The bankruptcy this week of Crescent Resources LLC, one of the best of the high end real estate developers in the southeast and southwest, serves as a vivid reminder of how fortunate Landfall NC property owners are. In these very difficult economic times, living in an established community, where all the amenities are in place, where the community is mature, and where there is a stable association with a sufficient dues base to maintain the assets, is truly a blessing.
Crescent is owned by Duke Energy and Morgan Stanley Real Estate Funds, so deep pockets do not make developing communities immune. The list of developers of high quality projects that have either filed or have had bank intervention is long, including companies owned in whole or in part by Bobby Ginn, Lyle Anderson and the Sandlers–a list of the “who’s who” of the upper end real estate developers just a year or so ago.
I wish for all of these companies and their communities a sound recovery, but their fate highlights the fact that Landfall is a special place. Our problem of a slow market, while not ideal, is a problem thousands of home owners in other communities would love to face. Our Landfall Realty sales associates emphasis to our prospects the advantages of Landfall to those seeking a vibrant community that has no big “what ifs” getting in the way of a great lifestsyle.
Kenneth M. Kirkman