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.
