The Housing Chronicles Blog: RIP Kimball Hill Homes

Wednesday, December 3, 2008

RIP Kimball Hill Homes

Kimball Hill Homes, which didn't build in Southern California but was a large builder in other markets in the U.S. including Central and Northern California, has decided it won't be able to emerge from bankruptcy and is shutting down completely. The news of the company's demise comes after the death of its CEO, David Hill, earlier this year. From a story:

Kimball Hill Homes, a private builder founded in 1969, has become the latest casualty of the housing and credit crisis: the firm will close its doors after finishing the homes currently under construction, according to a company announcement made yesterday... The news indicates just how difficult conditions have become for the nation’s home builders. Kimball Hill, a BUILDER 100 builder which closed 3,246 homes as recently as 2007, filed for Chapter 11 bankruptcy protection earlier this year. But restructuring proved impossible given the current state of the economy and housing market, and now the company plans to either sell the business or its assets.

The past year has been difficult for the company and its employees financially and emotionally. Kimball Hill also lost its founder David K. Hill to cancer in July. He had named the company after his father, Kimball Hill.

I never knew Mr. Hill well, but I know he was a very well-liked figure in the industry, and his company had a very good reputation among the nation's larger private building companies. Its demise is certainly sad news.

And for those numerous commentators on blogs who says, "Good riddance to the greedy builders, someone else will take their place!" I would urge them to reconsider the wisdom of moving their families into homes built by future amateurs filling the void. Suzuki Samarai, anyone?

1 comment:

Anonymous said...

Kimball Hill Homes - did in deed build homes in California.