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Anderson Homes - N. Carolina home builder

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2009-03-16

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stories: bizjournals.com, builderonline.com, raleighrealestatetalk.com

Anderson Homes (website andersonhomesnc.com), a top 200 home builder in both 2007 and 2006 per builderonline.com closing on around 350 and 300 homes in those years, respectively, has filed for Chapter 11 bankruptcy. The filing is in concert with sister company Vanguard Homes per the Triangle Business Journal:

Anderson Homes, based in Cary, lists $17.2 million in assets and $13.7 million in liabilities in bankruptcy documents. It says it has between 100 and 199 creditors. Vanguard, based in Raleigh, lists $11.1 million in assets and $9.9 million in liabilities. It claims between 50 and 99 creditors.

Dave Servoss, president of Anderson and Vanguard, says the companies ran into the same problems as other home builders: Houses just aren't selling.

"Most of our money's in the ground," Servoss says.

Anderson Homes has been in business since 1980, building thousands of houses across the Triangle. Vanguard was established in 2006 as an offshoot of Anderson Homes.

The number employees in the companies has gone from a peak of 66 down to only 13 now.

The bankruptcy filing also affects two other related companies that are land developers, Bridgewater Land Resource and Land Resource Group of Raleigh per an article from the News & Observer on builderonline.com.

Anderson Homes has been in business for over 27 years.

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Important: This company is on our list of builder operations that have "imploded" (see also ailing lenders). This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid declines in enterprise value; or abnormal "bail-out" by corporate parents or peers in order to continue to operate. The builders may be residential or commercial.