So a big slezoid pimp of a tract developer has gone belly up? Oh excuse me a community builder is having a bit of a squeeze.
Whatever. Pay attention now when the Magic 8 ball gives you a clear view. This is a tale that municipalites should heed, even Lower Merion and Radnor which always seem to know better.
THP Properties is in the process of screwing a lot of people out of a lot of hard earned money and it's all over the news...so...pay attention people or this is going to be happening in MORE communities with other builders and developers. Which is why residents in various townships all over this area need to demand better of their municipalities and their respective zoning and planning departments. Follow the money honeys, right?
John Clancy didn't even try to hide how angry he was, though he apologized over and over for it. Those people had made his wife cry on her 28th birthday, and he felt as if someone had "hit me in the face with a pan."
T.H. Properties L.P. had $5,000 of their money, the deposit Clancy and his wife, Nicole, had put down for a house in one of its new-home communities. Money they'd been saving since they got married a year ago.
"You know, I'm in construction, and I don't get emotional," Clancy, 38, said yesterday. "But when my wife started crying yesterday, I felt like my insides were ripped out."
The Clancys and scores of others began to learn late Tuesday that the Harleysville company that built the homes they owned, or hoped to own, in the Philadelphia region had ceased operations, posting word on its Web site....Several calls to the company's office were answered by a recording. Calls to co-owner Todd Hendricks, 44, at his Harleysville home, went unanswered. The phone number of his brother, THP co-owner Timothy Hendricks, 39, of Telford, Montgomery County, is not listed.
There were rumors of financial troubles at THP even before the housing market nose-dived. In 2006, for example, closings on THP's houses had fallen 26 percent from 2005, and gross revenue was down 20 percent.
And there were lawsuits in abundance, including the ones filed last month in Montgomery County Court by Wachovia Corp. that seek $7.6 million from each brother and $4.4 million from the company, and by Continental Bank demanding repayment of $5.4 million in loans and $1.2 million in damages.
And that Hendricks guy is a freaking moron on camera...apologizing to "many constituencies that are affected by this"... constituencies? Is he a politician? Or a builder in the process of screwing people? Because that is what will happen to the little people when/if this guy files for bankruptcy - they will get in line behind the REST of the big hungry munching stimulus wasting banks and other creditors, won't they?
The owners of a major developer in the area that temporarily closed their doors on Tuesday, leaving some customers in the dark with unfinished homes, faced the public on Thursday.
T.H. Properties based in Harleysville, Pa. says the move is because of the collapse of the nation's waning housing market.
The disgraced company held a press conference on Thursday to address the media and a less than happy group of home buyers.
"I apologize for the pain that's inflicted on all of the many constituencies that are affected by this," said THP General Partner Todd Hendricks. "We are focusing all of our efforts on starting up operations."
A large crowd of people packed the area outside the T.H. Properties to address the leaders of a company they think should have been honest long ago.
"We're in limbo right now, you guys came in here and you shut the doors and we know nothing," said one disgruntled customer.
And that is not the only development fairy tale being spun is it? So, should the Aesop's fable for rampant, unchecked development be THP Properties?
I would say so. Make sure you check out the website Where's Builder? it is a whole lot of fun. THP Properties are jerks and that is putting mildly. And we are stupid if we keep allowing unchecked development.
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Page last updated: Fri, 25 Jul 2014 18:00:21 -0400