Aesop's Fable in Real Time: THP Properties Tanks

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carla's picture
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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.Image and video hosting by TinyPic

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?

Posted on Thu, Apr. 23, 2009
Harleysville builder suspends operations
By Bonnie L. Cook and Alan J. Heavens
Inquirer Staff Writers

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.

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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?

Apr 23, 2009 9:53 pm US/Eastern
THP Owners Face Angry Home BuyersROYERSFORD, Pa. (CBS 3) ―

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 don't I just love Ed Spendell more than ever for doling out LOTS of dollars for developments no one is sure communities can really support? Is now the time for prudence or "ambitious" projects?

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.

Here's a YouTube of "How To Buy a THP Home"

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politeia's picture
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No surprises here.

And, expect a real estate developer who has been involved in some commercial development proposals in Ardmore to be closing doors soon, or at least completely scaling back on any development projects as his firm’s largest financial backer has decided to sever their relationship.

Can't say who it is as this info was passed along in confidence and I happen to know this developer. This is not someone who has been a detriment to the Main Line and it is not Dranoff, but again, more signs of the times.

Expect what happened to residential real estate last year to happen to commercial real estate this year. In just the first quarter of this year, retail tenants have already vacated as much commercial space as they did in all of last year nationwide. General Growth Properties, which operates more than 200 regional shopping malls in 44 states, just filed for Chapter 11 last week in the largest real estate bankruptcy in U.S. history (General Growth bought Rouse for about $11 billion in '04).

=================

Brotherhood of Thieves

~ As we must account for every idle word, so must we account for every idle silence.

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carla's picture
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I know - I am not surprised either. These developers put up these plastic communities that dot the once verdant countryside of this area like weeds.

I wonder when everyone is going to check on the developer west to here in Harrisburg? Outside the city of Harrisburg look at communities that fall under the zip code of Mechanicsburg - developments like THP all over - half empty and half finished in some cases...

Now here is the follow up article in the Inky today - I love when the developer says

""I'm not going to address individual cases...I know hundreds and hundreds of families are impacted. All I can do is apologize.""

LOSER

Posted on Fri, Apr. 24, 2009
T.H. Properties execs are optimistic
By Bonnie L. Cook and Alan J. Heavens
Inquirer Staff Writers

When they responded to Builder magazine's 2009 survey of the Top 100 U.S. home builders, Todd and Tim Hendricks listed "reducing debt and lowering operating expenses" of their company, T.H. Properties L.P., as two top accomplishments of 2008.

The third: T.H. Properties had "lived to fight another year."

The year seemed to end abruptly Tuesday, when the Hendricks brothers announced that the company, known as THP, was "temporarily suspending operations."

But yesterday, at THP's storefront headquarters on Harleyville's Main Street, Todd Hendricks continued to exude confidence, telling about 50 buyers, homeowners, and contractors demanding answers that the company was not "going anywhere."...When asked whether THP would file for Chapter 11 bankruptcy protection, which would provide the opportunity to reorganize the business, Hendricks spoke only of the need to restart operations.

"We're exploring any possible way of getting to that," he said. "We're open to all options. We want to get to a healthy place."

John Clancy, 38, left his PennDot job early yesterday to hear Todd Hendricks, hoping to get a commitment regarding the $5,000 deposit he and his wife, Nicole, 28, put down on a $180,000 house in THP's Northgate development in Pennsburg.

"What about us first-time home buyers?" Clancy asked. "I'm concerned about myself and my wife, and what about our first home that you have the money for?"

"I'm not going to address individual cases," Todd Hendricks replied. "I know hundreds and hundreds of families are impacted. All I can do is apologize."

"Obviously, it is unpleasant and frustrating for me to own up to this situation," Todd Hendricks added.

_____________________________________________________________
L'homme est né libre, et partout il est dans les fers/Man is born free, yet he is everywhere in chains.–Jean Jacques Rosseau. The Social Contract, 1762

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"Well behaved women rarely make history" - Laurel Thatcher Ulrich

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