Thursday, October 9, 2008

Church Hill Homes: Regional Builder Faces Mass Foreclosures

The Daily Progress reports that Church Hill Homes has failed to unload their properties and that they are "facing foreclosure on more than 20 properties worth a total of at least $3.5 million."

Just one month ago, The DP reported that 11 of the Builder's properties at the "green" Belvedere development were sold to Eagle Construction of Richmond, and that the two principals, Josh Goldschmidt and Jamie Spence, had become employees.

Each of the properties will be on the auction block in mid-October at various county courthouses.

Paul S. Bliley Jr., the trustee acting on behalf of Union Bank and Fulton Bank in the Church Hill foreclosures, said he has not been involved in such a large-scale foreclosure proceeding since the savings and loan crisis in the early 1990s.

At the end of the article, there was this: Jay Willer, executive vice president of the Blue Ridge Home Builders Association, said "Housing prices seem to be pretty much at the bottom. They’re not going up, but they’re not going down either.”

Sadly, Mr. Willer is wrong. We're not sure on what he's basing his information. (Perhaps a conversation with CAAR CEO Dave Phillips?)

Prices are still falling, locally and nationwide. This area is nowhere near its bottom.
There is too much supply, of new and existing houses, and nowhere near enough demand.

According to The DP, Church Hill’s properties now in the foreclosure process include:

  • Three homes at the Belvedere development off Rio Road in Albemarle County.
  • Seven vacant sites and two houses in the Wickham Pond development in Crozet. The Wickham Pond properties are assessed at a total of $990,000, according to tax records.
  • A $479,900 house under contract in the Old Trail development in Crozet.
  • In Charlottesville, two of Church Hill’s condominiums are facing foreclosure. One property is a $599,200 luxury residential unit in the ACAC complex on Monticello Avenue.
  • The other condo, assessed at $732,000, is in the same building.
  • The Fluvanna County foreclosures include two 4-acre vacant sites in the Centre Hill Estates development, as well as two small vacant sites and one house in the Fox Glen development.
  • The Greene County foreclosure is a lot in the Water’s Edge at Lake Saponi neighborhood and is assessed at $126,000.
Access the complete DP article here.

16 comments:

Anonymous said...

Why didn't they lower prices so the properties would sell?

Is this a stupid question? What am I missing?

Cville Realtor said...

Even if they lowered the prices, they owed more than the lowered sales price

Anonymous said...

Goldschmidt and Spence made out like bandits, didn't they? Failed business propositions all over Central Virginia and they wind up with jobs. And completely remorseless. "That's business."

Perfect examples of everything wrong with the housing bubble.

Cville Realtor said...

Anonymous,
You obviously don't know Josh and Jamie. Both are quality guys and have anguished over this and tried everything they could to turn their company around. I can promise you that they do not have a "that's business" attitude and really wish this hadn't happened. It is Charlottesville's loss not to have Church Hill building homes in our community.

George said...

cville realtor, boo hoo. anonymous is right. and i don't need to know josh and jamie. your "quality guys" and their "anguish" got this country where it is today. in the toilet. get a clue. or seven.

Anonymous said...

they might be nice guys, they might be crooks, who cares, all i know is they built ugly houses, glad they can't inflict their ugliness on us anymore. ever been out to old trail, what an eyesore, belvedere is supposed to be green but they clearcut many many acres of forest to build houses that nobody will live in

Anonymous said...

is this another stupid question? why didn't they declare bankruptcy? wouldn't they have protected their company this way but also taken responsibilities for the debts?

Anonymous said...

Nice guys? yeah right. Go ask all the subs they owe 100's of thousands of dollars to. The Apple doesn't fall far from the tree and Jim Spence taught them everything he knew... Hide the money, spend lavishly like on a $30,000 birthday party fo your wife, and then say you never saw the downturn coming while you were buying up land left and right. Terrible businessmen and even shadier humans...

Cville Realtor said...

Point of clarification: Church Hill Homes built some homes there but were not the developer of Old Trail community.

Anonymous said...

Churchill Homes are well built. Direct Experience. Maybe they had the trouble b/c they did not cut corners.
Dont mix up their father (Hayden Homes) who went out of business and who may have had the issues with subs nor Hauser Homes, an atrocious builder who flauts building code and with plenty of attempted class action suits.

Anonymous said...

I like the Carter's View homes. Are any of those going into the foreclosure process?

Anonymous said...

hahahaha....they are professional "crooks" in the "business"..they've done it before and if allowed will do it again under a different name. Charlottesville needs to wise up and these jerks should not be allowed anymore ventures...employees and those that supplied goods and services without being paid are the victims while those "good guys" eat $300 meals at the country club weekly, but wait, they say they don't have any money...what goes around comes around....I just feel sorry for anyone that has been, is, and potentially will be in their scandelous web....this time they have burned more than just bridges

Anonymous said...

the only "quality" about these guys ........there is none and anyone that thinks there is some...must be stuck in their pockets along with all the $100's in there hiding

Anonymous said...

the ole saying can't get blood out of a turnip, in Charlottesville the new saying is don't expect Josh and Jamie to pay for anything they owe

Anonymous said...

I live in Avon Park, and Josh and Jamie completely screwed us. They've been screwing us since they sold the last town house.

Funny how they can't do anything to honor the commitments, warranties, and contracts they made with Avon Park, but now they are heading up a new construction project for Eagle. Belvedere buyers, beware!!

Real C'ville - The Bubble Blog said...

Anon,

You may also want to post a comment over at REALCentralVA, which has an additional readership, and a recent post on a similar topic:

http://www.realcentralva.com/2008/11/25/builders-bankrupt-what-about-the-warranty/