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2006-08-09

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stories: heraldtribune.com, biz941.com

Sarasota, Florida home builder Jade Homes shut ddown operations in early August of 2006. Southwest Florida's Herald Tribune reported that Jade Homes "laid off half of its 16-person purchasing and administrative staff and effectively shuttered its main offic and suspended telephone contact."

Further to the Tribue article, at the time of the closure Jade Homes had some 75 homes in varying stages of construction. Regarding the size of Jade Homes, they were founded in 1997 and had built more than 500 homes, including over 100 in 2005.

An article from biz 941 details how Jade's president, Andrew Coles, took efforts to complete many of the aforementioned homes. Per the aforementioned article, which was penned in November of 2007, Jade Homes managed to finish 57 of the 75 homes:

Of the 75 homes either under construction or under contract at the time of the shutdown, 57 have been finished as of this month. Of the remaining 18 homes, seven had not been started and the homeowners decided not to build, seven were being finished by the homeowners, and four were inventory homes that are now completed and for sale.

We are unclear at this time if Jade Homes is still winding up operations or whether they have managed to start up officially again. If you have any information, please let us know.

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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.