The Phoenix Award, presented by Builder, honors home building companies that successfully navigated the challenges of the housing recession and made a comeback. This year’s recipients, announced today at Builder’s Housing Leadership Summit in Scottsdale, Ariz., include Irvine, Calif.–based Standard Pacific Corp., in the public builder category; and North Salt Lake, Utah–based Woodside Homes, in the private builder category.
Standard Pacific drastically reduced its size, cut positions, exited some markets, restructured expenses, and built the same quality homes for less through value engineering and supply chain improvements. Then, in 2011, the company started buying land at low prices, positioning itself for the market turnaround.
“Standard Pacific did just about everything right during the past five years,” said Jean Dimeo, editor-in-chief of Builder. “It not only dramatically reduced costs, it reinforced its position in the higher price-point market and more than doubled its profit margin.” Standard Pacific moved up one notch on the 2012 BUILDER 100 list to No. 12.
Woodside Homes, based in North Salt Lake, Utah, filed for Chapter 11 bankruptcy in September 2008, and in just 14 months it emerged with $515 million in restructured debt and $200 million in cash. Woodside streamlined its operations, sold non-core divisions to significantly reduce debt, simplified its position in the move-up home market, was recapitalized by its investors, and bought lots in less competitive areas near job centers. Today, the company builds in California, Las Vegas, Phoenix, Salt Lake City, and San Antonio.
“Woodside Homes is well positioned for future growth,” Dimeo said. “It’s now well-capitalized and continues to snatch up land opportunities that other builders aren’t pursuing.” Woodside’s growth strategy enabled it to move up three spots to No. 26 on the 2012 BUILDER 100 list.