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Renaissance Homes Goes Belly Up
February 4, 2009 by root
Renaissance Homes Goes Belly Up: After blowing into town with other national and regional heavy hitters including D.R. Horton, Randy Sebastian’s Renaissance Homes begins gobbling up vacant land and tossing up its high-end homes in neighborhoods with self-aggrandizing names like Renaissance Ridge. But as the local and national housing market cooled Renaissance Homes’ fortunes took a turn. By spring of this year contractors were lining up to file liens against Renaissance. By early summer the company had defaulted on its bank loan. By fall Renaissance admitted that it was filing for Chapter 11, illustrating that, in fact, the bigger they are, the harder they fall.
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