Tampabay.com
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JANUARY 30, 2009

Windjammer Home Builders going out of business

Another private luxury home builder has gone out of business, the victim of the industry-wide sclerosis that's robbed builders of their lifeblood.

Windjammer Home Builders built in such pricey enclaves as Lake Jovita and Grey Hawk at Lake Polo in Pasco County. Far from being an upstart in the business. President Robert Vause founded the company, based in New Port Richey, in the 1980s.

Sales had been dwindling since peaking in 2006 at $31-million. In 2007, income had dropped to $19-million. Last year sales barely surpassed $7-million.

Windjammer was swamped with a couple dozen lawsuits from contractors, banks and taxing authorities seeking payment. According to his Chapter 7 bankruptcy filing on Thursday, Vause owed $7.5-million, including about $2-million each to lenders BB&T, SunTrust Bank and Whitney National Bank.

Pasco and Hernando counties have been dunning Windjammer for $91,000 in delinquent property taxes.

The list of defunct Tampa area builders is growing longer. Casualties in the past year include Nohl Crest Homes, Tripp Trademark Homes and Smith Family Homes.

WCI Communities and Engle Homes have filed for Chapter 11 bankruptcy and intend to stay in business. Other builders, including McCar Homes, have pretty much ceased new construction.

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Housing market news is the focus of the (Un)Real Estate blog. It offers an inside look at the Florida housing market and real estate news, with a focus on Tampa Bay. Its goal? Simple: To help you keep a roof over your head without losing your shirt.

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