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Windjammer Homes - Tampa-area high-end
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2009-02-01
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stories: tampabay.com, bizjournals.com
Smallish Tampa-area luxury home builder Windjammer has succumed to the downturn. Says the first article linked above:
Far from being an upstart in the business, president Robert Vause founded the company, based in New Port Richey, in the 1980s.
Sales had been dwindling since peaking in 2006 at $31 million. In 2007, income had dropped to $19 million. Last year sales barely surpassed $7 million.
Assuming $500k-$1mil per house, we get 30-60 homes closed per year at peak, which qualifies Windjammer as a "tiny" implode for this space.
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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.