Phoenix Real Estate Market: Homebuilders in Financial Trouble
Here is an update of changes since my post last month to the list of homebuilders and specific communities in trouble across the Phoenix real estate market. This information is maintained by the Arizona Department of Real Estate as of December 19th.
Any homebuilder on this list is required by ADRE to place all earnest money and down payments made by home purchasers with a neutral depository (title company).
This list does not take into consideration any homebuilder whose current financial condition and outlook may appear questionable. It takes a specific legal action to get on this list or the ADRE identifies the community as generally in financial trouble.
A couple important points and definitions.
- A Trustee Sale indicates that the community is heading to foreclosure at some set date in the future.
- A Mechanic’s Lien is a lien that a contractor, subcontractor, or supplier has placed on a property or community to guarantee payment for services rendered or materials provided. The Mechanic’s Lien is a legal process by which these providers go about putting a “cloud” on the property’s title until payment is received.
- Chapter 11 Bankruptcy entails bankruptcy protection so that a company may reorganize under the hopes of reemerging from bankruptcy in the future. However, just because a company may reemerge from Chapter 11 this does not mean that that homebuilder will guarantee home warranties of its prior clients or have the same obligations it had prior to declaring bankruptcy. See my story on Trend Homes not honoring warranties as an example of what can happen.
Avondale Real Estate
- Jackson Properties - Estrella Vista at Buckeye, Trustee Sale
- Randall Martin Homes - Roosevelt Park, Trustee Sale
- Hacienda Builders - Verrado 3.409, Mechanics Lien
- Hacienda Builders - Tartesso, Unit 2b, Trustee Sale
- New - Ashton Woods Home - Verrado 3.204- Mechanics Liens
- New - Ashton Woods Home - Verrado Parcel 4.501 - Mechanics Liens
- New - Ashton Woods Home - Verrado Parcel 4.503 - Mechanics Liens
- New - Ashton Woods Home - Verrado Parcel 4.504 - Mechanics Liens
- New - Ashton Woods Home - Verrado Parcel 4.602 - Mechanics Liens
- Brown Family Communities - Los Portales, Mechanics Liens
- Village at Surrey Hills, LLC - The Village at Surrey Hills Condo, Foreclosure
- Brown Family Communities - Markwood Parcel 6, Mechanics Liens
- Brown Family Communities - Markwood Parcel 9A, Mechanics Liens
- Brown Family Communities - Markwood Parcel 8, Mechanics Liens
- Brown Family Communities - Whispering Heights, Mechanics Liens
- Weinstein Communities - Santana Ridge, Trustee Sale
- Randall Martin Homes – Portello, Trustee Sale
- Woodside Homes - Chandler Village, Chapter 11 Bankruptcy
- Namwest‐Palms LLC - The 3J’s Country Estates, Chapter 11 Bankruptcy
- Lighthouse Land & Development LLC - Avalon Estates, Returned to Lender
- Element Homes - Power Ranch Neighborhood 8, Trustee Sale
- Sunwest/Stratland - Stratland Estates, Updated to Chapter 11 Bankruptcy
- Elite Homes - Sun Groves, Trustee Sale
- Randall Martin Homes - Higley Park, Trustee Sale
- New - Ashton Woods Home - Lakeview Trails (North) at Morrison Ranch - Mechanics Liens
- Brown Family Communities - Orangewood Vista Views, Mechanics Liens
- Biltmore Westglen LLC - Westglen Villas - Mechanics Liens
- Brown Family Communities - Canyon Trails, Mechanics Liens
- Brown Family Communities - Travis Park, Mechanics Liens
- New - Ashton Woods Home - Coronado Village at Estrella Mountain Parcel 7.7 - Mechanics Liens
