Current news for this company:
Avalon Homes - Residential
North Port (Southwest Florida) home builder, Avalon Homes was reported to have left their offices "unfurnished, unlocked and deserted" according to a Southwest Florida Herald Tribune article written in December of 2006. Further to the article:
Avalon's owner/manager Joseph Pufta may have been engaging in certain illicit activities. According to a Tribue article written in April of 2007:
A further Tribue article tells a bit more of the story; apparently, Pufta was relying on funds from new customers to complete the homes of prior customers. Though this seems like a Ponzi scheme at first blush, apparently, Pufta was pumping in his own money to try and keep the business afloat, "It wasn't like he was taking their money and spending it" said Pufta's lawyer. Regardless of the criminal outcome of this case, Pufta is clearly guilty of mismanaging the finances of his company, which has hurt many would-be homeowners.
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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.