Brown Family Homes Shuts its Doors

[LBear]

Originally Posted by cowgirrlup

Neil Klein is still in business and has never filed bankruptcy. Their office is still open on HWY 69 and they are still building and still selling homes.

Hmmm.... And who may you be?

I see this is your first post ever on this forum, welcome, do you work for Neil Klein????

[BriansPerspective]

I can confim that Neil Klein is still in business on Hwy-69 in Prescott. I drove by there yesterday and I also spoke with a title agent who does business with them.

[LBear]

Originally Posted by BiggsHomes

I can confim that Neil Klein is still in business on Hwy-69 in Prescott. I drove by there yesterday and I also spoke with a title agent who does business with them.

That is good to hear but I would be CAUTIOUS as to their liquidity and ability to weather this economic disaster. As we have seen, builders are going under, even ones that were thought to be sound (Brown Family).

Buyers need to beware. The company might state and act like everything is A-OK, but the next day they will shut down and run for the hills.

[esselcue]

I think the point, LBear, is that statements like yours can cause a lot of harm to people like Neil Klein because they are not factual and they can cause folks to panic, thus making his business worse. As I mentioned earlier in this thread, I know two folks who work for Klein and they are not jobless.

[LBear]

Originally Posted by esselcue

I think the point, LBear, is that statements like yours can cause a lot of harm to people like Neil Klein because they are not factual and they can cause folks to panic, thus making his business worse. As I mentioned earlier in this thread, I know two folks who work for Klein and they are not jobless.

CAUTION is the key word. People were putting down their hard earned money $$$ with Brown up until the day he said he was out of business. People were putting money into Indy Mac Bank up until the day they folded. I can go on and on with dozens of such companies. ALL of these businesses acted like everything was OK. When in fact, they knew things were NOT OK.

I hope Neil Klein does NOT fold. I am just saying that buyers should be careful in todays volatile market. (On a side note. I know personally of people who had bought Neil Klein homes and let's just say that they are NOT happy customers. Quality control was lacking and dealing with them was not fun.)

Do you remember Townsend?? She lied, stole, scammed and conned millions. When I started to hear that she was in trouble, I spoke out, many came in and defended that all was OK with Townsend. Then 1 month later, she was bankrupted and under federal investigation.

[reup996]

I was just reading about the amount of homes the Brown Family closed in 2006. If the brown family made just $20k profit on each home they closed in 2006 this equals over $1.7M per month and over $20M for the year. I have a hard time feeling sorry for the Brown family. I think a deeper look into the finances would be a better subject. I have been through the model homes and really like them. The pictures of Mr. Brown and his beautiful dogs is also touching but I am more concerned today about the qualified home buyer which has been waiting months to move into their new home and can't becuse it will never be finished or the homeowners in a community with half built homes all around them or the contractors which will now not get paid. The money is somewhere....just not in the right places. What do you think the half built subdivisions do to our cities and towns....the property value of the communities around them? Homeless people will soon be living like homeowners. Has anyone looked into that?

DN

[ckdaajd]

I think it's important to be careful in any market good times and bad but doom and gloom llbear doesn't do anyone any good and it does cause people to panic. Everyone should be more positive. Things will change.