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Sullivan Homes - Washington Home Builder

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2008-07-30

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stories: spokesmanreview.com

One of Spokane Valley, Washington's "largest" home builders, Sullivan Homes, has sought court protection from "Lawsuits, liens and other legal actions by banks and other creditors", according to the Spokesman Review:

Sullivan Homes Inc. owes local banks about $16.2 million and has filed a petition in state court to liquidate its assets and pay off those debts. At least $900,000 is owed to other vendors and contractors.

"This is absolutely a sign of the times," said attorney Nancy Isserlis, who will be appointed as the receiver of Sullivan Homes' assets, which include 32 homes and 72 building lots. The properties have a combined list price of $20.7 million

Though details remain foggy, we believe Sullivan Homes of Washington was started in 1996. Somewhat confusingly, there is a separate Sullivan Homes of Idaho, which is still in business (See their "history" on sullivanhomes.com). Of note, Sullivan Homes Idaho built a home for Extreme Makeover Home Edition back in November 2005.

Any details as to Sullivan Homes Washington's peak construction levels (Number of houses built, etc.) or number of employees affected that could be shared with us, would be much appreciated!.

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Comments:

RealEstateAce at 13:01 2008-10-05 said:
Most people know by now that the Spokane Real Estate market has not experienced the steep decline in values that many other locations have seen. Although listing inventory is high and total sales have declined, we’ve held fairly steady on prices. But that doesn’t mean there are not great buying opportunities here.

My husband and I recently represented the purchasers of one of Sullivan’s new construction homes in the new Bidwell Park development. While the offer process took several extra days than what is typical, after a few back and forth counters we signed around a deal at $318,000 on a beautiful home that was listed at $364,900. That’s $46,900 or 13% off the asking price, (which originally started at $379,850). How’s that for built-in equity?

Sullivan has always built a good home, with quality materials and workmanship. So if you are looking for new construction, this is a great opportunity. There are still dozens of Sullivan homes available in some of Spokane’s nicest developments – Legacy Ridge, Canyon Bluffs, Morningside Heights, and Bidwell Park to name just a few.

If you would like a list (or a tour!) of the homes that are still available, just let me know. Because there are several different lenders holding the paper on these homes, there are no guarantees on how each will respond to offers. But it is a great opportunity to get a screaming deal on a new house. Permalink

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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.