Thursday, October 12, 2006

More Shore Damage than a Hurricane

Kara Homes problems further south.


"STAFFORD TOWNSHIP — Tim and Nancy Rogers thought they had found the perfect second home when they moved into their townhouse in January.

They had researched several different developers and found Kara Homes to be highly reputable.

“Nancy's brother, Bob, bought a home through them three years ago and he had nothing but great things to say about them,” Tim Rogers said.

After shopping around at several different Kara Homes properties in the Stafford Township area, they fell in love with The Landings.

“We wanted to live in a place where we didn't have to mow our own yard and The Landings made the most sense for the dollar,” said Tim Rogers, 57, who is a retired firefighter."



Full article...

6 Comments:

Anonymous Anonymous said...

"The Landings At Manahawkin" was another project Zudi jumped into without having the resources to build it properly. Kara Homes was already in trouble when he began buliding it, thus that project has been beset with issues throughout. It's all been a kind of piecemeal deal, building as materials and labor allows, in fits and starts. Start something half-assed & the final product will reflect that half-assedness.

Friday, October 13, 2006 1:26:00 PM  
Anonymous Anonymous said...

Hi all, I recently began my own anti-Kara blog which you may find at http://doomednj/blogspot.com. I'd love comments from anyone & everyone with any involvement with Kara Homes.

Friday, October 13, 2006 5:47:00 PM  
Anonymous Anonymous said...

sorry it's doomednj.blogspot.com

Friday, October 13, 2006 5:51:00 PM  
Anonymous Anonymous said...

What about the customers????????????????????????????????????????????????????????????????????????????????????

Saturday, October 14, 2006 6:39:00 PM  
Anonymous Anonymous said...

Sadly, the customers are in line with everyone else who got hosed by KH. Of course it is unfair and wrong. I hope the bankruptcy court is not kind towards Zudi Karagjozi and doesn't let him wriggle out of this & allow him to continue bilking people like he has done for years. He knew all along it'd come down to chap 11 yet he sold and spent and promised and lied like everything was cool. He belongs in jail.

Saturday, October 14, 2006 7:25:00 PM  
Anonymous Mr. Rant said...

I wonder how the rest of Dwek's properties are selling?

Chapter 11 proceedings are usually fairly efficient and orderly. They always place creditors in good positions long term, but many times, it take a while to get your money. A friend of mine who runs a business was owed 14,000 from a fairly large firm the went chap 11. He beagn getting calls a few months later from hedge funds willing to pay 40 cents on the dollar for his debt, he turned them all down, after a few months more people called, 60, 70 and now he is getting calls on 85 cents on the dollar about 14 months later. If a hedge fund is willing to pay 85 cents, then he most likely will get most of his dollar back.

If they work out of Kara inventory intelligently, the firm may still exist and supply jobs to southern NJ while making good on their commitments.

Unfortuantely most of the people who get hurt in these cases are always those who can't afford it. The owners of these firms usually have a bunch of money at home and while they are hurting from where they think they oughta be, they aren't sweating the food on the table and roof over the head scenario.

You see, I was an employee in a firm that blew up overnight and I have been a business owner in a firm that folded after many years. So I have been both ends of the spectrum, and it sucks worse as an employee and feels worse as an owner.

Sunday, October 15, 2006 10:03:00 AM  

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