community, Quail West, located in Bonita Springs. Currently, all the amenities are open for its members.
Who's next?
No one knows but each day the housing debacle continues is one day closer to having another regional or national developer failure.
Realtors should be advising their clients to be sure and do their "Due Diligence" on developers as most of them are publicly traded on the stock exchange; therefore, making their financial statements available to the public.
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