Swamplot Archives by Tag: Homebuilders

Monday, March 9, 2009

Powers Deactivates: Another Builder, Another Sunset

Nancy Sarnoff chronicles the decline of Houston homebuilder David Powers Homes:

David Powers Homes has moved out of its offices on Westheimer and the Beltway and is now operating out of a model home in Lakes of Bella Terra, a subdivision in Richmond.

The company’s staff 120 people at its peak — has dwindled to just four or five.

The high-end builder is now trying to finish the 36 homes it has in various stages of construction. . . .

Given the company’s higher home prices, about 50 percent of its customers financed their purchases with two loans to keep from paying higher interest rates on jumbo loans.

Those are loans that exceed $417,000.

Many of those second mortgages, Powers said, were subprime.

Image: David Powers Homes

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Friday, March 6, 2009

Comment of the Day: Welcome to Westwood Gardens

   

“The neighbors are starting to join together to remove the graffiti. Not many kids are on the blocks but they do range in age from babies to happy teens. You can see them outside at times with their parents, riding scooters, riding bikes or just playing around. The neighbors even have indoor small pups, not those that you see on the news that maul on people or those that are seen used to fight. They are small well cared for happy dogs. Never without being on a leash when they are outside. A few neighbors have been seen flying small model airplanes. Everyone is friendly. Try it, if you see any one of the neighbors outside just wave and you will get a smile and a wave back. Hopefully one day we see you, if so Welcome to Westwood Gardens where you are Not just a Neighbor, Your Family!” [We Are Family!, commenting on Westwood Gardens Still Life: A Photo Tour of Half-Built Houston Homes]

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Thursday, January 22, 2009

No More Jim Walter Homes

   

It’s too late to buy a home in Houston from Jim Walter Homes — though the company website reports orders are still being taken for new homes in Houma, Louisiana. Parent company Walter Industries, based in Florida, is getting out of the homebuilding business. Jim Walter Homes had not been profitable “for several years”: “. . . the business, once known for its flash construction, caught a reputation for moving at a snail’s pace. Walter Industries decided to close the dwindling homes leg and work toward becoming a focused natural resources and energy business — a greater value to shareholders, [communications director Michael] Monahan said.” [St. Petersburg Times; website]

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Friday, January 16, 2009

Westwood Gardens Still Life: A Photo Tour of Half-Built Houston Homes

So where are all the half-built homes? That question, asked by a Swamplot reader last week, prompted a slew of comments from other readers eager to identify pockets and neighborhoods in and around Houston where construction has come to a halt because of problems connected to the nationwide housing-market collapse. (As well as a few where construction stopped for reasons of a more local nature.)

Swamplot reader subprimelandguy suggested looking at Northwest Houston:

You need to go to the suburban areas, particularly the non master planned communities between the Beltway and Highway 6 / 1960. The most aggressive one is actually inside the Beltway near West Road and Gessner - a former Royce Homes (go figure) development called Westwood Gardens. It is a bombed out poster child for the subprime fiasco.

Then late yesterday, subprimelandguy sent in photos!

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Thursday, December 4, 2008

Another Homebuilder Calling It Quits

   

Kimball Homes, based in suburban Chicago, is shutting down. The company has built homes in markets all over the country, including in 4 Texas cities:A spokeswoman said more than half of the company’s workers were laid off Tuesday, including an undisclosed number in the Houston area, where the company was active in 11 communities in the western and northwestern suburbs, Spring, the Humble area and Friendswood. Kimball Hill had 704 closings in the Houston area in 2007, down from 903 closings in 2006, according to Metrostudy.” The company filed for Chapter 11 bankruptcy in April. (The Chicago Tribune reports Kimball Hill had 1,100 employees as recently as last year.) [Houston Chronicle, via Swamplot inbox]

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Wednesday, December 3, 2008

The FedEx Irvington Site Goes to Avenue CDC

   

Avenue Community Development Corp. will be working with the Houston Housing Finance Corp. to build 80 to 100 homes and 180 to 250 apartments on the site of a former FedEx facility it bought near Moody Park. The redevelopment of the 20-acre tract at 4004 Irvington Blvd., just south of Calvacade Street, is the nonprofit organization’s biggest to date, according to Avenue CDC. . . . Construction will begin in 2009.” [Houston Business Journal]

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Friday, November 21, 2008

Palladian McMansions and You

   

“The next time you feel the urge to lament how a freshly built stucco McMansion has replaced two cozy bungalows down the street, consider this: You may be at the intersection where old meets new and bearing witness, as generations past have, to a longstanding battle of urban and rural ideals. At least, that’s one part of the equation, according to University of Houston assistant professor Michelangelo Sabatino. . . . ‘In the suburbs, homeowners aspire to show off verdant lawns as symbols of success. The lawn recalls the agrarian past of the country,’ he says. ‘And yet, if one looks closer, it is more of a simulacrum – just a representation – of this past. Few really want to actually grow vegetables, and few, especially in Texas, seem to want to hang out on the lawn or on porches, preferring the cool of their air-conditioned homes.’ . . . The paradox of today’s McMansion craze – many of them inspired by Palladian motifs, such as symmetry and classical ornament on their facades – is that they don’t reflect the values that originally inspired them, Sabatino says. In a way, this underscores that history is never stagnant, he says, yet it also illustrates that the builders and buyers aren’t really aware of what values inspired [Andrea] Palladio’s architecture. ‘In some cases, Palladio’s legacy has been reduced to mere “style.”’” [dBusiness News]

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Wednesday, November 12, 2008

Developers “Not Likely” To Build Homes in Proposed Path of Grand Parkway

Lakes of Avalon Village Subdivision, Spring, Texas

The attorney for Lakes of Avalon Village developer Robert A. Hudson is now saying that economic conditions make it “unlikely” that Lennar Homes and J. Patrick Homes will build on homesites in the path of a new proposed route for Segment F2 of the Grand Parkway in Spring.

