High-end Plano homebuilder suspends some operations
Plano-based Sotherby Homes builds more than 300 houses a year that sell for between $300,000 and $500,000. This week, the company's Internet marketing sites weren't working, and some of its sales offices were idled. Sotherby has been in business for 14 years and builds in Collin and Denton counties. Officials did not return phone calls or e-mails Monday. But the builder released a statement that said "national lenders have severely curtailed financing to builders such as Sotherby due to the recent economic crisis."...Almost two dozen North Texas homebuilders have gone out of business during the last two years because of declining sales and reduced construction.
High-end Plano homebuilder suspends some operations
By STEVE BROWN / The Dallas Morning News
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One of the Dallas area's best-known custom homebuilders has suspended some operations.
Plano-based Sotherby Homes builds more than 300 houses a year that sell for between $300,000 and $500,000.
This week, the company's Internet marketing sites weren't working, and some of its sales offices were idled.
Sotherby has been in business for 14 years and builds in Collin and Denton counties.
Officials did not return phone calls or e-mails Monday. But the builder released a statement that said "national lenders have severely curtailed financing to builders such as Sotherby due to the recent economic crisis."
"The government bailout has not helped the situation," the company said. "We are presently working with our lenders and customers to try to resolve the situation."
Sotherby Homes is an affiliate of Plano-based Shaddock Cos., a land developer and builder that started in the 1960s.
Almost two dozen North Texas homebuilders have gone out of business during the last two years because of declining sales and reduced construction. Total housing starts in the Dallas-Fort Worth area this year were less than half what they were in 2006.
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For those of you who have negative things to say about the Shaddock family and their companies, you have no room to talk. These people are the MOST family oriented, kind hearted people you will ever meet...if you're that lucky. We ALL know that the economy has demolished so much here recently. Do you really think that your put-downs are helping the situation??? Why can't you just give positive feedback and prayers for these people. Remember, they have families to support as well!!!
What a shame, Sotherby is an excellent builder and highly regarded by their homeowners and real estate community. Lets hope they can re-organize...maybe a Builder Bail-out!
Just wait ...we are going to see lots of home builders and lots of car dealers go out of business. Most people can't afford these luxuries or want them anymore.
This story is incorrect. Sotherby is in no way an affiliate of the land development company known a Shaddock Development. Sotherby has never develped any land and is simply a builder. They are a separate company from any other Shaddock related entity with no common ownership.
Stop building these new homes. Consumers can't get them financed.
Peter Shaddock Jr, the owner that ran a good company into the ground!
Who cares about these builders? I sure don't.
wonder if they ever got caught for their own title company signing off on houses that had liens against them that Sotherby had not paid...that was early 2008's issue.Not sure unless you owned one of their homes you were aware of that issue...simply heresay of course. Undestand by radio news accts today their warrenty services are shut down until Jan 9th (maybe its just vacation time?????) just like at Chrysler. Hope you have no major issues through the holidays
I hope GRAND HOMES goes down as well. These folks,ie: STEPHEN BROOKS of HIGHLAND PARK do not pay for the work they hire subcontractors to do. That is correct. Subcontractors which have built and worked on their homes go unpaid to this day, leaving unsuspected homebuyers with angry subcontractors knocking on the door.
If the dollar amounts being reported are factual and investigated and if companies are suspending work - doesnt the pay check dimish when work dimishes
But, but, I thought house prices in Dallas went up!
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Yes Devolper you just don't get it. I was lead to believe over and over again when I questioned our sales guy if Sotherby was financially stable enough or should I be concerned since we were spending so much money with them. I was told that they had taken the necessary steps to stay a float through these rough times. Well guess what devolper, our home is now owned by a bank and we are out $20,000. Do you think we have received a call from Sotherby or a letter. Nope, not a word. So I don't care what they have done in the past, because while they are celebrating and doing what the Shaddocks do best, we now will have to save for years before we can buy another house. Can you say the same for the Shaddocks?