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Hacienda Builders - Phoenix-area residential

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2009-01-13

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A reader alerted us to the shutdown of Hacienda Builders the other day (we aren't exactly sure when they shut down; though we would assume in the last month or two). Their web site now displays the following message on the front page:

Due to economic conditions Hacienda Builders has ceased day to day operations. If you are a Hacienda homeowner and wish to contact a subcontractor who has worked on your home, you may request subcontractor information by emailing subcontractor@haciendabuilders.com.

The source describes them as "mid-sized" and estimates upwards of 500 completions a year at peak. Indeed, their Inc5000 page lists 2006 revenue as $210 million, assuming $300k per home, that would be over 700 closings that year.

The company was founded in 1991 by fraternity brothers David Cohen and Todd Stevens, according to Inc.com. As of the writing of that page, Hacienda had 112 employees.

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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.