Homebuilder-Bankruptcy.com

LandSource Communities Development was given authorization by the bankruptcy court to hold auctions for its real estate properties. A developer with 35,000 homesites, LandSource owned the developments in Arizona, California, Florida, New Jersey, Nevada and Texas.

On Dec 19, Caruso Homes came to an agreement with M&T Bank on the lots upon which the bank held a lien. In return for the bank not immediately filing for a motion for relief from stay to pursue foreclosure, Caruso Homes had agreed to an ambitious timetable to sell lots in the Palisade Development.
Under [...]

Sierra Pacific Homes LLC is a home builder in Tucson, Arizona which filed for Chapter 11 bankruptcy on June 27, 2008. It is part-owned by California-based Elite Homes and Tucson-based Tri-Star Development Inc.
At the time of the bankruptcy filing, it has developments mostly in Pima County, Arizona near Tucson International Airport, namely: Countryside Manor, Desert [...]

Sun River Mesa Condominiums, which filed for Chapter 11 in Jun’08, is the developer of a 150-unit condo complex in Bullhead City, AZ. At the time of bankruptcy, the property consisted of 13 finished townhomes, 6 partially-finished townhouse, 57 partially-finished townhome lots and 64 partially-finished condominium lots.
The “as is” appraisal of the property was $2.55 [...]

The Place at Channelside, with 244 condo units, was finally auctioned off for $21.9 million (for 171 of its unsold units). This makes the average price per unit $128,000, for units which were priced between $100-200,000 prior to bankruptcy. Note that the average price per unit in 2004 was $423,000.
The buyer was a special-purpose vehicle, [...]

The developer for the Gilbert Business Center in Arizona, Kavir Development, filed for bankruptcy in March’08. In September’08, Kavir stated in its Disclosure Statement that it just entered into a sale agreement for 5 units at $1.6 million. This means the price per unit is $320,000.
It’s not a bad price, given that their contract price [...]

When Timberland Bank first filed a motion from relief from stay against Heritage Homes to pursue foreclosure, the valuation of the properties became an issue. Heritage Homes produced the following the May’08 appraisal values of their finished homes of Larsen Acres – generally between $410,000 and $425,000. The unfinished homes was valued between $356,500-$359,788.
Surprisingly, these [...]