The infamous development company, Levitt and Sons has filed for bankruptcy.More than a half-century ago, Levitt helped to pioneer the whole notion of suburbia when it built Levittown, a post-war community of mass-produced housing in New York. Other Levittowns followed — in New Jersey, Pennsylvania and Puerto Rico.
In recent years though, Levitt and Sons accumulated debt, and with the downturn in housing sales, its luck finally ran out. When the company filed for Chapter 11 bankruptcy in November, Levitt halted construction on dozens of projects from South Carolina to Florida. Many of its customers are now stuck.
I'd feel bad for all those customers stuck with half-built houses on unfinished streets or lost deposits, but somehow I just can't work up a lot of sympathy for people who'd want to live in these crap-shacks in the first place.I know, I'm an urbanist snob. Well, micro-urbanist to those of you in larger cities. Dammit, at least I can walk to the fucking grocery store.
In other related news, I finally started reading Richard Florida's The Rise of the Creative Class. I'll try to comment later.
5 comments:
I do not understand why someone would want to live in one of these communities. It is one step below living in a trailer park. If you are forced I guess it is better than a box under a bridge but not by much.
In my neck of the woods it is also popular to buy the corner of a farmers field and build a house. I fail to understand this either. There is no trees or bushes for an eighth of a mile in any direction. There is plenty of property available with trees and the cost is not that much more. Because of the lack of trees or any screening you have no protection. After you figure in the extra heating, cooling and snow removal costs (due to drifts) you are saving nothing. I guess on the positive side you get better reception with your satellite TV, if the extra wind does not tear the dish off the house.
Don't get me started on ranchettes. They're the worst of all possible development models.
Good Riddance
I have some bad news for you, X. A Chapter 11 does not mean they are going out of business. A Chapter 11 is a reorganization that allows the company to come up with a way to pay off their debts over time, and protects them from legal actions and seizures by their creditors.
The Chapter 11 is basically like a Chapter 13 for normal people.
On the positive side for your article, not every company actually gets their Chapter 11 granted and there are plenty of companies who cannot keep up their court approved payment schedule and end up going for a full, liquidating bankruptcy.
So, they're down and not out yet.
Wow, I really spent too long working as a paralegal in the Bankruptcy Department, didn't I?
Just wishful thinking on my part, then. Even if they do go under, someone else will take their place, but I'll enjoy the Schadenfreund while I can.
Mmm, sweet, sweet suburban Schadenfreund.
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