- New - Ashton Woods Home - Estrella Mountain Ranch Parcel 100A - Mechanics Liens
- Zacher Homes - The Cottages at Palm Valley, Trustee Sale
- Maricopa Real Estate
- Elite Homes – Tortosa, Trustee Sale
- Engle Homes – Province, Chapter 11 Bankruptcy
- Brown Family Communities - Bella Via, Mechanics liens
- Sun River Mesa Condo - Sun River Mesa Condo Tract 5142, Trustee Sale
- Tucscany Villas at Painted Mountain LLC - Tuscany Villas at Patinted Mesa, Trustee Sale
- Lindsay Park Development, LLC - Lindsay Park Townhomes, Trustee Sale
- Randall Martin Homes - Dobson Crossing, Chapter 11 Bankruptcy
- Woodside Homes - Jackrabbit Estates, Chapter 11 Bankruptcy
- Montalbano Homes – Travata, Mechanics Liens
- New - Ashton Woods Home - Vistancia Village A Parcel G3 - Mechanics Liens
- Element Homes - Sonoran Mountain Ranch Parcel 10, Sonoran - Trustee Sale
- Charlevoix - Meridian Hills, Updated to Chapter 7 Bankruptcy (from Foreclosure)
- Charlevoix - Buena Vista II, Updated to Chapter 7 Bankruptcy (from Chapter 11)
- JJ&T Baseline LLC - Baseline Mountain Ranch, Foreclosure
- Brown Family Communities - Paseo Pointe, Mechanics Liens
- Brown Family Communities - Rogers Ranch Parcel 4, Mechanics Liens
- Brown Family Communities - Rogers Ranch Parcel 8, Mechanics Liens
- PCG‐Savannah, LLC - Savannah, Mechanics Liens
- Maryland Development, LLC - Maryland Manor Condo Phase IV & V, Trustee Sale
- Cambria Homes - Los Somantos, Trustee Sale
- Hacienda Builders - Cortessa, Trustee Sale
- Ponticello,LLC - Tramonto Parcel #‐1, aka Monticello, Trustee Sale
- V & M Homes, LLC - Roeser Park, Trustee Sale
- Zacher Homes - The Residences on Maryland, Trustee Sale
- Zacher Homes - Residences on Missouri, Trustee Sale
- Earlie Home Sales LLC - Bella Casa Manor, Trustee Sales
- Santa Anna Homes - Tuscano P.C.D. Phase 2 Parcel B, Trustee Sales
- Santa Anna Homes - Tuscano P.C.D. Phase 2 Parcel C, Trustees Sales
- Woodside Homes - Nova Vista, Chapter 11 Bankruptcy
- New - Destiny Homes Marketing LLC - Mountainside Estates - Chapter 11 Bankruptcy
- Lyle Anderson LLC - Prospector Village at Superstition Foothills, No longer in control of project
- Lyle Anderson LLC - The Casitas at First Water Village, No longer in control of project
- Lyle Anderson LLC - The Club Villas at Superstition Foothills, No longer in control of project
- Brown Family Communities - San Tan Heights Parcel D, Mechanics Liens
- Royce Homes, Phoenix LLC - Dominion Creek, Out of Business
- Elite Homes - San Tan Heights - Trustee Sale
- Quantum at Troon North - The Ridge at Troon North A Condo, Trustee Sale
- Earlie Home Sales LLC - Cactus Cove at 90th Street, Trustee Sale
- Wijomi Development LLC - Lone Mountain Estates, Trustee Sale
- New - Turquesa Equestrian Estates, LLC - Turquesa Equestrian Estates - Trustee Sale
- Brown Family Communities - Greer Ranch Phase I, Mechanics liens
- Brown Family Communities - Greer Ranch Phase II, Mechanics liens
- American Partnership, LLC/Keystone - Desert Oasis of Surprise Parcel B4, Trustee Sale
- Elite Homes - Rancho Silverado, Trustee Sale
- Randall Martin Homes - Marley Park Parcel 1, Trustee Sale
- Engle Homes - Marley Park Parcel 4, Chapter 11 Bankruptcy
- New - Ashton Woods Home - Marley Park Parcel 1
- New - Ashton Woods Home - Marley Park Parcel 9
- Newberry Terrace Barton LLC - Newberry Terrace, Mechanics Lien
- Woodside Homes - Tempe Village, Chapter 11 Bankruptcy
- New - Tempe Land Company, LLC - Centerpoint Phase 1 Condominiums - Chapter 11 Bankruptcy
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