Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Houston
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-02-2009, 12:29 PM
 
166 posts, read 899,140 times
Reputation: 118

Advertisements

Word on the street is that David Powers homes has stopped operations... haven't seen any official press releases or news articles, but I know from a friend who was told their house under construction will not be completed by the company. Other forums seem to confirm this. Too bad, they seemed to have built some nice quality homes in Houston... I guess its the sign of the times.
Reply With Quote Quick reply to this message

 
Old 03-02-2009, 01:21 PM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 13,731,452 times
Reputation: 4190
If true it is very unfortunate. They built a nice house and had a good reputation.
Reply With Quote Quick reply to this message
 
Old 03-02-2009, 03:15 PM
 
Location: Houston, Texas
10,447 posts, read 49,646,391 times
Reputation: 10614
Ya missed 2 more. Choice Homes and John Laing homes also bit the dust today. A home building company can only survive so long without anyone buying their product.

It wont be long now. There are many more to fall.
Reply With Quote Quick reply to this message
 
Old 03-02-2009, 08:36 PM
 
Location: Conroe, TX
684 posts, read 2,109,501 times
Reputation: 199
Quote:
Originally Posted by stratfordspartans View Post
Word on the street is that David Powers homes has stopped operations... haven't seen any official press releases or news articles, but I know from a friend who was told their house under construction will not be completed by the company. Other forums seem to confirm this. Too bad, they seemed to have built some nice quality homes in Houston... I guess its the sign of the times.

So who is going to complete your friends house???? Or is not going to be completed at all?? What stage of completion is it in...doesn't make sense to simply leave it unfinished..

Subcontractors do the actual "building" of the home, and work for several contractors
Reply With Quote Quick reply to this message
 
Old 03-02-2009, 09:27 PM
 
67 posts, read 266,798 times
Reputation: 47
Imperial Homes has bit the dust as well.
Reply With Quote Quick reply to this message
 
Old 03-02-2009, 09:41 PM
 
Location: ITL (Houston)
9,221 posts, read 15,948,475 times
Reputation: 3545
David Powers Homes built my house.
Reply With Quote Quick reply to this message
 
Old 03-02-2009, 10:21 PM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 13,731,452 times
Reputation: 4190
Quote:
Originally Posted by MissDaisy View Post
What stage of completion is it in...doesn't make sense to simply leave it unfinished..

Subcontractors do the actual "building" of the home, and work for several contractors
It makes sense if they don't have any money left to pay the subs to finish the work...
Reply With Quote Quick reply to this message
 
Old 03-02-2009, 11:21 PM
 
Location: Conroe, TX
684 posts, read 2,109,501 times
Reputation: 199
Quote:
Originally Posted by chris_ut View Post
It makes sense if they don't have any money left to pay the subs to finish the work...
understood, chris_ut....but what if the home is in frame, or blue board?? Does the builder simply walk away?...or sell the semi-completed property to another builder?? What happens to the buyers earnest $$ and/or upgrade $$ ? I would hate to think that the purchaser's $$ would be wiped out being named in the builder's BK suit...

That situation played out in 2000, when the Chrysler PT Cruiser first came out, a local dealer had for about a year collected folk's $1000 deposits, far more than his factory allocation could ever be able to accomodate, then declared BK, and named all of those poor individuals in his hearing, thus they all lost their $$....that sucked big time...and dealers like that give a big black eye to honest people in the business like me (not a dealer, just an employee, but the potential impact to reputation or speculation is just as great)...I could never help thinking he knew what he was planning all along...people don't just wake up one day and "decide" to go belly-up...these situations are at a minimum a year, two, or more in the making...

...sure glad our Conroe TX home (Village Builders) was completed last spring, though I realize that if Lennar tubes....that puts our warranties in jeopardy..though I would imagine that the warranties are in some sort of a "re-insurance" policy, not that they are any more solvent than the original builders...

Sad about David Power Builders....they really did build a beautiful home...just a bit too rich for our blood...We especially liked the DP homes in Creighton Woods, just found a better value for dollar with VB

Just wish the best of luck to all affected by David Powers' situation...
Reply With Quote Quick reply to this message
 
Old 03-03-2009, 07:42 AM
 
Location: Houston/Brenham
5,819 posts, read 7,229,111 times
Reputation: 12316
Quote:
Originally Posted by stratfordspartans View Post
Word on the street is that David Powers homes has stopped operations.
David Powers hasn't paid his suppliers or subs in months. He was operating on fumes. He finally let his employees go last week. He was a good guy, who really tried to do right, but ran out of money. And with a highly leveraged operation, he had no wiggle room.

Choice did it the "right" way. They will close down, finish houses, and pay everyone (or refund where applicable). Imperial is another who shut down, but hasn't paid anyone in months.

In many of these cases, the banks will take over the houses under construction. They would rather finish them, and get SOME money, than flush them down the drain.

I suggest you find out who the lender was for your builder, and contact them.
Reply With Quote Quick reply to this message
 
Old 03-03-2009, 07:57 AM
 
166 posts, read 899,140 times
Reputation: 118
Quote:
Originally Posted by astrohip View Post
David Powers hasn't paid his suppliers or subs in months. He was operating on fumes. He finally let his employees go last week. He was a good guy, who really tried to do right, but ran out of money. And with a highly leveraged operation, he had no wiggle room.

It seems Mr. Powers was more focused on racing cars than on building homes. I'm sure he made out just fine over the past 15 or so years he's been in business. He'll just set up another corporation and start fresh. Heard he is already working with/on a new company
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Houston
Similar Threads
View detailed profiles of:

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top