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The owners of the homes will have to share the expenses, which may cause assessments and HOA increases. I would look into how many forclosures there are in the community before closing. The community has a lot of vacant properties.

Roxie,

We are looking at homes in Parkland Country Club right now. Did you end up purchasing in Parkland Country Club? If so, have you encountered any problems with the home or the neighborhood since WCI did end up going into Bankruptcy? Are the rumors that the clubhouse will not be completed for the golf course true?

Hi

I market a lot of properties in Parkland Golf, especially as I live in the community. Your concerns regarding WCI , is should they go down, any other builder will pick the development of the neighborhood, though only the very expensive Custom homes are left to complete, which should not cause any problems. Where the amenities are concerned, it is deeded for the new purchase of the Land to observe the rules of maintaining the community.

I myself, had this experience 9 years ago in another development in Coral Springs. I bought a Foreclosure in those days, there were no short Sales, i bought the home for 210,000 and sold it in 2006 for around 600,000, once the new builder had completed the project.

If this is what you are looking for, please contact me on my website http://WWW.Dhanjiteam.com and tour the site for several great opportunities i have in Parkland Golf

Hello Roxie,
Over the years there have been many examples of bankrupt developers with unfinished projects. I am no attorney, but as a Realtor, I would urge anyone in your situation to study the purchase contract in detail for developer obligations or lack therof in regard to ammenities. There may also be a prospectus or public offering available outlining the obligations of the developer. If a homeowner's association has been formed, even if they have not formally taken over the common elements, they would probably be a good source of information regarding the funding of ammenities. I would also not close without the services of a real estate attorney. The intracacies of builder drawn contracts, development offerings, and bankruptcy laws certainly merit close scrutiny. Real estate development is also governed by the state, so information might well be available at http://www.myflorida.com under land development.
I saw this happen in Texas in the '80's. Huge tracts of land with streets already paved had houses every 1/8 or 1/4 mile and nothing in between as late as the mid '90's. Needless to say, the planned ammenities never were built.