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Another Valley Home Builder Looking for Help

By
Real Estate Agent with HomeSmart License # SA577557000

 

Joining Trend Homes, KB Home, Americabuilt Communities, and Engle Homes, Fulton Homes is the latest tragedy in Valley home builders since 2007.  Fulton Homes started operation in 1974 and grew to become one of the Valley's largest private home builders before their recent filing for Chapter 11 bankruptcy reorganization.

Fulton HomesIn 2008, Fulton Homes took out a mere 61 single-family permits to build new Valley homes.  The builder reported 428 sales during that same time.  This suggests that most of the sales were from the backlog of spec homes built from 2005-2007.

What makes this a little different than most is the fact that Ira Fulton, founder and CEO of Fulton Homes, was voted one of the 50 most generous philanthropists of 2006.  According to the information in BusinessWeek, Fulton and his wife have given away more than $300 million, approximately 60% of their net worth.  ASU alone, one of it's largest recipients, has received more than $160 million.

Fulton Homes has 21 actively selling subdivisions, and there are another 20 subdivisions in the Valley that the other builders are selling under bankruptcy reorganization.

Here's hoping that all of these Valley home builders can get back on their feet, especially this one, who has been so generous to others!

Posted by

         Contact Troy Erickson, Realtor®, Good Company Real Estate

Licensed Residential Realtor® in Arizona at 602-295-6807

 

Reach out to me for all your Phoenix, Chandler, Ahwatukee, Tempe, Gilbert, and Scottsdale, Arizona Real Estate needs.

 

Check out our website for all Arizona Real Estate and Homes For Sale in subdivisions like Sun Lakes, Ocotillo, Lakewood, Mountain Park Ranch, Pepperwood, Circle G Ranches, and many others throughout the East Valley.

 

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This post is for informational purposes only and should not be construed as legal advice. If you desire specific legal or tax advice, please consult the appropriate professional. The opinions expressed here represent my own and not those of my employer. Troy Erickson will not be held liable for any errors, ommissions, accuracy, validity, currentness, suitability, completeness; or any losses, injuries or damages arising from its display or use.

Comments (3)

Anonymous
Mary Smythe-Jones

Troy, I hope that they get back on their feet, and I was reading that they just got some support from the bankruptcy court against banks that were trying to shut them down! Apparently, their banks didn't even want <a href="http://www.homebuilder-bankruptcy.com/2009/03/fulton-homes-selling-homes-in-the-ordinary-course-of-business/"> Fulton Homes to keep selling homes</a> in the ordinary course of business, but the judge ruled in favor of Fulton Homes. Good for them! Keep fighting guys!

Mar 22, 2009 01:13 PM
#1
Anonymous
Mary Smythe-Jones

Troy, I hope that they get back on their feet, and I was reading that they just got some support from the bankruptcy court against banks that were trying to shut them down! Apparently, their banks didn't even want Fulton Homes to keep selling homes in the ordinary course of business, but the judge ruled in favor of Fulton Homes. Good for them! Keep fighting guys!

Mar 22, 2009 01:15 PM
#2
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Mary - It seems as though banks are really cracking down on their loans, and want everyone to pay them off all of a sudden.  Don't the banks realize that if the borrowers had the money, they wouldn't have had to take out the loan to begin with.  Then, like you said, how is Fulton Homes supposed to pay back the loans if the banks shut down their ability to sell.  It amazes me sometimes how things work.

Mar 23, 2009 06:37 PM