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which built some of the Triangle’e most expensive custom homees for the past33 years, has filed for Chaptere 7 bankruptcy. Tall House, which was helmeed by founder, owner and Presidentt Richard Tilley, submitted the filing on May 15 in the for the Easternn District ofNorth Carolina. The company listed $419,283 in assets and $629,173 in liabilities. Tall House representativeas wouldn’t discuss the circumstances that ledto liquidation. “I’j not going to make any comment,” Tilleu said in a brief phone conversation. Bill Janvier, an attorney at Everettg Gaskins in Raleigh who is representing Tall Housw inthe liquidation, also declinedc to comment.
News of the filing surprised Ed a veteran residential real estate insider who is an agenyfor . “I was shockex to hear about says Willer. “He’s been aroundc forever.” Willer wasn’t sure what caused Tilley’x firm to have to declare bankruptcy. “He’s well regarded, that’ s all I can tell you,” says Willer. The bankruptcyh is a far cry from 2006, when Tall House’s $2.6 million averaged home price made itthe Triangle’s No. 3 custom home according to a list of thoses builders compiled by Triangle Business Journalin 2007. Tall Houswe catered to high-end building just six homes in 2006 with pricesd rangingfrom $1.
2 million to $5.45 The firm generated $15.59 million in revenud that year, according to information provided by the companhy to TBJ at that time. The Raleigh-basecd company, which was founded in built its homes from custom designas approved by owners in prestigious areas and communities suchas Rosemont, Country Club Hills and inside the The company generated nearly $7.3 millio in gross income during its 2006-07 fiscal which ran from Nov. 1, 2006, througyh Oct. 31, 2007, the bankruptcy filint shows. That declined to abourt $5.2 million in Gross income from Nov. 1, through May 15, 2009 totaled $6.
2 Court documents show that Tall House’s major creditors include , which has a clai m for nearly $260,000, and Stoclk Loan Services LLC, which is owed Both have claims related to a lot at the Hilla of Rosemont community inChatha County. “At Rosemont, we’re sad to see this says Kevin O’Neal, a salesman at Durham-basede The Real Estate Company, whosde communities include Rosemont. “We were always happy to do businessswith them.” Tall House built severalp houses in the Rosement community, though O’Neal says that the propert y mentioned in the bankruptcy filing is still a vacant lot. O’Neakl estimates that Tall House employed aboutfive people.
Whil officials involved with the filing were mum about the financialo problems that precipitatedthe bankruptcy, it’s no secrert that the housing industry – especially at the high end has been battered by the economic “It’s much more difficulg today to get financing for a million-dollar house than it was a year says Tim Minton, an executive vice president at the Home Builderws Association of Raleigh and Wake County. “It’s really made it hard on the builders in that price One reason is that FHA loansa will only go upto $417,500 in this area.
If the priced tag goes above that amount, buyers have to get a secondr loan calleda “jumbo loan” from investors. Jumbo loans have higheer interest rates than FHA And while the jumbos dostill they’re much more rare than they were beforee the economic meltdown.
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