Endeavour High Rise Developer Files Bankruptcy

Endeavour Highrise LP has been forced to file bankruptcy after unsuccessful attempts to sell its high priced high rise condominium units. The Chronicle reported the bankrupty filling took place days before the project was scheduled for foreclosure auction.  There has been speculation about them filing bankruptcy for well over a year.  There has also been rumors of new developers purchasing Endeavour Holdings, which also owns additional land on the north shore of Clear Lake and Endeavour Marina.

The development going bankrupt is not a shock to most. The project was over hyped and the finished product was not what many envisioned. The decor was very modern  and in the 3rd largest boating community in the United States, there are no permanent boat slips on-site for owners. The property was priced at around $400 per square foot which is about twice what a normal waterfront home would cost.  The smaller units around 1,000 sq feet were marketed at $450,000. In the Clear Lake area you can still buy a nice home with a waterviews or waterfront with a yard and boat slip for around $500,000.  The last recorded sale in the MLS was at $290.00 a foot which $100 less then what many other units in Endeavour are currently being advertised for. It will be interesting to see how the new owners market the property and at what price points.