Monday, October 27, 2008

Another Valley Builder Gone

Brown Family Communities shut their doors, reports Builder Online. They were one of only two private builders left in the Valley market. Brown's website isn't functioning at the time of writing, but from what I can tell, they mostly built in the East Valley and had a building site in Prescott. The 76 year old CEO, Dave Brown, told Builder Online in September of this year that the company closed 826 homes worth $156 million in 2006 and 522 homes in 2007, but expected to close only 225 homes in 2008. Brown cited lack of buyer interest as the major factor in his decision to shutter the company's doors.

The Arizona Department of Real Estate maintains a list of home builders known to be in financial distress.