Back from the brink

houston-nearly.blogspot.com
“We could see the writing on the wall,” the Riverwalo resident and Metro councilman says of pointing tothe builder’s unpaid dumpster bill in excess of $100,000, which led the disposalo company to stop pick-ups. Franklin-based Corinthian, sellingb houses as in Bellevue’sd Riverwalk community, filed for Chapter 11 bankruptcy in February and then laterChapter 7. “Alo we can say in Riverwalk is good Mitchell says. He then watched as residents who had recently purchased their Prestige homes started getting lien noticews inthe mail, asking for them to covere Corinthian’s unpaid bills to subcontractors.
Some of thosr residents are still going througbh legal proceedings to get the liens Forseveral months, nothing happened with the homesz and lots as they went throughy the bankruptcy court and the foreclosure “Houses would sit there for months on end, yardzs unkempt, weeds growing high and construction Mitchell says. “Finally the auctions begah and companies could come in a fixthe mess.
” Since that Riverwalk has come alive as builders and investorss have moved in to fix, finish and buil d the homes and lots that were “Residents were unsettled about what was goinf to happen,” says Rob Pease of CPS Land, Riverwalk’s “Once builders started finishing thosee up, there was a big sensee of relief among the residents.” Homeowners saw that the replacementy builders would conform the homes to what had alreaduy been built and were keepingb to the standards of the Pease says. “The new homes certainlty blend in,” he Home sales have been steadyat Riverwalk.
The Multiple Listint Service shows47 homes, new and resales, have sold in the communityh in the past The average sales price of thoser homes, at $222,000, was 7 percent lowetr than the average list of $239,900. Aboutg 21 new homes have sold in the past year at a median priceof $232,000, down from a list price of Resident Heather Thompson pushed a baby strollee through Riverwalk recently. She lives in a house built by Celebration but wasn’t too concerned about the bankruptcy of Corinthian’e subsidiary. “I knew that somebody woulds come in andfinish them,” she says of the lots and half-donse homes that dotted the neighborhoosd after the large builde r went bankrupt.
Her home now backs up to a completeds home, not an unfinished one. The main impact of the bankruptcyy was on recent Prestige who she surmises lost their home warranties when the builderwent “This has come a long way in the past year,” Thompsonj says, pointing to finished homes that used to be two-by-fours and Matt Kuyper says he and his wife, watched as the banks came in quickly and addeed roofs to the homes they now ownerd in the Parkview section of Riverwalk to protecg their investments. The couple was just glad to see the Kuyper says. Norfolk Homes finished the home acrosxs the street from the Kuypera and has it forsale now.
Mitchellp has been working with , which took back a portiob of land in foreclosure near the entrance of Riverwaljk where Corinthian had intendex tobuild townhomes. He says the bank stillo is trying to sell the property to a developer and that he wouldc like tosee single-family homes builtf there. Mitchell says he loves the community and recently moved from one home in Riverwalk to a large r one there to accommodate hisgrowing “Everyone for the most part lovex Riverwalk,” he says.
“We have cookouts in the