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Can anyone give me an insight on St. Lawrence Builders. I liked their community in Wake Forest "Hamptons". Came by to talk to an agent there about 2 month ago, she didn't mention anything. I drove there today, there are a lot of unfinished homes, no workers, ton of empty lots...I liked one home which was finished with exception of floors, granite and appliances. So, if St. Lawrence filed for bankruptcy who will finish these homes, and why are they still listed for sale? I also felt like the attitute (people walking around) in the development is kind of somber Not your typical NC neighborhood feel, no waves, no smiles...
We were building the house I think you are talking about in Northhampton. After a while for months there was nothing going on and we got suspicious as to why. We were suppose to move in Dec. 20th. Then we found out they were going broke. We loved the house and lot. We are now trying to purchase the model. They are excellent builders..Good luck to you.
I think like all builders, St. Lawrence Homes is having a hard time. Hopefully, they will come out of this economic mess and continue to build one of the best homes in Carolinas. Good Luck St. Lawrence!
I hate to hear that...I wish them all the luck in trying to stay afloat. As the article said, they are clearly not the only ones in trouble. When our government realizes that the housing industry needs to be a focal point of stimulating the economy.....we may start getting out of this economic melt-down that we all find ourselves in.
The thing to be cautious about purchasing a St. Lawrence home now is if they will go the route of Circuit City. Circuit City also filed Chapter 11 Bankruptcy and after several months and not being able to find a buyer or fresh capital went out of business completely. So any company that files for Bankruptcy has the potential to close their doors at a future date.
I am also intrigued why St. Lawrence would find themselves in Bankruptcy being they build lower priced or moderately priced homes in planned sub divisions. IMO based on their relative size and offerings they would be in better shape to with stand the down turn unless they got a high percentage of foreclosures or mis managed their business.
Good luck to those that purchased St. Lawrence homes and those that may in the future. Make sure you totally understand your legal rights as a owner or potential buyer if liquidation comes to pass for St. Lawrence Homes.
The thing to be cautious about purchasing a St. Lawrence home now is if they will go the route of Circuit City. Circuit City also filed Chapter 11 Bankruptcy and after several months and not being able to find a buyer or fresh capital went out of business completely. So any company that files for Bankruptcy has the potential to close their doors at a future date.
I am also intrigued why St. Lawrence would find themselves in Bankruptcy being they build lower priced or moderately priced homes in planned sub divisions. IMO based on their relative size and offerings they would be in better shape to with stand the down turn unless they got a high percentage of foreclosures or mis managed their business.
Good luck to those that purchased St. Lawrence homes and those that may in the future. Make sure you totally understand your legal rights as a owner or potential buyer if liquidation comes to pass for St. Lawrence Homes.
I am SO glad we passed on what seemed like a phenomenal deal on paper in Bowling Green ( A Drees home)... the fact that St. L was on the lam and not looking like they were going to make it is why we walked from it -- not knowing the eventuality of it and what would happen to the amenities that made the s/d attractive - what happens when <50% of the homes are sold? Do HOA dues x4? What about vacant homes and vacant lots? Etc. etc.
I am SO glad we passed on what seemed like a phenomenal deal on paper in Bowling Green ( A Drees home)... the fact that St. L was on the lam and not looking like they were going to make it is why we walked from it -- not knowing the eventuality of it and what would happen to the amenities that made the s/d attractive - what happens when <50% of the homes are sold? Do HOA dues x4? What about vacant homes and vacant lots? Etc. etc.
Good luck indeed!
All depends. Chapter 11 may let the company reorganize. If it fails and goes into Chapter 7, assets are sold and proceeds given to creditors as far as they reach.
Warranty may then be Charmin unless insured. HOA will need to cover all amenity costs from existing owners w/o builder contribution. Empty/incomplete home lots may be tied up in litigation w/o paying dues for quite some time.
Hope the Chapter 11 gives the company breathing room to recover.
saturnfan makes a good point....if they are forced into a Chapter 7, assets are sold. And according to the numbers, their assets are greater than the debt.
I think like all builders, St. Lawrence Homes is having a hard time. Hopefully, they will come out of this economic mess and continue to build one of the best homes in Carolinas. Good Luck St. Lawrence!
I agree with you. Good luck to them
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Not your typical NC neighborhood feel, no waves, no smiles...
