The housing downturn has claimed a local powerhouse: Davis Homes, one of the state’s largest local homebuilders,
ceased operations today after its fight for survival came up short. The company joins more than 30 homebuilders nationwide
who have discontinued operations since 2007. The builder said it has secured warranty insurance so Davis homeowners will be
covered. It also has arranged for regular maintenance and is looking for other homebuilders to complete its neighborhoods.
The full story is here. IBJ first
reported on the grim prognosis for Davis back in May. You can read that story here. What does this mean for the local housing market? What's next?
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Welcome to Property Lines, Indy's source for neighborhood real estate news. Your host is Scott Olson, IBJ's real estate beat
reporter. Edited by Cory Schouten.
The housing downturn has claimed a local powerhouse: Davis Homes, one of the state’s largest local homebuilders,
ceased operations today after its fight for survival came up short. The company joins more than 30 homebuilders nationwide
who have discontinued operations since 2007. The builder said it has secured warranty insurance so Davis homeowners will be
covered. It also has arranged for regular maintenance and is looking for other homebuilders to complete its neighborhoods.
The full story is here. IBJ first
reported on the grim prognosis for Davis back in May. You can read that story here. What does this mean for the local housing market? What's next?
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Laura-the festivals and tastings are free. What does is strengthen the sense of community with activities. What are those empty lots doing for the Village? it's sad you can't see the good that this progress can do for the area. No one is requiring anyone to shop there. I guess you'd rather see a Dollar store move in or no, we'd rather see the property stand empty b/c change is out of the question.
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Read down to the part about Brizzi. Someone needs to subpoena his "purchases" of Red RockPictures and Cellstar and his corresponding bank records, I mean c'mon, I'd like to see his alcohol usage records, too. http://diana-vice.blogspot.com/2011_01_01_archive.html
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Wonder if my neighborhood can advertise our "retention" pond and act like it is a beach too?
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a new record at the '11 salebration until they realized that it was a futile effort to get their crapwagon moter and crapwagon car up speed. And then they just quietly slunk off into the night and never spoke of it again. Nothing to see here folks.
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millions for putting a company's bumper sticker on one of its Lolas. But you gotta take what you can get.
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So yes Benji, i'd say it's a VERY good thing!
Since you were probably educated in a government school, I'll take this slow and explain it to you.
The people who lost their jobs are actual Davis employees... most likely sales people, superintendents, marketing, customer service. These would be hard-working Americans. Those going home to Mexico, as you put it, would be hard-working constructors who are all sub-contractors and not employees. While they may be out of work as a result of this, their employer may very well have work for them with another builder.
has helped build Indianapolis for over 57 years. As production builders go
they are better built, and more style than any in the same price point. The
employees we dedicated, hard working, and committed to customer satisfaction.
Don is correct, the ones who get hurt are your neighbors. I pray people will
find some kindness for the employees and perhaps help them find jobs instead
of taking cheap shots.
Good riddance, Davis! :)
It's too bad that the Davis people are losing their jobs but it is great that they are setting up the pull out with saving the homeowner's purchases. What now needs to be explored is how we make better and denser suburbs. This will be more profitable and beneficial to the Indianapolis region in the long-run.
Entry level production homes of questionable quality, financed with captive mortgage companies aligned with builders, offering outrageous terms with nonexistent controls, which where then sold to other financial institutions to refuel the sales cycle.
Its past time that these bottom feeders are weeded out.
Just look at what happened to Beazer/Crossman Communities.
Someone should go to jail.
Residential builder probed in connection with potential mortgage fraud
http://www.msnbc.msn.com/id/17819456/
Get your facts straight. Indiana does not lead the nation in foreclosures.
California, florida Nevada, Arizona are well out in front. In fact Indiana's
rate is below the national average.
Another fact. Home building creates 125 jobs per home built throughout
the economy. A loss of along term builder eliminates those jobs forever and
the negative effect hits us all. T
Indiana now ranks 6th in the nation for homeowner vacancy rates for 2007 according to StatsIndiana.
http://www.realtytrac.com/ContentManagement/pressrelease.aspx?ChannelID=9&ItemID=4873&accnt=64847
I guess your government education didn't teach you to use a dictionary, either.
con·struc·tor /kənˈstrʌktər/ Pronunciation[kuhn-struhk-ter]
–noun
1. a person or thing that builds.
2. a person or company engaged in the construction business.
3. a person who devises crossword puzzles.
Also, constructer.
What gets me is something I noticed earlier today when I logged on to MSN.com. Among the mess of ads was one offering a $200,000 mortgage for a rediculous low monthly payment with no SS# needed.
And people wonder why we got into this debacle. (Hope I speld that rite.)
Nobody should be happy about others losing their jobs, but i think people won't miss the continued overcontribution to the housing supply that has prevented housing prices from appreciating, thus risking their investments.
I don't necessarily think Davis overcontributed to the market. I have a couple of friends that live in Davis communities and they seemed to be placed realitively nicely in different parts of town.
I think they got hurt by the CP Morgans of the world that built much bigger homes for the same money. Obviously, the quality of homes were different, but first time home buyers were looking for size more than quality, in my opinion.
Davis will come back under a new name and won't miss a beat.
Last year, we bought a 2004 Davis home. It's spacious, but it's vinyl clad. I call our neighborhood U-taupe-ia.
I'm getting used to hollow, plastic doors. Our neighborhood consists of bland colors,but varied styles, and unique landscaping. The important thing? Great neighbors. It's what we can afford.