I wanna talk about Form Builders

Source: Bizjournals.com ()

Panitz Signature Homes LLC has filed for Chapter 7 bankruptcy protection.

The family-owned luxury home builder based in Ponte Vedra Beach closed its doors in April after 27 years in the business, citing as the reason the slowdown in the real estate market. Since then, company executives have tried to sell the remaining homes and home sites at auction and through marketing with little success, said attorney Brad Markey, who represents the debtor.

"We just weren't successful in liquidating everything," said Markey, a partner in the Jacksonville law firm Stutsman Thames & Markey PA.

The company filed in the Jacksonville division of the Bankruptcy Court for the Middle District of Florida Dec. 18, listing about $18.4 million in assets, about $16.5 million in debts and Branch Banking & Trust Co. as the major debtor owed $3.8 million.

The company was not able to sell any of the 11 homes, 25 home sites or 32 townhome sites at auction May 19. Two of the home sites were sold later.

Panitz Signature Homes built thousands of homes in Northeast Florida over the years in such places as OakLeaf Plantation, Durbin Crossing and Palencia. In 1994 Panitz Homes, the company's earliest form, sold to national builder Beazer Homes, but after operating as a division of Beazer for nine years, the Panitz family decided to return to the custom home building market.

Despite going out of business, the company ranked 25 on the home builders list The Business Journal's 2008 Book of Lists with 80 homes built in 2006 at an average price of $460,000.

Source: Autochannel (press release) ()

Coachmen Recreational Vehicles Gain Momentum in the Retail
Marketplace

ELKHART, Ind. December 21, 2007; Coachmen Industries, Inc.’s
Recreational Vehicle Group continues to gain momentum in retail market
share, particularly with Class C motorhomes, Travel Trailers and Fifth
Wheels. According to the most recent data released by Statistical Surveys,
Inc., through October, the Company’s retail market share of Class C
motorhomes grew 14.6% year-to-date. The momentum was even greater in
towables as retail share of Fifth Wheels grew 1.5% through October and
retail market share of Travel Trailers grew a remarkable 23.3%
year-to-date.

“It’s gratifying to see retail consumers validating all of
the hard work we’ve done to improve our products and consistently
meet and exceed consumer expectations for design, features, quality and
value in our RVs,” commented Michael R. Terlep, President of the
Coachmen RV Group. “Over the past year, through our Advanced Design
Team, we have invested considerable resources in the design, features and
floorplans of our RVs, and that work was recently recognized at the
national RV Trade show held in Louisville, Kentucky.”

At the national trade show, Coachmen’s RV Group introduced the new
Prism™ Class C motorhome, built on the fuel-efficient Freightliner
Sprinter chassis, enabling this coach to get an estimated 17-19 miles per
gallon. The Group also introduced the groundbreaking contemporary-style
Leprechaun 320DS featuring a modern, sleek marine-inspired interior. The
new Freelander 2700RS features a rear wall slide allowing today’s
RVers the features and space of a 31-foot coach in a more fuel-efficient,
easy-to-drive 28-foot package. In towables, the Group introduced the
Adrenaline Surge 27FKSR featuring a 16’9” cargo area can
accommodate a dune buggy or sand rail. Another industry first, the Sprit of
America entry-level …

Source: Sun-Sentinel.com ()

In awe of England’s medieval Anglican cathedrals

By Ray Moseley |
Chicago Tribune
December 23, 2007

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England’s medieval Anglican cathedrals — the soaring, awe-inspiring skyscrapers of their day — remain among the world’s architectural treasures, their history entwined with that of saints and sinners, kings and queens, and ordinary folk.

There are more than 40 of them, and any listing of the most important is bound to be subjective. Thus, the seven cathedrals discussed in this article are simply my favorites.

These churches were built after the conquest of England in 1066 by William of Normandy (aka the Conqueror). Early cathedrals were in Norman style, another name for Romanesque; then came English Early Gothic, Decorated (classical Gothic) and Perpendicular (late Gothic). After renovations and additions, most cathedrals now represent a melange of styles.

