Tuesday, January 13, 2009

Altieri Begins Fade to Black

According to the Howard/Arundel Report, Altieri Homes has reduced its stake in the Hebron Manor development in Ellicott City to nine homes in “various stages of construction.” The builder recently sold off the remaining 60 undeveloped lots to Columbia based Williamsburg Homes for $6.92 million.

Presumably the troubled Altieri will attempt to finish and market those nine homes that it still holds but that could prove challenging given that two different banks, K Bank and Bradford Bank hold the construction loans on them. Couple that with the fact that they will be selling against Williamsburg in the same community. Williamsburg has a much better record of customer satisfaction.

Of course, at the right price, anything will sell.