Watson Custom Home Builder closes offices

Watson Custom Homes Inc. has temporarily shut down sales offices at all of its communities as it goes through an internal restructuring and reorganization.

A representative of the Jacksonville-based company said the construction and accounting departments have been reduced and about 20 independently contracted sales agents at Watson's community sales offices are out of jobs, but declined to provide any other details of the process.

In an e-mail company President Jim Watson said, "We are currently negotiating a financial workout with our creditors. We are still building homes currently under contract, however we felt the need to put our presale efforts on hold. We are still selling inventory homes."

Fifty-nine mechanic liens, totaling $494,288, have been filed against the home builder in the last two-and-a-half months, according to American City Business Journals research. It was not clear at press time if any of those liens have been satisfied.

Watson is building in about 30 different communities in Northeast Florida, including Amelia Park in Nassau County, Durbin Crossing in St. Johns County and Osprey Cove in Camden County, Ga.

Watson ranked No. 12 on The Business Journal's 2008 home builders list with $51.9 million in reported revenue and 180 homes reported sold in 2006.

The homebuilder's products include custom homes, condos, single-family homes and townhomes. The average price of a Watson home was $272,000 in 2007.

Source

It would seem that Watson home builders still has inventory homes they need to sell, hopefully will be able to get more information soon as it becomes available.
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