Fieldstone Leaving TX? (San Antonio, Anton, New Home: foreclosures, HOA, new home)

[annken]

I just heard homebuilder Fieldstone is leaving TX. Is this true? If so, why and what about the homes/land they have waiting to be sold? I was looking at them as a possible builder for us on northeast side.

Any information would be appreciated.

[Bo]

Fieldstone to Exit Texas Home Building Market | San Antonio, Texas | New Homes (http://www.fieldstone-homes.com/blog/san-antonio/fieldstone-exit-texas-home-building-market/2011/02/24/ - broken link)

Fieldstone has approximately 120 completed homes and models in 14 different communities that it plans to sell as it winds up its San Antonio operations.

<snip>

The Texas subsidiaries also own approximately 640 finished lots and 1,300 entitled lots in the San Antonio area that will be sold to other developers and homebuilders.

[RGJ]

Going to be interesting to see how many of their vacant lots are going to be bought out by KB, Main Street, etc. And there must be more than what Fieldstone is saying in their announcement because Texas is a whole lot better off right now than California or Utah.

[Dopo]

Originally Posted by RGJ

because Texas is a whole lot better off right now than California or Utah.

Things are not that simple,
running a business has 1000s of factors, mostly legal factors.

[RGJ]

Originally Posted by Dopo

Things are not that simple,
running a business has 1000s of factors, mostly legal factors.

Well, that's rather broad statement.

Texas, when compared to California, has a better economy right now, fewer foreclosures, less of a value drop in home prices. Texas also has fewer building restrictions, i.e. you can promise a HOA park and not deliver, build a retaining wall without a permit, etc., etc.

[mrsb057]

I talked with one of the reps from Fieldstone and what they told me is that a lot of the other companies are surviving a little better because they are publicly traded...Fieldstone is not...how true that is I dont know just what i heard.

[Dopo]

Originally Posted by RGJ

Well, that's rather broad statement.

Texas, when compared to California, has a better economy right now, fewer foreclosures, less of a value drop in home prices. Texas also has fewer building restrictions, i.e. you can promise a HOA park and not deliver, build a retaining wall without a permit, etc., etc.

So there's only 3-4 factors?
What about competition or if the market is mostly saturated in Texas?

[RGJ]

Originally Posted by Dopo

So there's only 3-4 factors?
What about competition or if the market is mostly saturated in Texas?

Wouldn't competition and a "saturated market" fall under the things I mentioned? Anyways, maybe San Antonio was just too far from their home base.

[Hedgehog_Mom]

Fieldstone was building some really ugly homes here, at least in the lower price ranges. When I was shopping for a new home last year, I couldn't get past their really ugly exteriors to see if the interiors had any redeeming qualities. The other homes in the same price range all looked better.

[Azure110]

The dumping of remaining new homes by Fieldstone using "aggressive" pricing is really going to drive down the values of those nearby that sold already.