Current news for this company:
Model Homes of Hilton Head - South Carolina home builder
Model Homes of Hilton Head (website: modelhomesofhiltonhead.com) filed for bankruptcy protection on April 21 after the founder "ran out of cash to keep up with combined monthly payments of about $250,000" per a May 6 article from islandpacket.com. The founder, Tom Jacoby describes the bankruptcy as a tale of buying land during the boom and being unable to unload it during the bust:
Throughout its 25 year history, the company built over a thousand homes on Hilton Head island.
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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.