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Old 03-24-2009, 01:48 PM
 
60 posts, read 261,363 times
Reputation: 42

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I heard a rumor that Engle Homes recently decided to halt all future home production?
Engle Homes shuts down Valley sales offices | Real Estate News | eastvalleytribune.com (http://www.eastvalleytribune.com/story/114383 - broken link)
This article discusses a Maricopa Engle Homes subdivision, but the rumor I heard applies to all Engle Homes in the valley.

Anyone else know anything?
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Old 03-24-2009, 02:51 PM
 
Location: Casa Grande, AZ (May 08)
1,707 posts, read 4,340,051 times
Reputation: 1449
I cant speak to Engle, but the article also mentions Capital Pacific. I live in a CP development that is unfinished in Casa Grande. LUCKILLY, there is no unfinished houses, and they sold off this land also last year and the new buyer is paying their share of HOA fees so things are getting taken care of.

In a way its good - right now I have no neighbors on two side and none across the street and have a nice mountain view I will lose once they start building again. But on the other hand, it would be nice to have a complete "neighborhood" instead of the hodgepodge of a few houses on all the various streets.
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Old 03-24-2009, 07:23 PM
 
609 posts, read 2,117,627 times
Reputation: 248
I live in the Province development that the article mentions. Nothing has happened here in a year, no building and the whole thing is bank owned. Homes are now selling for almost half their original sales price.
With the Engle walk away here, the community is strugling to survive, and the 9 banks that now own it are doing only the very basics to maintain it and are feeding the community $100,000 a month. I am moving next month, but wonder how long the banks will continue.

This is a problem all over the valley right now, so be very careful.
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Old 03-29-2009, 05:35 PM
 
1 posts, read 5,223 times
Reputation: 10
Default Engle Homes

Terry,
I also heard from a very good source that Engle Homes has halted construction. At least when it comes to their development at DC Ranch in Scottsdale. I'm trying to find out if they are looking to unload the unfinished development to an investor to finish out.
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Old 03-29-2009, 05:56 PM
 
38 posts, read 84,391 times
Reputation: 37
The Fed has been pumping a ton of money into the system, coupled
with low interest rates & attractive prices .

Unless the area is extremely undeveloped, it's a great time to buy.
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Old 03-29-2009, 06:50 PM
 
60 posts, read 261,363 times
Reputation: 42
Default TOUSA Owns Engle

:::: TOUSA :: Breaking new ground :::: (http://www.tousa.com/reorg/customer.html - broken link)

Engle Homes is owned by TOUSA.

Sucks if you already paid for home inspection, warranty, etc....

It sounds like all Engle construction, nationwide, will halt once the already-begun homes are completed.
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