But there’s no need to give up hope entirely: Lennar and J. Patrick apparently encountered few difficulties building and selling 60 homes sitting on the new highway’s earlier proposed route, in a different portion of the same subdivision. The developer’s stated reluctance to repeat the trick means the homebuilding market must be pretty tough now.

The new route would swing around the homes that have already been built and into not-yet-developed areas of Lakes of Avalon Village and neighboring Willow Trace.

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Monday, November 10, 2008

New Homes from Royce Builders: Back from the Dead and Available for Sale!

Map of Royce Homes Neighborhoods

What’s a failed homebuilder to do when it hurriedly goes belly-up . . . but still has a huge chunk of inventory on hand?

Welcome to the Royce Builders Already-Gone-Out-of-Business Home Sale!

How’s it work? Well, if you’re a lucky real-estate agent, you receive a mysterious message with a couple of attachments listing the more than 300 homes in the Greater Houston area the . . . uh, former company still has available! In 49 different neighborhoods around town! And all at discount prices!

Included with the list: a map of the neighborhoods Royce graced (shown above), demonstrating the company’s vast exurban spread.

Of course, the email message doesn’t come from Royce Builders, because Royce is . . . no longer with us. (And, to judge from the comments coming into Swamplot from recent Royce buyers, employees, and vendors, it is sorely missed!) The list comes instead from an email address on the h-smith.com domain. That hyphen, of course, stands for “ammer.” Didn’t Hammersmith Financial, Royce’s sister mortgage company, also go out of business?

But the property list is so much more fun than a collection of random way-far-out addresses:

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Friday, October 10, 2008

The Real Story Behind the Bellaire Rotunda Craze

5607 Whitehaven St., Bellaire

From the website of Top View Builder — builders of this 6,017-sq.-ft. home at 5607 Whitehaven St. in Bellaire — under “Company History”:

Founded in 2007 by four well-rounded partners, the company is desitned to set the benchmark of excellence.

Maybe helps explain the bloated look, too.

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Tuesday, October 7, 2008

The Royce Home To End All Royce Homes

16427 Telge Rd., Cypress, Texas

What’s this 15,811-sq.-ft. home in Cypress doing on the market . . . for a fat $9.8 million?

Looks like the seller might be needing to do a little downsizing!

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Friday, October 3, 2008

Royce Builders: Back in Business?

A couple of tipsters are telling us that Royce Builders is back in business, only a little more than a week after shutting everything down! Members of the Speer family, say our sources, have started up a new company with about 10 employees in the same Royce Builders building on Beltway 8, in the space formerly occupied by Royce’s sister company, Hammersmith Financial.

Even more fascinating is the name of the new company, which one of our sources says is Vestalia. If that’s true, it’s a terrific choice! In ancient Roman mythology, Vesta was the virgin goddess of hearth and home. How appropriate!

Well, sort of. Vestalia is actually the name of a holiday that celebrated Vesta. Wikipedia provides the . . . uh, gory details:

On the first day of the festivities the penus Vestae (the curtained sanctum sanctorum of her temple) was opened, for the only time during the year, for women to offer sacrifices in. Such sacrifices included the removal of an unborn calf from a pregnant cow.

Can’t wait to hear what sort of business this new company will be!

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Monday, September 22, 2008

Royce Builders: It’s All Over But the Refunds

Royce Builders Building, 7850 N. Sam Houston Pkwy. West, HoustonRoyce Builders has finally shut down. The company slipped out somewhere between gusts of Hurricane Ike, leaving only a note on its website.

Looking for an earnest money refund? Try Royce’s handy new sounds-like-spam Gmail address! But do it before October 1, because . . . well, just because.

Got a home warranty issue? Well then, just . . . read the warranty!

A reader comments:

My concern is for the people who closed on one of their poorly built homes in the last 365 days. Royce was the backer of the new home warranty for the first year of ownership and now they are gone. My friends who used to work for them tell me there are thousands of unfinished warranty requests that were never completed or even addressed. I wish all the home owners good luck on getting things fixed. At least they will have the Two to Ten Waranty beginning in the second year (if Royce paid the premium).

Royce’s happy farewell message is after the jump!

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Tuesday, September 9, 2008

Royce, Centex, and Roadkill: Touring New Construction in Katy

You need to a flashplayer enabled browser to view this YouTube video

Pay no attention to that dying possum by the side of the road! Lou Minatti takes a bike ride through a neighborhood of new Royce and Centex homes in Katy and finds lots of building going on — and plenty of “sold” signs!!! But . . . is anybody actually living here? And uh, some of those signs look awfully familiar — from a ride through this same area back in May.

After the jump: some of the same scenes, 4 months ago!

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Monday, September 8, 2008

Hazard Redevelopment: Growing Pains in Plain View

Painview Sign at 2420 Hazard St., South of Fairview, Houston

Is this art too? Plainview’s townhouse transition spreads south of Fairview. Here’s a plain view of the soon-to-be-former duplex at 2420 Hazard. It’ll hurt — just a little bit.

After the jump: more photos spell out the story for you. Plus: A new back patio!

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