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Old 08-20-2008, 07:52 AM
 
Location: Austin & Houston, TX
1,461 posts, read 5,597,669 times
Reputation: 425

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Anyone hear the news about Royce Homes? Word around the campfire is that they are most likely filling for bankruptcy. Many of the homes are not closing due to liens placed on them form various vendors.
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Old 08-20-2008, 08:39 AM
 
23,177 posts, read 12,219,693 times
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There was an article in the Chron yesterday saying they were trying to finish homes under construction and clear out unsold inventory. It sounded like they were trying to avoid bankruptcy for now but would not be starting any new homes. Of course, companies will always deny bankruptcy plans up until the moment it is announced.

Royce Builders is cutting back on staff and projects | Business | Chron.com - Houston Chronicle
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Old 08-20-2008, 08:46 AM
 
Location: Pearland (west side)
480 posts, read 1,698,977 times
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Here's a link to another juicy article on it, from the Swamplot site.

http://swamplot.com/royce-builders-d...ls/2008-08-19/

Last edited by Timnwendy; 08-20-2008 at 08:58 AM..
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Old 08-20-2008, 09:10 AM
 
23,177 posts, read 12,219,693 times
Reputation: 29354
Like I said, businesses will deny it until they announce it because the owners want to cut their losses and bail out first. Based on the info in that last link, I think the message is clear.
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Old 08-20-2008, 12:29 PM
 
Location: Westbury
556 posts, read 1,086,589 times
Reputation: 464
check out this link if you want to good inside info about the culture at Royce Homes that would eventually lead to its downfall

Implode-Explode Forums :: View topic - Discussion on Royce Homes
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Old 08-20-2008, 12:54 PM
 
Location: St. Louis, Missouri
9,352 posts, read 20,030,698 times
Reputation: 11621
Quote:
Originally Posted by Timnwendy View Post
Here's a link to another juicy article on it, from the Swamplot site.

Royce Builders Death Spiral: Juicy Details! » Swamplot: Houston’s Real Estate Landscape


sad story .... but what a GREAT website!!
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Old 08-20-2008, 04:04 PM
 
Location: Austin & Houston, TX
1,461 posts, read 5,597,669 times
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Quote:
Originally Posted by diggity101 View Post
check out this link if you want to good inside info about the culture at Royce Homes that would eventually lead to its downfall

Implode-Explode Forums :: View topic - Discussion on Royce Homes
Thanks, I looked at this before posting.
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Old 08-20-2008, 07:27 PM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 13,736,420 times
Reputation: 4191
Lotta drama on that Implode forum.
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Old 08-20-2008, 11:28 PM
 
Location: Up in a cedar tree.
1,618 posts, read 6,616,925 times
Reputation: 563
Quote:
Originally Posted by DiverTodd62 View Post
There was an article in the Chron yesterday saying they were trying to finish homes under construction and clear out unsold inventory. It sounded like they were trying to avoid bankruptcy for now but would not be starting any new homes. Of course, companies will always deny bankruptcy plans up until the moment it is announced.

Royce Builders is cutting back on staff and projects | Business | Chron.com - Houston Chronicle
Yep - to screw the buyers that put down a good sum of down payment.

My thoughts is they'll sell all the lots first, then file for bankruptcy and screw the consumers out of their down payments.
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Old 08-21-2008, 08:05 AM
 
1,748 posts, read 2,479,395 times
Reputation: 879
I could never understand how anyone bought a Royce home in the first place....they are so unattractive.
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