Reunion Resort and Golf Club is experiencing a resurgence in popularity and home sales. With law suits alleging developer fraud and banking irregularities, Reunion was harder hit by the economic downturn than most other new developments. Fears of what was to become of the unparalleled landscape, three signature golf courses, and multi-million $ water park coupled with management issues and economic times had it's mostly investor owners dumping property onto the market and sending keys back to their lenders in droves. Homesites that had sold for over $500,000 were hard pressed to resell for $100k. $2 million dollar homes were selling for $500,000. Condos that had sold for $675,000 are on the market for 1/4- 1/3 of their original prices. Even auctions were unsuccessful at finding buyers at any reasonable price.
We are on the inside looking out, and while sales statistics are not yet bearing the results, we can comfortably tell you that serious inquiries are becoming significantly frequent.
Lupert Adler, the financier for this mega resort, has brought a property manager in to quiet the turmoil and stabilize the community. They have done so quite competently and confidence is being restored. As the European buyers re-enter the Florida market, Reunion is sure to provide them with soft landing.
Over the past few years we have often been asked if we thought Reunion would survive... our response has been unwavering. It takes about 25 years to conceive and develop such an undertaking. Finding the land, developing the plan, getting the zoning passed, infrastructure takes years & years, and then there is the sales and building process. In this amount of time you are certainly going to hit a bump in the cycle (or two) before maturation. Meanwhile, there are no current plans for another development in our area of this magnitude - so for at least a generation - Reunion is a stand alone community, unsurpassed in quality. It certainly will survive, and (in our opinion) this is an absolutely an opportunity.
