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Bthewee1
Flash in the pan


Joined: 30 Oct 2008
Posts: 59
Location: ATL

Bowen Family Homes shuts down
PostPosted: Wed Nov 03, 2010 12:30 pm Reply with quoteBack to top

Hello Old Friends -
I miss being in the loop -
Here is some news for those that still care.

Bowen Family Homes announced it was closing up shop.



Bowen Family Homes Inc. went out of business Oct. 29. Here is the text and the link

http://www.bowenfamilyhomes.com/

Dear Friends,
Bowen Family Homes has ceased operations effective October 29, 2010.
The decision to close Bowen Family Homes after 40 plus years in the business has been a difficult one. Unfortunately, the market dynamics of the past few years have made it impossible for us to continue business.
If you have a qualified Bowen purchase that is currently in progress, that purchase will be honored. Additionally, there are select homes still available from our current inventory. If you have questions about your purchase, or are interested in finding more about the terrific opportunities we are offering customers as we close out our inventory, please contact our lead broker:
Tamra Wade & Partners of RE/MAX Center
Office: 678-804-2595
www.greateratlantabesthomesalesteam.com
On behalf of the Bowen family and the staff who have worked so hard to provide excellence throughout the years, we would again like to thank our customers, team members and allies for the support and success they have brought to Bowen Family Homes over the course of the past several decades. It's been an amazing journey, and we appreciate your taking it with us.
Thank You

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houston
Nitroglycerin


Joined: 02 Dec 2008
Posts: 661
Location: Houston, Texas

Re: Bowen Family Homes shuts down
PostPosted: Fri Nov 05, 2010 11:31 pm Reply with quoteBack to top

That's an interesting story although regretfully not that uncommon. Bowen went from being in the 4th large builder in Atlanta with 549 homes per year. Their CFO had recently said that they planned on 150 homes in 2010 but apparently the banks withdrew funding...

Quote:
In a February interview with Atlanta Business Chronicle, Chief Financial Officer Steve Palmer noted the company was almost out of new inventory and only expected to start 150 new homes in 2010 due to the sour housing market. The company had fewer options for bank financing than some of the publicly traded builders in the market, like Pulte (NYSE: PHM) and D.R. Horton Inc. (NYSE: DHI), Palmer said.

Read more: Bowen Family Homes shuts down | Atlanta Business Chronicle

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NewHomeDallas
Dyn-o-mite!


Joined: 05 Jan 2009
Posts: 404

Re: Bowen Family Homes shuts down
PostPosted: Sat Nov 06, 2010 11:33 pm Reply with quoteBack to top

They were never a major player in the DFW area. from my experience with them in the DFW area; they were disorganized and not well managed.
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Houston Builder
Dyn-o-mite!


Joined: 09 Jan 2009
Posts: 351

Re: Bowen Family Homes shuts down
PostPosted: Thu Feb 03, 2011 12:31 am Reply with quoteBack to top

NewHomeDallas wrote:
They were never a major player in the DFW area. from my experience with them in the DFW area; they were disorganized and not well managed.


they could of been sold to KB but they had an arrogant CFO that KB couldn't stand - Steve Palmer - he killed the deal and cost the Bowen Kiddos about $40MM
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