Navigation

Current news for this company:

Wallen Homes - New Mexico custom home builder

Search

 

2009-02-27

Comment on this article | Subscribe by email!

stories: bizjournals.com

The New Mexico Business Weekly has reported that "Rio Rancho-based custom home builder" Wallen Homes closed down on Friday, February 27 (Back-add to the list, today is March 31). Per the article:

[Wallen Homes] had three sales centers and was active in the Albuquerque metro, Las Cruces, and Eunice.

Wallen's high end approach might have caused its demise, according to David Murphy, president of SalesTraq New Mexico. Murphy's statistics show that the average price of a Wallen home was nearly $285,000 and the average size was 2,329 square feet.

"People want smaller homes now that cost less to heat, cool and insure. Wallen was a semi-custom builder with many high-end features. They built beautiful homes, but there were likely upgrade issues,"" Murphy said. "I'm not surprised that Wallen failed in a fundamental sense. There are too many home builders in New Mexico and this is one more domino to fall."

As Wallen has only completed around 220 homes and only 20 since 2007, we are classifying Wallen Homes as a "tiny" implosion. If you have any more information on Wallen, please post it below or email us.

permalink to this record | forum thread


Comments: Be the first to add a comment

add a comment | go to forum thread

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.