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Nelson
Dyn-o-mite!


Joined: 07 Nov 2008
Posts: 351
Location: Texas

Wall Homes
PostPosted: Fri Dec 05, 2008 8:51 pm Reply with quoteBack to top

What is up with Wall Homes?

They keep winning awards, but seem to be closing many subdivisions down in the DFW area.

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vendor1
Dud?


Joined: 16 Aug 2008
Posts: 6
Location: texas

Re: Discussion on Wall Homes
PostPosted: Fri Dec 05, 2008 10:16 pm Reply with quoteBack to top

We have heard that finacial backers of wall have stepped back. Steve Wall is trying to find someway or somehow to keep it going.
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MB@PPLLC
Dud?


Joined: 05 Dec 2008
Posts: 3
Location: Dallas/Ft Worth

Re: Discussion on Wall Homes
PostPosted: Fri Dec 05, 2008 10:25 pm Reply with quoteBack to top

Well I don't believe he is hurting too much, sent him an offer of $1.35mil for all his inventory out in Grayhawk in Frisco..... Not including the lots, turned it down flat.... Not even a counter.... Maybe he needs to get rid of the regional managers....
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James Connery
Flash in the pan


Joined: 14 Aug 2008
Posts: 41
Location: N/A

Re: Discussion on Wall Homes
PostPosted: Mon Dec 08, 2008 6:14 pm Reply with quoteBack to top

They are closing their operation in Houston effective immediately. Only a hand full of employees remaining to clean up home under construction. All inventory homes will be listed with a realtor to liquidate.
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houston
Nitroglycerin


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

Re: Discussion on Wall Homes
PostPosted: Mon Dec 08, 2008 8:48 pm Reply with quoteBack to top

James Connery wrote:
They are closing their operation in Houston effective immediately. Only a hand full of employees remaining to clean up home under construction. All inventory homes will be listed with a realtor to liquidate.


Wow, that was quick (the company started up in 2005). I think Steve Wall is another victem of the credit crunch. They were/are highly leveraged and bought a lot of property at the peak of the market. As values have decreased and while sales have become harder to find, they are being squeezed. Their lendor(s) are probably playing hard ball and Steve may be running out of options.

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Steamer
Dud?


Joined: 08 Mar 2008
Posts: 14

Re: Discussion on Wall Homes
PostPosted: Wed Dec 10, 2008 12:52 am Reply with quoteBack to top

Wall Homes' primary lot financier is reportedly calling in Letters of Credit on all delinquent properties tomorrow. Steve Wall has began informaing close business relationships he plans to startup a new venture soon.
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houston
Nitroglycerin


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

Re: Discussion on Wall Homes
PostPosted: Wed Dec 10, 2008 1:12 pm Reply with quoteBack to top

Is this new venture outside of homebuilding?

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supersnake
Dud?


Joined: 10 Dec 2008
Posts: 5

Wall Homes
PostPosted: Wed Dec 10, 2008 11:52 pm Reply with quoteBack to top

God I hope ...I doubt he will find much support in homebuilding after this trainwreck! They tried to grow too big, too fast, and made poor aquisitions in a tough market without the experience or infrastructure to navigate the ship. The next 12 months in Dallas will seperate the men from the boys.
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Nelson
Dyn-o-mite!


Joined: 07 Nov 2008
Posts: 351
Location: Texas

Re: Discussion on Wall Homes
PostPosted: Thu Dec 11, 2008 3:33 am Reply with quoteBack to top

Word on the street is that the new venture is another home builidng company. This will be a good intelligence test for the banks and investors.

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supersnake
Dud?


Joined: 10 Dec 2008
Posts: 5

Wall Homes
PostPosted: Thu Dec 11, 2008 12:02 pm Reply with quoteBack to top

Surely not, it's probably just a bunch of big ego's trying to save face. I really doubt anyone (banks, investors, developers, landbankers) will give Steve Wall a second look in DFW if Wall Homes really does go out this hard and fast.
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