In another “sign of the times” of today’s real estate market, TOUSA Inc, who owns Engle Homes locally, is in talks to either merge or sell to Standard Pacific Homes - one of the nation’s largest home builders.
In the Phoenix area, Engle Homes has about twenty communities spread throughout the valley, including a traditional single-family community in Gilbert - Layton Lakes. There’s also a a condiminium project in Chandler - The Crossing at Gila Springs. Across the Phoenix Valley, Engle Homes’ real estate offerings vary from near entry-level to luxury in North Scottsdale’s DC Ranch.
Standard Pacific Homes, on the other hand, offers mostly entry-level to low-mid-range homes in the Phoenix Valley maxing out in the $300’s. Assuming Standard Pacific Homes kept the current Engle Homes inventory, land and home plans, the acquisition or merger would diversify Standard Pacific’s portfolio in the Phoenix area.
Personally, I’ve seen Engle Homes’ community of Layton Lakes in Gilbert and am overall impressed with quality of the construction and the floorplans offered. My wife and I actually considered building a home in Layton Lakes but the concern over their bankruptcy filing on January 29, 2008 over shadowed our decision-making causing us to choose elsewhere. The salesperson, Dave, was as upfront as he could be when we asked questions regarding the issue. Naturally, he shed the best light on the situation but was not ’salemanny’ about it - which we appreciated.
It looks like 2009 may be just as hectic as 2008!
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