Homeowners Association president John Snyder said that saying fits where the active adult Planned Unit Development residents were willing to hang on. They kept Seasons intact after the original developer Levitt and Sons pulled out and filed for bankruptcy in November 2007 in Fort Lauderdale, Florida when the real estate bubble burst and the recession hit.
"We went about six to eight months with no help," Snyder said. "We were left on our own and through negotiations with the bank and the bankruptcy court we were able to obtain deficit funding, the difference between our homeowners fees and what it cost keep Seasons going."
That included the landscaping, the water, electricity and everything it takes to operate a large community; that amounted to a $300,000 budget.
Snyder said Seasons is still the largest active adult development in Gainesville, probably one of the largest in Georgia.
"There were 744 homes planned in three phases; we have 63 homes sold now in Phase (1), Snyder said. "We will have a new owner by the 1st of February."
Snyder said there is a solid bid for Seasons on the table to the Bankruptcy Court in Florida and once that happens, the homeowners feel Seasons can become what it was intended to be.
"That means they will come in and build a nice swimming pool, tennis courts, and the marina will be expanded," Snyder said. "They'll start cleaning up the weeds, cleaning up the lots, tearing down the bad houses and start selling houses."
Snyder believes active adult communities have a definite place in the housing market.
"Active adult communities sell, and I expect that this will be everything it should have been from the beginning," he said.
Fellow Seasons Homeowner Committee members Frank Kardian and Bert Emma agree.
"It's a vital market, we're living longer these days and we want to retire and enjoy life," Kardian said.
"We all had a vision when we bought into our houses two and a half years ago," Emma said. "My hope is the new developer will align with that vision and allow us to achieve the vision that we came here for."
The Seasons homeowners gathered Thursday night at the Gainesville Civic Center for their third annual Christmas party, all feeling they had something to celebrate, something to look forward to in 2010.
(L-R) John Snyder, Frank Kardian and Bert Emma
http://accesswdun.com/article/2009/12/225648