Four months after its builder filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code, the Village of Homeland town house development in northern Baltimore is back on the market.
Homeland Acres Limited Partnership, the group building the 120-unit community off the 400 block of Homeland Avenue, resumed sales late last month, with Long & Foster Real Estate Inc. in charge of marketing.
Doug Magill, regional manager for Long & Foster's new homes division, said the Bankruptcy Court has approved the builder's plan to resume sales. Struever Bros. Eccles & Rouse is completing work on 14 of the 54 town houses still available for sale in the project's first phase.
One of the largest town house developments currently under construction in Baltimore, the Village of Homeland was the city's fastest selling community when it opened several years ago. Designed by Ziger, Hoopes and Snead, it won an award of excellence last year from the National Association of Home Builders.
But the builder, a group headed by Jack Steffey, sought bankruptcy court protection after Loyola Federal Savings and Loan Association initiated foreclosure proceedings earlier this year. In court documents, Loyola claimed that Homeland Acres owed close to $4 million.
Mr. Magill said the foreclosure action was "indicative of the marketplace," in which local lenders have taken action against builders who are behind in loan payments. But he said the builder showed the court that the project is sound.
"We had sales to demonstrate that the product and price were well-received," he said. "We've had a lot of interest."
Prices for the 2,100-square-foot houses begin at $154,900, the same prices as last summer, and financing is available through Loyola and other local lenders.
The development team intends to move ahead with construction of the project's 66-unit second phase once the first phase is sold out. That could be as soon as next spring, Mr. Magill said.
"We have new homes constructed at 1990 costs, before all the lumber increases and priced below current market, yet with the benefit of the lowest interest rates in recent memory," he said.
An on-site sales office is open from noon to 5 p.m. Saturday through Wednesday, and by appointment on Thursdays and Fridays.