First Home Builder in the Sacramento Area to Go Down
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.