Current news for this company:
Sotherby Homes - Texas high-end home builder
The "update" goes on to note that Sotherby no longer has any corporate staff or offices and cannot take phone calls. At sotherby.com a number, 972.378.4129, is listed as a point of contact; however, an automated response at that number informs you to call 214.535.7110, which goes straight to a voice mailbox.
Original Post to Ailing/Watch on 2008-12-22: Word has emerged that Plano-baseed "high-end" homebuilder Sotherby Homes (website: sotherby.com — notes "technical difficulties") has "suspended some operations." An article on the suspension notes:
Plano-based Sotherby Homes builds more than 300 houses a year that sell for between $300,000 and $500,000.
A statement issued by the company indicates that the suspension was caused by the national pullback in lending. Per the company:
National lenders have severely curtailed financing to builders such as Sotherby due to the recent economic crisis. . . .
If you have more information on Sotherby's suspension of operations, please comment below or email us!
Homebuilder Sotherby Homes, which is listed as part of North Texas-based Shaddock Builders & Developers Inc., sent an automated e-mail to customers that inquired about services this week that the company is suspending its warranty program until after the holidays. Plano-based Sotherby Homes could not be reached Tuesday, but on an answering machine said the company would be closed until early January. In an automated e-mail, the company said, âIt is with a heavy heart that we bring you this information. Due to the hard economic times Sotherby Homes is suspending its warranty program until after the holidays.âPermalink
scaredowner at 14:14 2009-01-06 said:There are home buyers that are left to wonder where they stand on their homes. I am one of those that is waiting to see what my options are with being able to have my home that I have already given lots of money to have built. Permalink
peebeebaynut at 09:57 2009-01-20 said:
Homeowners burdened by homebuilder's money woes ... Michael Garver moved into his new Sotherby home two months ago. Within the past two weeks, letters started arriving in the mail from subcontractors threatening to put liens on his house and demanding thousands of dollars. ... "It's certainly frustrating to have people coming after you for things that you â in your mind â have already paid for," Garver said.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.