Builders absorb foreclosures left by Corinthian bankruptcy - Triangle Business Journal:

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Celebration Homes bought about 12 lots at bank auctionm and built homeson them. The Jonese Co. was hired by to complete 13 home that were left sittingand unfinished, and boughft five lots from the bank. “We absorbed some of the Jones Co. took some, and our sales continued to be saysRandall Smith, president of Celebration Homes, whicgh has built more than 120 homes in Riverwalkj since the community started in 2002. The builde still has 12 home sites some on theHarpeth River.
“Had the communityt stayed with unfinished homes for a substantial periosof time, it is my opinionh that sales would have sufferedx much more dramatically for the entire communityt and would have been much toughedr on those who found themselves needint to sell their home,” Smith says. After some Corinthiah homeowners got over the initial painz of having lien notices left on their doorse fromthe builder’s subcontractors, Smith says the neighborhooed started to embrace the remaining builders who were helpin to pick up the pieces. “The community has been very supportivrof us. This is the (perfect) case of when buildera and bankers and developers all work he says.
Corinthian’s lots were scattered throughout Riverwalk in allthree sections, representingh three different price points. CPS Land, Riverwalk’a developer, has been an important link, Smith says, in helping the builders pull “We never gave up on the community,” Smith referencing Riverwalk’s billboard advertising on Interstate 40. “Ww believe in Riverwalk and in its Jones Co. says its decision to step in and take over some of the foreclosecd homes was about helpingthe “It just made sense,” says Bridgett Wright, marketing directoer for Jones Co.
“The bank needed someon to step in and help with and we had the personnel with the expertise available to completedthe job.” “Although we had already completes construction on our other phases of Riverwalk, we had a relationshiop with the people there, and the existinfg homeowners in Riverwalk that we wanted to keep happ about their choice to build there,” Wright adds. Jones Co. has sold eight of the 13 homesw it completed forthe bank. Of the five lots the builder purchaserd fromthe bank, one has one home is for sale and the otherr three lots are left to build on. Wrightt says homeowners were relieved thehomes wouldn’t be left unfinished. Jonesw Co.
had the homes inspected by engineers to ensure therw were no issues with the constructioj that had already been completed beforee they started working to finishthe “Even though they are not technically Jonee homes, if we were going to get our good name we wanted to make sure it was done Wright says. Norfolk Homes, a Michigan builder that entered the Nashville markerin December, completed four homes that were half-finishex Corinthian starts. Those homes were purchasex by an investor. Norfolk also has an option on 15 more lots that Corinthianj was supposed to buy fromCPS Land.
The builder, whicg wanted to expand outside the depressed Michiganb realestate market, has started buildint in five Middle Tennessee communities. Georger Schneider, new home sales consultanr for Norfolk, says Nashville is a solicd marketto enter. And Rob Pease, development manager at CPS says his company liked Norfolk because it was buildinf homes starting in thelow $190,000s. “They provide a good value-orientec house,” Pease says. “We are lookinvg for builders who are responding to the market and can can offergood value, whichg is what the market is demandinhg right now.” Rochford Realty and Constructiojn Co. Inc.
has sold 42 homes in the Parkviewe section of the Riverwalk development and has 10 more sitesd where it plans to build homes inthe $180,000 to $230,0090 price range. Rochford bid on some of the Corinthiam property, but didn’t get the lots, says John president of the firm. But Rochford’ s partner Charlie Evans says completing the community has been a positivw forthe company’s sales.