Local builder's future at risk?

Roger_Chillingsworth (anonymous) says...

This article forgot to mention that Teddy Terry has a pending deal with Grubb Ellis/Barkley Fraser to lease out his office space at the end of January...That his father is selling off assets and fleeing Atlanta to come and live in our fair city in a house that Teddy and his wife have to move out of this week...anyone who has ever done business with either one of these weasels knows to watch their backs...I feel sorry for those employees who are gonna be left out in the cold come February...just like the unsuspecting Sunshine employees...like father like son.

January 13, 2009 at 1:14 p.m. ( permalink | suggest removal )

tallblonde (anonymous) says...

The article also didn't mention that Sunshine Mortgage employees were emailed that the company's finances were "solid" :

Smyrna mortgage lender closes; employees 'in shock'
Sunshine Mortgage Corp., with offices across South, had been in business since 1981
By PÃRALTE C. PAUL, KEVIN DUFFY

The Atlanta Journal-Constitution

Thursday, January 08, 2009

Independent mortgage banker Sunshine Mortgage Corp. abruptly shut its doors Thursday, employees said.

It's not immediately clear what impact that will have on pending mortgage closings, but one employee said they are trying to move customers with locked-in rates to other home loan lenders.

The Smyrna-based mortgage lender, in business since 1981, had 20 offices throughout Georgia, Florida, the Carolinas, Maryland, Tennessee, Mississippi and Colorado.

The move came as a surprise to Todd Crane, who was a manager of the firm's Colorado Springs offices.

He said employees are at a loss for the closure because they were not told why.

"We have no idea," said Crane, who joined Sunshine in 2002. "We really never got an official notice."

Fred Powell, who is listed as the company's chief executive, according to the Georgia Secretary of State's Web site, did not return a telephone call seeking comment Thursday.

Edward L. "Ted" Terry, Sunshine's founder and a principal in a number of real estate related firms, could not be reached.

Carlisle Dent, a mortgage consultant who worked in the Buckhead office, said employees found out at 4 p.m. Wednesday.

"We were all in shock," said Dent, who had worked at Sunshine for almost 10 years. "We were in a daze."

He said the No. 1 concern now is moving clients who have locked-in rates to other companies.

Crane said employees will likely not be paid for December and that as recently as a few months ago, employees were told the company was in good shape financially by senior officials.

In fact, despite the housing slowdown, Crane said origination volume remained strong.

"We were as busy as we've ever been," he said.

January 13, 2009 at 3:10 p.m. ( permalink | suggest removal )

HarryLarry (anonymous) says...

WARNING: To all Vendors and employees, The Ted's are just buying time until the end of the month until they have all closings complete and then, just as soon as Sunshine closed, Brentwood will too. Mark my words, payroll on the 30th of the month will not be met. They will continue to make promises of a "strong and stable company" until all homes close, because they need all of you to make this happen. Remember, Sunshine closed after a record December without paying any commisions to employees, and without payroll, so Where did the money go? Just like Sunshine, Brentwood will go out with a record month, and then the money will dissapear, leaving all Vendors and employees out in the cold, while the two Ted's walk away with money to protect themselves. Do not allow this to happen, pull out of all jobs. If Brentwood was secure then they would be paying vendors now. Lots of vendors have not been paid, and if you look at records, some of the Vendors are fairly new, with past vendors left with hundreds of thousands of unpaid invoices. Do not allow these heartless people to walk away with money in their pockets. Call anyone you know that has any affiliation with Brentwood Homes and advise them to stop services unless they are paid on delivery. Not only are vendors and employees going to be left holding the bag, but unsuspecting homeowners will be purchasing homes with no warranty when Brentwood does close. Not to mention the earnest money that will be lost. Please warn anyone purchasing a Brentwood Home to beware of what they are purchasing.

Also ask the Ted's why all insurances, etc are only paid until January 31st. They will be closing. All agents should beware, if Sunshine didn't pay commisions, neither will Brentwood. Take precaution!!

January 13, 2009 at 4:45 p.m. ( permalink | suggest removal )

DonnieOsmond (anonymous) says...

To all of you that have allowed the Terry's to suck the life out you, this should come to NO SURPRISE!!!
At one time Brentwood Homes was a great company to work for. Then Ted Sr. allowed his in-experienced (Cornell Grad) silver spoon fed son to take over Brentwood only to begin the process of running it into the ground!! The Terry's have no loyalty to anyone! The Terry's have mis-treated their most dedicated, loyal, long term employees!

Employees were forced to manipulate subcontractors, vendors and the local manicipalities, by the hand of the young Ted Terry!! If he didn't get his way, he would throw a fit like a spoiled child and call his daddy!! This is who has run Brentwood Homes for the last 4 years.

They deserve what is coming to them. What comes around goes around!! I hope that they suffer like so many they have screwed!!

