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| July 3, 2009
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| WOODSIDE HOMES STILL BUILDING IN VALLEY DESPITE BANKRUPTCY AND FORECLOSURES
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| Phoenix area – Woodside Homes of Arizona in Tempe (Gene Morrison, division pres.) continues to sell homes in the Phoenix area despite the parent company being in bankruptcy and now a foreclosure proceeding filed on several Arizona properties. Affiliates of the parent company are facing a September 2 trustee’s sale on a $130 million loan that is in default. According to Ion Data, a Mesa-based provider of real estate data, Security Title Agency Inc. in Phoenix is the trustee on the pending foreclosure. Ion Data’s Foreclosure Update lists Zions First National Bank as the beneficiary on a loan with an original principal balance of $130 million. The loan was issued to multiple entities, including Danville Land Investments LLC and Walnut Creek Development LLC. Both companies were formed by Woodside Group in Salt Lake City, Utah (Ezra Nilson, principal). The mortgage is secured by a 160-acre parcel near 123rd Avenue and Williams Drive in Maricopa County and a 10-acre site northeast of the Gila River Indian Community and along Pecos Road. The larger tract was to be developed as a community called Foothills and the smaller site was a housing subdivision to be called Rancho Silverado. Both of the parcels are in raw condition and Woodside Homes has not started development. Sources say there were a total of seven filings associated with the Zions First National Bank foreclosure. Additional properties that secure the loan are located in Pinal and Mohave counties. While it appears that the Woodside Homes parent will let the properties go to foreclosure, the builder has no plans to cease operations in the Valley. Last year, Woodside Homes had 220 sales in the Phoenix area. In 2009, Woodside Homes expects to sell at least 160 residences in the Valley. The company has six open subdivisions in the Phoenix area. In September 2008, Woodside Homes Corp. and 185 affiliated entities filed for Chapter 11 bankruptcy protection in United States Bankruptcy Court in Riverside County, Calif. The builder hopes to emerge from the bankruptcy reorganization by September. If all goes well, Morrison says that Woodside Homes of Arizona could be in the market for more residential land in the Valley by fourth quarter 2009. Morrison estimates that the builder has about 310 developed lots in its inventory and raw land for another 450 residences in the Phoenix area. Most of the homes Woodside is selling in the Valley these days are priced less than $200,000. Get more from Morrison at (480) 755-0801. Jane Myrick is the contact for Security Title . . . (602) 266-0275. Zach Bowers of Ion Data is at (480) 831-6677, ext. 15. |
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