Front page of the Sunday edition of the “Arizona Daily Star” August 31, 2008 lead story was “Buyers, investors left in lurch as builder fails.
The builder in question is Michael F. Teufel, the company is/was Pathways Developments. The article states:
While Teufel blames the downturn in the housing market others blame him.”
As the article progresses it appears blaming a downturn in the housing market would not be the cause of many of the complaints of buyers.
“In cases where homes are unfinished buyers say they lost from tens of thousands to hundreds of thousands of dollars in upfront payments. Other buyers whose homes were completed have laundry lists of repairs including:
- leaking windows
- ceiling fans with no switches
- hot tubs that don’t heat up.”
One of the biggest issues are stucco cracks. I couldn’t help but wonder what in all of these issues were caused or exacerbated by “A downturn in the housing market”. I am left to conclude a downturn in the housing market may cause cracks in stucco. I doubt however, an upturn in the market will heal those cracks.
For all the communities affected you can read the entire article at Arizona Daily Star Buyers, investors left in lurch. You will need to create an account with the Star if you haven’t already. If you are going to follow the Tucson Real Estate market I would recommend you go ahead and sign up for one. I’ve had one for a couple of years. It has been my experience they do not sell your email or spam your email account.
You might find the reader comments on this article, lively. Please read with caution : )