How Do You Turn Land Into A Community?

I represent a number of LAND INVESTORS in a gated community where the lots were sold out in 2004 without any payments due until a year or so back. The underground utilities are in, the roads are paved and curbing is set; the onsite clubhouse with pool and spa are also in and one house has been built. The community consists of 70 Estate-Sized lots ranging from .87 acres to well over 4 acres with incredible mountain views located near an interstate, shopping and medical care. These lots were sold in a one-day event with lots of fanfare and special financing.

Since this was speculative buying there have been no improvements to the lots and some have gone into foreclosure and are now bank owned and back on the market. Only one lot has been sold in the past 2 years and it was for much less than the owner paid for it in 2004.

I am looking for some ways to move these lots. As of today there are 23 on the market for resale and I have 12 of them. They have been advertised in the MLS, Internet, Homes and Land and local newspaper ads. Still they are not moving, but last year land sales in Henderson County were down about 65-70% from 2007 and residential sales were down about 40%.

This area is a desirable retirement, relocation, and outdoor recreation area. We have a great quality of life here and close to metropolitan areas. The developer has filed bankruptcy.

Has anyone else run into this situation and were you able to market it successfully? I do appreciate the Active Rain Community! I have had the answers to many of my questions answered even before I knew the questions...thanks for sharing!