Rottlund Homes was a big deal for decades in the Twin Cities, so it's demise is getting lots of attention this morning.
Some of the stories we're reading:
Townhomes glut helped bring down Rottlund. The Roseville-based builder of the Upper Landing in St. Paul and Dancing Waters in Woodbury fell victim to an overbuilding of multifamily home projects, the Pioneerte Press reports. Townhomes were the project Rottlund largely produced, MPR News adds.
Rottlund's money woes. The newspaper Finance and Commerce first reported Rottlund's coming end. According to the paper, Rottlund owes three lenders nearly $29 million.
Other builders trying to hang on. Rottlund was the biggest Twin Cities housing name to fall from the recession/depression in the housing business the past few years, the Star Tribune reports, adding it may be wishful thinking.
Recent data suggest builders may be in for a long wait. The number of permits pulled for new homes in the 13-county metro area as of the end of October was 2,450, a far cry from October 2007 when 4,232 permits were pulled, according to a Builders Association report."There are pockets in the Twin Cities that are doing OK," one builder tells the Star Tribune, "but if you're not in one of those pockets, then you may not be able to make it."
See any links out there on Rottlund or the Minnesota housing market to add to the discussion? Tell us.