Duluth-based homebuilder Bowen Family Homes has shut down, a sign of continuing hard times in residential real estate.
Bowen posted a note on its website that said Friday was its last day of business.
Though a spokeswoman, company officials said the closing would not affect homes under warranty, and that all warranty questions should be directed to the third-party warranty company. They declined to comment on the the 41-year-old company's demise.
“The decision to close Bowen Family Homes after 40 plus years in the business has been a difficult one,” reads the statement on the website. “Unfortunately, the market dynamics of the past few years have made it impossible for us to continue business.”
The business began in 1969 when founder Rudy Bowen was a builder in Gwinnett County, according to Hoover’s Inc. company records database. The company remained in the family as Bowen’s son, David Bowen, eventually took over as chief executive and his sons-in-law, Mike Phelps and Tip Cape, joined the enterprise.
It is not clear how many people the company employed, but it had operations in Florida, Georgia, and Texas, according Hoover’s.
This past May, Bowen Family Homes ranked No. 81 on Builder Magazine’s 2009 Builder 100 List, down from No. 39 for 2008. The magazine showed Bowen with 305 closings in 209 and revenue of $63 million, down from 800 closings and revenue of $219 million in 2008. A press release from the builder said the company had been on the list for 10 consecutive years.
By comparison, two other Atlanta-based builders on the list for 2009 were Beazer Homes USA at No. 10, with 4,411 closings and revenue of $1.06 billion; and John Wieland Homes and Neighborhoods at No. 63, with 405 closings and revenue of $215 million.
At the height of its business, Bowen averaged 1,700 single-family and townhome sales a year, with prices typically ranging from $100,000 to $300,000, according to Hoover’s.
“These are still very tough times for homebuilders, said David Ellis, executive vice president of the Greater Atlanta Home Builders Association. “It certainly is a sign of the times, considering what everyone is going through.”
Ellis said Bowen was very active in building communities and giving back through charities.
“In that respect this is a real loss for the homebuilding community.”
