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Crofton Home Builder Files for Bankruptcy

Caruso Homes, a builder based in Crofton Maryland since 1985, filed for Chapter 11 bankruptcy last week – but NOT because of mis-management, poor judgment, or operational issues.  Like so many other businesses, they’re affected by the slump in today’s real estate market.

Home builder at workThe credit crunch has slowed sales at developments around the beltway in Virginia and Maryland, including Ashton Estates in Bowie, and The Vineyards in Annapolis.

Additionally, properties acquired by the builder in recent years appraise now at a fraction of their purchase prices.  Developing this property without additional financing isn’t possible, yet carrying costs continue for the raw land. 

With more than $100 million in debt, Caruso Homes expects to emerge from bankruptcy in about three or four months after restructuring their liabilities.  In the meantime, they expect to continue building at projects now underway in the area.


Visit the website for
Caruso Homes to learn more about their philosophy, their communities, and their homes.  They’re a first-class builder who will no doubt come through this stronger than ever.

To buy a Caruso Home, contact me at RE/MAX VIsion in Crofton.  I’ll be happy to introduce you to them and help you negotiate a home purchase.  While this is a tough time for builders, it’s a GREAT time for home buyers!

 

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