Levitt and Son, developers of The Tradition in Hardeeville, filed Chapter 11 on Friday of last week.
"Abraham Levitt started Levitt and Sons as a luxury home builder in 1929. But the builder is best known for creating Levittown, which was developed for returning soldiers from World War II. The first Levittown home was sold in 1949 in New York's Long Island. Another Levittown opened five years later in Pennsylvania." (From Builder Online.)
The Tradition development began early in 2007. It was to be the first master-planned community of its kind in the regionm, encmpoassing 5,300 acres, and plans include more than 9,500 residences, a golf course, retail and commercial space. Land construction, including golf course development, is currently underway; home construction by early 2007.
Levitt deosn't look like they have the resources to make a come-back, but who knows. It's hard to say what will happen to those buyers who have constrution underway.
This information is posted on levitts web site:
"We remain mindful of Levitt and Sons' customers whose homes have not yet been completed. Through the Chapter 11 process, we will seek a mechanism that will facilitate the completion of some unfinished homes. Likewise, we will seek a resolution that will allow closings to take place for previously completed homes and spec homes. "