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Randall Martin Home - Home Builder
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2008-02-27
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stories: azcentral.com, abc15.com, azcentral.com
When you begin home building at the peak of the housing bubble there is nowhere to go but down and down is where local builder Randall Martin went until it predictably hit bottom in the wake of the housing crash. RMH argins were squeezed due to competition from bigger builders. After completion of less than 500 houses the builder just walked away from its vacant property and unsold homes:
A Valley builder is foreclosing on 400 vacant lots in four of its master planned communities.
Randall Martin Home has subdivisions in Chandler, Gilbert, Surprise, and Avondale.
CEO Randy Bury blames the decision on the downturn in the real estate market.
The company is not filing bankruptcy, but is restructuring its finances and hopes to be in business again in the future when the market turns and is committed to finishing work on the homes for which it has contracts.
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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.