First Home Builder in the Sacramento Area to Go Down
September 26th, 2007 categories: Real Estate, Sacramento
Sid Dunmore, of Dunmore Homes, a family run business with head quarters in Granite Bay who has built homes in the Sacramento area since 1954 is now the first casualty of this Real Estate market.
Last month Dunmore Homes closed their sales office at the Monterey Village Development in Elk Grove where mechanic liens totaling $5 million were filed on this project as well as Croftwood Estates in Rocklin.
Today, Sid Dunmore announced the sale of Dunmore Homes to Michael A. Kane. Sid Dunmore will remain as an advisor to the new owners.
This comes as a shock to many, I am sure. Dunmore Homes has been responsible for building many of the houses in Elk Grove and several other areas. A family owned business such as Dunmore Homes finds it harder to keep afloat during a slow market such as this as compared to the larger home builders especially with the slash in pricing and give always that most are doing.
We all wish Sid and his staff the best
Now, in the meantime there are new homeowners at the Monterey Village in Elk Grove who have liens slapped on their new home from contractors that were owed money by Dunmore Homes. The subdivision is not finished but has homes that are in the process of being built and others that simply have pads, gates that haven’t been installed and streets not yet paved in some areas. It is obvious that Dunmore Homes was trying to hold on and sold a few homes, while trying to gather funds for the next set…didn’t happen.
It’s not a pretty site right now at Monterey Village. Promises have been broken and stress is running rampant. This is devastating to a new home buyer who thought they were buying into a gated community and find that building has ceased, liens slapped and the doors of Dunmore Homes locked up.
It is my understanding that Michael A. Kane is restructuring Dunmore Homes has accepted all the debts associated with Dunmore Homes and will continue with the name Dunmore Homes. At this point, it’s a wait and see….more as it becomes available. Hang-in there!
This is just another sign of the times in this Real Estate Market right now.
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I personally do not feel that Sid Dunmore is the “casualty” here. Sid has sold his company and no longer has any financial resaponsibilities to pay the subcontarctors he has been neglecting to pay. A building contractor knows there is risk while a subcontractor is contracted to do work for a prederminmed dollar amount. Too often builders such as Mr. Dunmore pocket money that is owed for work done leaving subcontractors with large debts for materials and labor costs. Perhaps someone could investigate and write a story about the subcontractor “casualties” building contractors have caused by neglecting to pay them.
Jeff, I hear you. Actually, there are a lot of casulties here. Unfortunately, I was amiss in not mentioning the subcontractors as well as those employed by Sid Dunmore who have now lost their jobs.
However, it is my understanding that Michael Kane has taken on all of the liabilities when he purchased Dunmore Homes. If that’s the case, I assume that the subcontractors will be paid and the liens on the new Home Buyers homes will be removed.
However, the Dunmore’s have lost a business that has taken years to develope along with a reputation.
In my opinion, I hate to see Family owned businesses such as Dunmore Homes having to call it quits.
If you happen to be one of the unpaid subcontractors, I would appreciate it if you would return and let us know if you have been paid by the Michael Kane once the reorganization of the company has been completed.
This is so sad. Unfortunately, everyone from contractor to subcontractor to current homeowners are affected when this happens. We have had two large scale developments with this issue in our area, and it has taken several years for the neighborhoods to recover and stabilize.
Michelle, yes it is. It seems lately, there are quite a few people and professionals being effected by the current Real Estate market. I think we are all ready for some good news…hopefully soon!
I’m looking for Eileen Dunmore, she was my best friends in New Lifehouse, is this her Dad’s old company? Please contact me!! I miss her. 530 923 2479
Emily,
I would check information. I believe they live in Granite Bay, CA.
Hope you are able to connect.
You know you’ve made me think – is there any further online resource you would recommend looking at?
Just Google Bankrupt CA Builders and that should give you plenty of info.