Northwest-based Pacific Lifestyle Homes (website: pacificlifestylehomes.com) has filed for Chapter 11 bankrupty portection according to the Portland Business Journal. Per the PBJ piece:
The company was the sixth-largest home builder last year as ranked by the Portland Business Journal, with a total value of $64.6 million in inventory.
The company built 251 homes last year, well below the record 350 it sold during the market’s peak in 2005. It plans to close on just 125 homes this year.
Pacific Lifestyle Homes has approximately $56 million in bank debt. It stopped paying its subcontractors in the past 60 days.
Pacific Lifestyle's slowdown in operations has additionally meant a reduction in force of nearly 70 employees (from 91 to 24 peak to current).
Pacific Lifestyle is the fourth Northwest home builder to make our list (See Legend Homes, Marnella and Renaissance).
Justin at 13:20 2008-10-16 said:
Got em up!
This is really too bad. My wife & I were (are) really interested in several of the PL homes but as yet, haven't been able to sell our home. Until this happens, we can't do anything to help them out. There homes are some of the nicest cutouts we've seen in the PNW. I was a contractor in Florida and have seen a lot of junk. Permalink
Have you guys seen this website?
It looks like they are trying to fire sale all of their finished homes.
Go get em' PLH. Permalink
You may want to think a little more before you go ahead and buy a PLH home. I am sitting here in a home I bought in June of 2006. I still have a major warantee issue that PLH (Kevin Wann and Randy Shrivers) have monkeyed around with now for two years and still haven't fixed. A drill was dropped into my flooring in my kitchen during construction and was not repaired until over a year later....now they don't make the same flooring sheen and I have a very visable noticeable section of floor in my kitchen that is dull finish rather than a shiny finish like the rest of the floor. I have wasted days of my time and have taken days off work to schedule with every inspector or specialist that they have sent out.....they continue to monkey around. Just replace the floor! It has been over 2 years! They promised to get back to me to get it fixed......I have emailed Kevin Wann specifically and I have no response. I have been through 3 major mold finds and repairs, and am sitting here with a damaged cherry wood floor, upstairs carpeting that resembles the rolling hills, and an entire house full of poor paint and drywall. Consider your purchase carefully. Permalink