Townsend Construction - Residential

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2007-04-22

One-time Senate candidate Elsie Townsend's Townsend Construction, a home builder in Arizona, filed for bankruptcy after having their license revoked by the Arizona Reigstrar of Contractors, according to sbcindustry.com. Further to the article, the bankruptcy filing listed approximately $35 million in both assets and liabilities, respectively.

Regarding the size of Townsend Construction, the SBCIndustry article notes:

Townsend said she went from selling 151 homes in 2005 to fewer than a dozen this past year. She's stuck with 37 she can't sell right now. At least a half-dozen are not finished and the values have dropped 20 percent to 30 percent.

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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.