Related links

Awe-inspiring cathedrals

Photos

The innovative medieval building techniques didn’t always work. Towers fell down and had to be rebuilt or abandoned. Then, after King Henry VIII broke with the Catholic Church in the 16th century, the cathedrals were sacked and their treasures scattered. wreaked more havoc during the civil war a century later. Fires and earthquakes took their toll. …

Source: Globe and Mail ()

The roof needed jellybeans - that much was obvious. But the next step was more difficult. Should gingerbread eaves feature icing icicles? Should sides be shingled with squares of Life cereal? And where, if anywhere, do peppermint wheels go?
These are the questions that have plagued gingerbread builders for decades (some say centuries). Thankfully, a handful of Toronto events - Habitat for Humanity’s annual gingerbread-build-for-charity, the daily workshops at Madeleines, Cherry Pie and Ice Cream and the Montgomery’s Inn’s own guided affair - have appeared to address the needs of the holiday house-challenged.
Monika Paradi, a Montgomery’s Inn volunteer who founded the historic Etobicoke property’s annual Gingerbread House Workshop four years ago, had the same warm answer to each of this novice builder’s questions: "There aren’t any rules. Just do what you feel!"
I sat down in front of a naked gingerbread house and pondered my approach, but immediately became too distracted by another group to feel anything other than envy; the happy family wore tall, white chef’s hats, while my head was bare. They looked perfect! Where was mine?

Print Edition - Section Front

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More Arts Stories

Pamuk: prophet or poseur? 

Strikes, flops, angst, egos - and some great TV 

An unsettling occupation 

Outside the box … and the frame 

CHILDREN’S BOOKS 

A personal faves list - with a to box-office clout 

Go to the Arts section

"I think they brought those," Ms. Paradi said. …

Source: Housing Stocks Review - Seeking Alpha ()

Here’s our summary of articles and data points on the housing market. It’s part of Seeking Alpha’s coverage of the real estate market and homebuilder stocks. Like all other topics and stock coverage from Seeking Alpha, you can have this sent to your Blackberry or desktop email by signing up for our no-spam free email subscription service.

Quote of the Day

“At the end of the day, we’re still in a retail world, and we’re selling a retail product. [A house] just happens to be the most expensive retail product that you are buying. No different from when car dealerships offer incentives. When other people are offering certain incentives, you have to be competitive.” - Bryan Cohen, president of homebuilder Touchstone Homes. (Atlanta Journal Constitution, Dec. 19th)

Homebuilders, Housing Stocks and Housing-Related Stocks

Moody’s Puts Hovnanian Debt Under Review (Forbes, Dec. 20th): “Moody’s Investors Service is reviewing Hovnanian Enterprises Inc.’s (HOV) credit ratings for a possible downgrade, a day after the luxury homebuilder reported its fifth consecutive quarterly loss. Hovnanian currently has a “Ba3″ rating, which is non-investment grade, meaning substantial credit risk exists. Ratings determine in large part the terms under which companies can borrow money. Moody’s (MCO) said it will review whether the builder will be able to get its creditors to amend the terms of current lending agreements, some of which Hovnanian has violated… The agency… will also look at Hovnanian’s “ability to achieve sizable and consistent actual inventory reduction.”

Read It Here First: Incentives Distorting Home Prices (Barry Ritholtz in Seeking Alpha, Dec.20th): “Some examples where [homebuilder] incentives are not public[ized]: KB Home (KBH), Colorado: $196,000, according to deed. Actual price = $168,400. Buyer disclosure form: KB paid to 3rd firm, which made a cash payment to the buyer. Lennar (LEN), Florida: $479,000. Actual …

Source: Hemscott ()

2007-12-20 15:49:44 Marfin Popular Bank agrees to acquire 50.04 pct of Russian
Rosprombank

ATHENS (Thomson Financial) - Marfin Popular Bank (MPB) said it has agreed with
the shareholders of RPB Holding to acquire a 50.04 pct stake of Russian
Rosprombank for an undisclosed amount.

2007-12-20 15:45:34 GM may sell medium-duty truck unit

DETROIT (AP) - General Motors Corp. has tentatively agreed to sell its
medium-duty truck business to a unit of truck maker Navistar International
Corp., the companies announced Thursday. No terms were disclosed, however, and
GM said more work must be done on details of the deal.

