Buyers of properties in Levitt & Sons' retirement communities that dot the Southeast face years of waiting for homes to be finished, if ever, and possible losses of thousands of dollars in deposits for homes that may never be built. Levitt & Sons filed for bankruptcy in November, listing assets of less than $1 million and debts of more than $100 million. People who have contracts on homes waiting to be built may lose their deposits completely.

Today's New York Times tells the story of some New Yorkers who bought one of Levitts & Sons' Seasons properties in South Carolina. The Seasons development has less than one quarter of the homes built and 90 buyers have $3.48 million in deposits on homes in various stages of completion according to the Times.

The lucky few with homes near completion may end up with completed homes, but only if the banks decide to hire contractors and finish them. Wachovia Corp. (NYSE: WB), the primary lender on many of the properties under construction, has promised to provide $10 million to finish at least 80 homes in Georgia, Florida and South Carolina, according to the Times story.

But are the people who will get their homes truly lucky? They'll be stuck with homes in partially finished communities with amenities that may never be finished. They must wait until another builder steps up to the plate, buys the land and decides to build if they ever hope to see unbuilt amenities. They may have bought into the active adult lifestyle and find that the only builder willing to take over the property doesn't want to cater to that age group. Promised amenities such as recreations centers, lawn care and pools may not be part of the new builder's plans. They also will probably not have warranty service and will likely have to pay out of pocket for any problems after purchase.