Thursday, February 5, 2009

Is Hauser Homes' Stonehaus Development Seeking to Sell Belvedere Stake?

We hear that Stonehaus Development, a subsidiary of Hauser Homes, is seeking to sell property at the unfinished "green" development Belvedere. Hauser built 20 of the proposed 400 single-family homes and the work has significantly slowed since 2007, a nationwide trend, since new home construction and sales are cliff-diving.

Now Stonehaus apparently wants to sell full or partial stake in the multi-family portion of the planned project. That is, the 275 'garden style' apartments. Each is estimated to be worth $150K or $41 Million if/when built.

There's been speculation lately about whether Hauser Homes is in financial trouble, as reported by Brian McNeill of The Daily Progress. Just a month ago, Hauser was reported having "issues" with several developments: Old Trail in Crozet has filed suit, and Weather Hill's Poplar Glen in Western Albemarle faced mass foreclosure, blaming Hauser.

Stonehaus is apparently willing to sell the Belvedere Square parcel outright for $4.6M or $17,000 per unit.
Or become an equity partner with the current property as their stake.

It's almost too easy an observation to say "Green" Belvedere is not proving very green financially. Last Fall, Church Hill Homes principals Josh Goldschmidt and Jamie Spence unloaded their portion of Belvedere on Richmond's Eagle Construction, took jobs with the company, then faced mass foreclosures and liens.

Stonehaus trying to sell for $4.6 Million?
And does this price to take into account the millions and millions in liens on the place?

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