Another Tampa luxury builder bankrupt
Smith Family Homes, a mid- to upscale Tampa builder that's been slammed by the suburban housing slump, is going out of business.
Founded in 1998 as Premier Homes of Southwest Florida, the family-run business field for Chapter 7 bankruptcy liquidation on Friday.
Smith Family Homes thrived during the housing boom, selling homes for between $200,000 and $600,000 in ritzier-than-average communities like Seven Oaks, Connerton and Wilderness Lake Preserve.
But like many builders, the downturn left it holding large mortgage payments on overpriced lots it couldn't sell. Among the builder's top creditors are Wachovia and SunTrust banks. It also owes money to several dozen suppliers and contractors. Debts range between $10- and $50-million.
Levitt & Sons filed for Chapter 11 bankruptcy in November. Tousa, formerly known as Transeastern Homes, entered Chapter 11 in January. In June, SimDag LLC, developer of Trump Tower Tampa, threw itself on the mercy of bankruptcy court.
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