Tamrick Homes is a small builder that did not know if they would survive the real estate crash. In 2006, they started a development that was planned for 120 homes in Dacono, Colorado which is a southern Weld County about 20 minutes from downtown Denver and just south of Longmont. At that time, many builders – large and small, had the cities of Dacono, Firestone, and Frederick on their radar. People were moving there en mass because of larger lots, larger homes, wide open spaces and really affordable prices. Tamrick jumped into the mix and had just cleared phase one of the development. Infrastructure was in place and they started building homes. The plan was simple develop and build the first 40 or so lots in Phase One then start on Phases Two, Three and Four. The problem was that the economy had other plans. After selling the first half dozen homes they built it was pretty quiet in Eagle Meadow Estates. They tried everything to entice and attract buyers, but there were none. In fact, there were some pretty dark days where Tamrick thought they would be another builder casualty from the great crash of ‘08 and ‘09.
Credit the banks that held the notes on Eagle Meadow Estates. They worked with Tamrick Homes to keep the project alive and keep it out of foreclosure. Tamrick did their part and came up with a new game plan to start marketing a product line of homes that appealed to a wider audience at a more affordable price. They did creative financing and at the beginning of this year, there was some light at the end of the tunnel. The banks saw that the economy was coming around and buyers were showing some interest in the homes there. Lo and behold, the banks offered Tamrick money to build their first spec home in 18 months. Fast forward to today and Tamrick is busy building homes every month in Eagle Meadow Estates and all are under contract.
This is a fine example of a bank and a builder working together to get through the tough economic times. Tamrick is going to be fine and will make it through, but many builders, even the big, ones did not. I would like to say that banks have gotten the message on the need to work with people and companies to find solutions, but I am going to reserve those comments for now until I hear or see more stories like Eagle Meadow Estates.