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Hopeful

United States

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#1
Feb 23, 2010
 
Anyone know of what is happening with Distinctive Companies and Butternut Ridge? Models are no longer open and items have been taken out...
Not sure

Bolingbrook, IL

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#2
Feb 23, 2010
 
I have some friends that live in that subdivison and have heard the same thing.
Look here

Manhattan, IL

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#3
Feb 23, 2010
 
I live there. What items?
Speak up

Manhattan, IL

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#4
Feb 23, 2010
 
All the garages were emptied out over the last couple of weeks
Look here

Manhattan, IL

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#5
Feb 24, 2010
 
I know they used the garages for their storage. I see they are advertising their subdivision in Bradley again. Maybe they are just using the stuff. Unless it has changed the models have been open for appointment only. They had laid off the sales-since they slowed down with sales. That was almost a year ago.
Not sure

Bolingbrook, IL

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#6
Feb 24, 2010
 
I looked at building a house out there but then the economy tanked. I know there are some houses out there that I bet you could get a good deal on.
Lady

United States

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#7
Feb 24, 2010
 
Their subdivision in Bradley is deserted & the phone # is disconnected.
BBY

Herndon, VA

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#8
Feb 24, 2010
 
I also live in Butternut Ridge. I was told they were moving all of the stuff back to their warehouse in Orland, but things just don't seem right.

Last time I talked to them, they had no prospects for home sales, and were concentrating on remodeling.
Dim Future

United States

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#9
Feb 24, 2010
 
It is sad but the economy is struggling hopefull things will pick up when was the last sale?
info

Mokena, IL

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#10
Feb 24, 2010
 
they pulled out of shorewood a while back too.
Gentleman

Halifax, PA

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#11
Feb 24, 2010
 
Lady wrote:
Their subdivision in Bradley is deserted & the phone # is disconnected.
They also have some homes in Butternut Ridge that they built but are vacant and are not the main models. In addition to that they also have some homes that are up but not completely finished.
info3

Mokena, IL

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#12
Feb 24, 2010
 
Sounds like it's going down the tubes like most other builders..
Lady 2

United States

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#13
Feb 26, 2010
 
They took down all of their "Hours of Operation" signs in the windows of the models, and they don't even shovel the sidewalks anymore. I wonder what spring and summer will bring.....will they mow the lawns? Or maintain the landscaping????
IGOTGAS

Schaumburg, IL

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#14
Feb 26, 2010
 
Distinctive has bailed folks. I do not live in a distinctive home but I feel bad for you all. For thier homes in Leilinbridge, they owe millions causing the GC to put a mechanics lein on thier homes which means they cannot sell or clear title until settled. I am sure the same will happen to all of you as well in BR. They will send you a letter. They are walking away from everything which also means your warranty situation is probably poopoo as well. I am very sorry that this has happened to all of you but if you read a recent topic, there is a post by "HELPER" that explains the legal part of the situation pretty good. Good luck all.
see it coming

United States

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#15
Feb 26, 2010
 
Most of the Contractors that they have dealt with are probably out of business or will be if they waited this long to file leins. I do not know what happened in the other subdivision but that sounds a little fishy.
IGOTGAS

Schaumburg, IL

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#16
Feb 27, 2010
 
Read the topic "Mechanics Lein on Homes" that was posted 2/18
Reality

United States

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#17
Feb 27, 2010
 
The simple fact is that no builder or developer can stay in business when there are no home sales....period. No reason to feel bad for us or worry about warranties. That should be the furthest thing of concern. More concerning is the fact that real estate is dropping in value like a rock and we should all just stay focused on keeping our lives in tact over the next few years of this depression. Distinctive is a victim of the economy and frankly lasted a lot longer than companies 10 times as big. The math is simple....interest, salaries, and overhead are due every month no matter what the income is. If there is no income, there eventually is no more money to pay the bills and the company fails. That simple. I live in Butternut Ridge and have a so - so feeling about my experience with Distinctive, but don't begrudge them for going under when there hasn't been a home sold or build here in over a year. I'm sure if there were buyers, they'd be here signing them up same as when I bought in 2007!
Truth Hurts

Oswego, IL

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#18
Feb 27, 2010
 
The reality is Distinctive has been a pain with every issue that has come up. I agree home values have decreased but unless you are selling now it is just a paper loss and nothing more. Everyone in the subdivision has had issues that the builder has not acted on and the way you treat people will come back and bite you eventually. Hopefully, if everyone keeps up their house and property we should pull through this and I am sure Distinctive will open up again under another name like they have in the past...........wish I could say I was sorry to see them go , but I can't.
Economics 101

United States

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#19
Feb 27, 2010
 
What do you mean a paper loss? Obviously you have never owned or managed a company. When an asset is collateralized by a mortgage, and the asset significantly loses value such as real estate, the loss is all but "paper" my friend. The note doesn't decrease because the asset did and the interest, salaries, and overhead required to manage that asset to cash doesn't change. So if the ability to convert the asset, in this case real estate, to cash is eliminated at no fault of your own, and the mortgage becomes due on an asset that has no value or ability to be converted, and you lose the asset to the bank thus eliminating any potential to recoup your investment, how can you say it's "a paper loss and nothing more"? Be careful when repeating things you hear on CNN because small companies like Distinctive and many others are experiencing "real" losses my friend, regardless of whether you like them or not. By the way, glad to see you also like to see the hundreds of people and millions of downstream dollars employed or benefitted by the existence of Distinctive Homes. I'd suggest freshening up on your basic economics before making statements like that one.
Lady

United States

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#20
Feb 27, 2010
 
You sure are a know-it-all, Economics 101. A bitter know-it-all, "my friend."

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