January 13, 2009 at 7:52 p.m. ( permalink | suggest removal )

HarryLarry (anonymous) says...

Ted Sr. has his home on the Market listed by Ted Jr. Not sure were the Terry's plan to live? Maybe in the home on James Island they had purchased back from a homeowner?

January 14, 2009 at 2:02 p.m. ( permalink | suggest removal )

marieosmond (anonymous) says...

This is a comment in response to the "Donnie Osmond" entry. It's a shame that sour grapes can lead one to lower themselves to baseless personal attacks. Anyone who is familiar with the home building community knows that Brentwood Homes is one of the best private companies in the Lowcountry. That standing is due to the leadership and hard work of Ted Jr. Brentwood's success stems from the ability of Ted Jr. to put together a highly-qualified team that knows how to operate and build a prominent company. The only one sounding like a spoiled child is "Donnie". Since when has an Ivy League education become something to ridicule and in some way diminish one's accomplishments. My suggestion to "Donnie": Take your GED education and unemployment check and go cry to someone else.

January 14, 2009 at 2:30 p.m. ( permalink | suggest removal )

Roger_Chillingsworth (anonymous) says...

Dear Marie,
You are correct. This is not the forum for personal attacks. You are also delusional. Brentwood's success and Ted Terry have nothing to do with one another. Ask any member of the building community my dear. The revolving door at Brentwood and the egomaniacal Teddy Jr. have been Charleston cocktail party fodder for years. His return to Atlanta would be no great loss for our fair city...instead, we are getting another Ted Terry. Heaven help us.

January 14, 2009 at 3:53 p.m. ( permalink | suggest removal )

miamidolphin (anonymous) says...

BW Homes will be gone within the next 60 days. Ted Jr has them so strung out on land right now they are choking. Brentwood Homes has jumped into every community they could get their hands on hoping things would turn around...now they're going to be the guy that goes down swinging. There is no way Toll would consider a purchase, why would they? In 6 months they can buy the land from the banks for 50 cents on the dollar. the whole situation stinks for the homeowners as well as the employees. customers will be left out in the cold and vendors will be standing in line at the courthouse trying to get 10 cents on the dollar that is owed to them. people who bought homes from Brentwood are going to be sorry they bought from the builder who was willing to give the biggest discount...think about it...there was a reason they had to slash prices the way they did, they were desperate. when spending that kind of money you don't want to buy from the desperate company.

January 15, 2009 at 6:26 p.m. ( permalink | suggest removal )

DortG32 (anonymous) says...

Marie, I don't think anyone is talking about the intelligents of Ted Jr. I have heard that he is a very smart person, Book Smart!!! A person can be very BOOK SMART (COLLEGE) AND NOT HAVE A LICK OF SENSE. What goes around, usually comes around.

January 15, 2009 at 6:46 p.m. ( permalink | suggest removal )

miamidolphin (anonymous) says...

Marie, one of the best private companies in the Lowcountry? Seriously now, how did you come to that conclusion? I have to challenge you on that one. While Brentwood Homes has certainly been a substantial "player" in the market here for some time they are definitely not considered one of the best. Some of us quite frankly have been scratching our heads about some of the moves the company has made over the last 12 months. Oh and just so you're aware, that unemployment check you joked about...your tax dollars will go toward paying those benefits to the employees of Brentwood Homes in about 60 days.

January 15, 2009 at 8:36 p.m. ( permalink | suggest removal )

Edgarwainwright (anonymous) says...

Nice Hair

January 16, 2009 at 5:25 p.m. ( permalink | suggest removal )

okaythen (anonymous) says...

Not really shocking at all...employees, vendors and subcontractors involved with Brentwood over the years have seen the way they operate, and walked away scratching their heads, wondering how Brentwood stayed in business so long. When Ted Jr. took over the Charleston branch, it was clear that he would take the company down eventually. They may have stumbled along a bit longer had the financial not happened, but they didn't have long. No business can survive when the "leadership", I mean, "managers" rely on intimidation and fear to control their employees and subcontractors. One upper level back-office type was once heard stating that employees should be afraid of getting fired everyday they wake up for work. That was the atmosphere of Brentwood. Being a homebuilder should also mean you have a firm grasp of how to build a home. It really isn't rocket science when everything goes well and according to plan... anyone can be a "builder" when that happens. It's when something goes wrong, something forgotten in the estimate, take-off, ordering, calculations, measuring or actual building... that's when you have to know what you are doing, or at least, trust the people you have in the field to do their jobs. Micro management is bad enough, but when the office-boss knows less than the field staff, it's difficult to tolerate. Again, that was the atmosphere at Brentwood. Sad to see so many people out of work due to poor decision making by a few. Hope that this helps Teddy Jr. grow up... hope that he learns to be humble... hope that he learns to treat people with more respect and understanding. It's not too late...you can't act like a clown the rest of your life.

January 20, 2009 at 10:40 p.m. ( permalink | suggest removal )