Royce Builders Stops New Construction
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(For the record, I have nothing to do with the company or anyone associated with the company, but I do share the name with them.)
Affordable home builder Royce Builders in the Houston, Texas region is shutting it’s doors after creditors brought the squeeze to their operations.
While I have said countless times that we have to cut back on building, there is a human price that is being paid. It looks like Royce Builders will avoid bankruptcy as of now, but the housing downturn has taken another victim.
The president of Royce Builders, one of the area’s top home building firms, said today the company has laid off a substantial number of employees and that operations are winding down.
The company’s credit lines have been cut as its lenders limit their exposure to real estate, said John Speer, president of the 24-year-old Houston-based homebuilder.
“When we got squeezed on the ability to start houses it affected our cash flow,” he said. via the Houston Chronicle
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Comment by Houston Home Watcher on 20 August 2008:
Weather it’ your personal finances or business, over extending yourself will more often than not lead to negative outcome.
Comment by Rick Linhart on 21 August 2008:
Rick Linhart an appraiser in Cleveland, has appraised many building in the Central Businis District. “Sure lease rates are down and occupancy are low. However this will not reduce property taxes due to House Bill 920.” Linhart says that House Bill 920 works both ways that when the values of property sky rocket HB 920 keeps the taxes down. Now that we have hit rock bottom HB 920 will keep taxes the same or a touch lower. HB 920 was designed for stability to the tax rolls.