2007-12-20 15:23:37 INTERVIEW Vivendi's SFR aims to own all of Neuf Cegetel by
end-2008

PARIS (Thomson Financial) - Vivendi SA's telecoms arm SFR aims to complete the
offer announced today for the entire share capital of alternative operator Neuf
Cegetel by the end of 2008, said the unit's chief executive Frank Esser.

2007-12-20 15:17:21 E.ON sells stake in Stadtwerke Stendal to Gelsenwasser,
City of Stendal

FRANKFURT (Thomson Financial) - E.ON AG sold a 37.45 pct in Stadtwerke Stendal,
a utility in the East German city of Stendal, to Gelsenwasser AG and the city
for an undisclosed sum, according to a statement released by Gelsenwasser.

2007-12-20 15:12:44 Eaton deals to grow in Europe and Asia

CLEVELAND (AP) - Eaton Corp. will acquire The Moeller Group of Germany for
$2.23 billion and Taiwan's Phoenixtec Power Company Ltd. for about $565 million,
the industrial manufacturer said Thursday.

2007-12-20 15:10:49 Banco Popolare sells 9.99 pct in CR Bolzano for 115.4 mln
eur

MILAN (Thomson Financial) - Banco Popolare said it has sold a 9.99 pct stake in
Cassa di Risparmio di Bolzano to the Cassa di Risparmio di Bolzano banking
foundation 115.4 mln eur, as part of its strategy of rationalising its
shareholdings.

2007-12-20 14:25:23 TDC unit HTCC …

Source: PR-USA.net (press release) ()

Cipriano’s Saddle River Backyard Design Garners International Honors

The steep terrain at Bill Temiz’s two-acre Saddle River estate presented a formidable challenge to Cipriano Landscape Design’s team of landscape professionals. The question was how to accommodate Temiz’s desire for a luxurious hardscape and pool when there were dramatic elevation changes all the way from the street to the rear property line. With a little perseverance and a collaborative effort, the firm took what could have been a nightmare project and created a backyard oasis for its client. Those efforts were recognized this week by the Association of Pool & Spa Professionals, which awarded the completed design its Silver International Award of Excellence.

When Temiz was notified that his home had received an international honor, he gratefully thanked the team of companies that worked on the project. “We couldn’t be more pleased with the outcome of our project and having our property recognized internationally is just an added bonus,” Says homeowner Bill Temiz. A smooth relationship between the custom home builder, George Kevo of Kevo Development Corp., and Cipriano Landscape Design, which specializes in custom pools and landscapes, made all the difference. “We are fortunate Mr. Kevo had the foresight to involve us in the planning very early on in the process,” says Chris Cipriano, President of Cipriano Landscape Design. “There were several major changes that had to occur in the original site design. If they had taken place after the project started, they could have cost the homeowner over $100,000.”

Temiz initially wanted a formal backyard for entertaining guests. But to level the slope according to local zoning regulations would have required four or five consecutive retaining walls, each over long. The return on investment for such a complex design was a concern. The height restriction …

Source: Denver Post ()

Neumann Homes Inc., the third- biggest U.S. homebuilder in bankruptcy, said creditors are seeking $286.9 million from the Chicago-area company.
Guaranty Bank, a unit of Austin, Texas-based building- products maker Temple-Inland Inc., tops Neumann’s list of creditors with a claim of $33.3 million, according to papers filed yesterday in U.S. Bankruptcy Court in Chicago.
Neumann, which builds suburban communities in Illinois, Colorado and Michigan, filed a Chapter 11 petition on Oct. 26, citing inadequate funding. Homebuilders are being strained by falling house prices amid defaults on subprime loans made to borrowers with limited or poor credit. Projects dropped 50 percent to 80 percent in Chicago, Denver and Detroit, it said.
The company, based in Warrenville, Illinois, listed secured claims of $151.1 million, unsecured claims of $134.1 million and assets of $291.8 million in its latest filing. Neumann’s original petition didn’t specify total assets or debt.
In November, Fort Lauderdale, Florida-based Levitt and Sons LLC became the biggest builder in bankruptcy, owing unsecured creditors $340.6 million. Kara Homes Inc., based in East Brunswick, New Jersey, sought bankruptcy in October, listing assets of $350 million and debts of $297 million.
Neumann this month won bankruptcy court approval to terminate contracts on homes that it never started building, and return about $875,700 in deposits to customers. The court also approved Neumann’s bid to finish homes that were under construction at the time of the filing.
Combined Claims Two Bank of America Corp. units hold combined claims of $32.7 million, while IndyMac Bank, based in Pasadena, California, has a claim of $29.1 million. Real estate lender GMAC LLC holds a $19.5 million claim, while Cole Taylor Bank, a unit of Taylor Capital Group Inc., holds a $14.4 million claim.
Neumann’s lawyers have asked U.S. Judge Eugene R.
Wedoff for permission to reject the lease on its corporate headquarters and to …

