Medallion Homes (Houston, Alamo: for sale, houses, buying)

[mojokitty]

Thanks Kevin! I talked to our HOA person, and she was explaining that the developer and Arborist are who make many decisions, not the home builder. We are afraid a new builder will come in and knock down all of the trees and take away the "uniqueness" of the neighborhood. She explained that this is not the case. I think it's just the unknown that scares us! She also mentioned that Lennar, and I thought she said Sittage??? were coming in to build. Maybe she meant Sitterle? She said they would also try to conform to the unique look of the homes and neighborhood here. Thanks for responding!

[kevcrawford]

Probably Sivage. I think there are rules they have to abide by in that community and keep the trees. I believe it's a protected area and the only reason Medallion was able to build in there was because they followed certain guidelines.

[scuba steve]

So what happens to whatever warranty the builder going out of business had? Does the liability transfer to whoever may buy them out, or just go away otherwise?

[kevcrawford]

Originally Posted by scuba steve

So what happens to whatever warranty the builder going out of business had? Does the liability transfer to whoever may buy them out, or just go away otherwise?

Many times the actual builder and warranty dept are two separate entities and the warranty dept actually sticks around. Or there are third party companies that handle that. I'm not 100% sure of the laws but I believe that the govt regulates that you can't just close your doors and leave your homeowners without warranty.

[dvlpr]

Originally Posted by kevcrawford

Many times the actual builder and warranty dept are two separate entities and the warranty dept actually sticks around. Or there are third party companies that handle that. I'm not 100% sure of the laws but I believe that the govt regulates that you can't just close your doors and leave your homeowners without warranty.

Kevin is (again) correct.

[dvlpr]

Originally Posted by mojokitty

Thanks Kevin! I talked to our HOA person, and she was explaining that the developer and Arborist are who make many decisions, not the home builder. We are afraid a new builder will come in and knock down all of the trees and take away the "uniqueness" of the neighborhood. She explained that this is not the case. I think it's just the unknown that scares us! She also mentioned that Lennar, and I thought she said Sittage??? were coming in to build. Maybe she meant Sitterle? She said they would also try to conform to the unique look of the homes and neighborhood here. Thanks for responding!

Sivage is the other builder currently under contract for the remaining lots.

Generally speaking, the subdivision will be finished out per the MDP (and consistent with the other units). You should be fine.

[the_dimwit]

Anyone (dvlpr or kev) know about Alamo Ranch?

--Dim

[kevcrawford]

Originally Posted by the_dimwit

Anyone (dvlpr or kev) know about Alamo Ranch?

--Dim

Actually just spent all day there. Are you asking specifically about the Medallion section in the back or something different?

[the_dimwit]

I'm talking specifically about the Medallion section over at the Hills at Alamo Ranch (where Meritage is building). There is a Medallion home listed by realtor on the corner (fairly ugly gray stone with gray stucco single story). But, I would assume that activity in the "back of the Ranch" would be reflected here as well.

--Dim

[dvlpr]

Originally Posted by the_dimwit

I'm talking specifically about the Medallion section over at the Hills at Alamo Ranch (where Meritage is building). There is a Medallion home listed by realtor on the corner (fairly ugly gray stone with gray stucco single story). But, I would assume that activity in the "back of the Ranch" would be reflected here as well.

--Dim

Medallion will be selling all their assets and shutting down the company. I'm not sure who they'll sell these particular lots to (most builders already have positions in the Culebra corridor), but it's not a bankruptcy situation (though there may be a deed-in-lieu to the lender at some point).

Keep in mind that Medallion was buying these lots from a Galo partnership, so he still owns the majority of the lot inventory in this subdivision. Expect one of the usual suspects to take over the remaining inventory.