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Pierce Homes - NC triad-area builder

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2008-08-05

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stories: bizjournals.com, digtriad.com, news-record.com

North Carolina-based Pierce is shutting down, after 26 years of operation. From the first article:

Pierce, which also operates in Charlotte but not in the Triangle, had long been one of the busiest builders in the Greensboro area. According to Triad Business Journal research, the company closed on 240 homes in 2006, and 355 in 2005. The company's projects include Autumn Trace in Alamance County and James Plantation in Guilford County, among others.

With 240 homes closed in a year at peak, that is close enough to our 250 guideline to classify them as "major", so here they sit on our list.

The DigiTriad article above has some comments from irate homeowners of Pierce after the minimal communications surrounding their closure:

"I want to know what is going to happen to the neighborhood," said Hollie MacMullan, who moved into Autumn Trace in April. "What are we going to do with all the empty lots that are just growing up?"

After a neighbor spotted a moving truck outside the model home in her neighborhood, MacMullan learned that Pierce Homes was no longer in the building business. "It bothers me that they didn't talk to us, or let us know what was going on and set up a meeting before they went out of business," said MacMullan, who has a one year warranty on her home. "Are we just going to be out of luck?"

A scenario that is playing out all too often across the country.

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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.