Source: CNNMoney.com ()

SHENZHEN, China, Dec. 17 /Xinhua-PRNewswire-FirstCall/ — China Nepstar Chain Drugstore Ltd. (”China Nepstar” or “the Company”), the largest drugstore chain in China, today announced that it has signed strategic cooperation agreements with 16 pre-eminent domestic and multinational suppliers of pharmaceutical and healthcare products for 2008.

These agreements were signed at an event to celebrate the initial public offering of the Company on the New York Stock Exchange attended by representatives from more than 300 manufacturers and wholesalers on December 14, 2007.

The cooperation agreements were entered into with each of Tianjin Smith Kline & French Laboratories Ltd., Bayer Healthcare Company Ltd., Eli Lilly and Company, Boehringer Ingelheim Shanghai Pharmaceuticals Co. Ltd., Wyeth Pharmaceutical Company Ltd., Hunan Taier Pharmaceutical Company Limited, Taiji Group, Shandong DONG-E E-JIAO Co. Ltd., and Kunming Dihon Medical Co., Ltd., as well as seven other suppliers of pharmaceutical and healthcare products. In addition to procuring merchandise from these suppliers, the Company will also partner with these suppliers to promote health education among Chinese consumers.

In addition, a number of prominent Chinese and multinational pharmaceutical companies, including Shandong DONG-E E-JIAO Co. Ltd., have agreed to establish exclusive manufacturing lines to manufacture certain products based on Nepstar’s specifications and packaging requirements and to sell these products solely through Nepstar’s network of drugstores.

Mr. Qian Jiannong, Chief Executive Officer of Nepstar, commented, “We believe collaborating closely with key suppliers is one of our primary competitive advantages and such collaboration will enable Nepstar to continue to procure high quality and popular merchandise on favorable terms. Nepstar aims to provide its customers with a selection of high quality goods at reasonable prices. This has been one of the main drivers …

Source: Charlotte Observer ()

Builders continue hammering together new houses in Charlotte’s high-foreclosure areas.

This year, they received permits for almost 1,100 starter homes in or near these neighborhoods.

Nearly 700 of those permits are for houses in a suburban swath north and east of uptown. That’s where three-fourths of the city’s starter homes have been built during the past decade, and that’s where foreclosures have hurt the most.

The clustering of starter homes raises questions as the city faces costly foreclosure problems of rising crime, falling property values and families wrenched by economic disaster.

Should city officials have discouraged the clustering?

Should they allow it to continue?

“You’d think that building more of the same in an area experiencing a lot of problems is probably not wise,” said Roberto Quercia, a UNC Chapel Hill professor of city and regional planning.

Nationwide, easy credit fueled a foreclosure crisis that rattled stock markets, depressed home prices, wiped out jobs and threatened the country with recession.

City officials have no control over lending practices. They couldn’t have stopped the lax lending that enabled people with spotty credit and little or no down payment to buy houses.

However, they do regulate development planning. Some municipalities have tried to disperse starter houses or cap the number built in a region.

“Obviously the ideal would be that we have mixed-income communities all across Mecklenburg County,” Debra Campbell, Charlotte’s nationally recognized planning director said in an interview this month. “The challenge is how we achieve it.”

The city wants affordable, nearby housing for workers. Lower-priced houses tend to go where land is least expensive.

Planners say they can’t consider the selling price of proposed houses when approving a The city also doesn’t track foreclosures, but Campbell says they aren’t a driver in planning decisions …