One of the biggest indications of the resilience of an economy is its ability to bounce back from a setback. In the case of the US, this has been seen time and again, but the financial crisis of 2008 has seen a lot of turmoil and turbulence leading to a lot of company closures and bankruptcy filing galore, across sectors and industries. This is one of the main reasons why people are disturbed and one of the companies that are now going in for bankruptcy filing under Chapter 11 is Hagood Reserve, a developer of high quality condos and up market townhomes in South Charlotte.
Hagood Reserve was a development spanning 9 acres and it was based at the Corner of the Carmel and Colony Roads which went in for bankruptcy filing. It was supposed to sell townhomes starting at above $1 million and the condos were to go between $810,000 to$1.15 million. It seems all had started fine, but for the fact that the developer had defaulted on loan taken for a project. This led to a lawsuit against the developer. This has led to many problems for the estate to execute the project complete it and put the property on the block to realize its money.