It has become common place these days. Another home builder with a strong presence in the Phoenix real estate market has closed their doors. Brown Family Communities.
Arizona Republic -The builder’s problems escalated early this year when the bank reappraised Brown’s land assets at a lower value and ordered the company to pay back a portion of money it had loaned, he said.
The Arizona Dept. of Real Estate (ADRE) has put out a list of Arizona homebuilders that are in financial trouble. If you are currently under contract with Brown Family it would be wise to contact the sales of office of the community you purchased at as well as the ADRE. Of note, Brown Family was not on the ADRE’s list.
Arizona Republic – Brown Family Communities, founded in 1975, was not among the home builders on the Arizona Department of Real Estate’s list of “builders in financial trouble.”
My heart goes out to the 60 employees who are being laid off and the customers who where expecting to be moving into a new home. Mr. Brown, to his credit, has said that every customer would receive a refund of their deposit.
{ 5 comments… read them below or add one }
Andalucia Property (1 comments) 10.29.08 at 8:21 am
Another one bites the dust, this is bad news. The market is going down during this current economic situation. We can only hold on and hope for the best to come. This economic downturn has affecting people globally and more and more homeowners are becoming homeless after mortgage rates go nowhere but up!
Myrtle Beach Real Estate (1 comments) 10.30.08 at 12:25 pm
Agreed. We have, it seems, nothing but short sales and foreclosures here in Myrtle Beach, SC. Good news for savy buyers. Horrible news for struggling sellers.
J Boyer Chatham NJ real estate (2 comments) 11.05.08 at 10:58 am
Thankfully we do not have all that much new construction here in my area. We do have some, but it is all Condo construction in prime areas, and seems to be doing much better then the home resale market.
Mike in Dallas (4 comments) 12.31.08 at 5:43 pm
Yeah we have lost a few builders in our area. The strong ones will survice and the weak will fall by the way side.
Deb Dahlberg Rowland (1 comments) 01.14.09 at 10:32 am
Wow, I am sorry to hear that. I remember this developer. Grew up in the Valley ( my dad developed The Lakes in Tempe years ago) . Things sound tough over there! I hope that everyone lands on their feet.