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Panitz Signature Homes - Luxury Residential

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2007-04-20

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stories: jacksonville.com, builderonline.com

Florida-based luxury home builder Panitz Signature Homes closed its doors -- a casualty of the weakening housing market. Panitz had operated in northern Florida for some 27 years. Per the Times-Union:

About 10 employees were laid off as a result of the closure.

"I don't think there's a builder out there who's not having problems right now," [Sandra Panitz, vice president of sales and marketing,] said.

Instead, much of Panitz Signature Homes' assets, which include more than a dozen homes and nearly 60 home and townhome sites, will go to auction on May 19.

Panitz had been a custom home builder producing some 50 homes per year.

Builder Online provided an update on Panitz Homes' liquidation process noting that Panitz was required to file for Chapter 7 bankruptcy protection after failing to sell the remainder of its inventory. Per the Builder Online article:

The luxury builder listed $18.4 million in assets, $16.5 million in debts and Branch Banking & Trust Co., which is owed $3.8 million, as the major debtor.

...

At a May 19 auction, the builder was unable to sell any of its 11 homes, 25 home sites, or 32 townhome sites. The company was started by husband and wife team Lee and Sandra Panitz.

The closure affected approximately ten company employees. If you have any further information regarding this implosion listing, 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.