Wednesday, December 18, 2013

Nexus EnergyHouse - When Going Green Goes Bad

Here is an article from the Frederick News-Post in Frederick, MD printed on 12/2/13 about a builder that was written up by all the so-called Green websites and given the stamp of approval by just about everyone. This is not a story of green being a bad way to build, rather its a story of how a new home builder that received investor money now appears to be circling the drain.

Builder of energy-efficient Frederick neighborhood faces financial issues

Nexus EnergyHomes, located in Stevensville, MD received the EnergyValue Housing Award for 2012 Builder of the Year. MD Gov. Martin O’Malley recognized the company’s innovation in his State of the State speech this year.

Now, with all eyes set on it, the project is stalling.

The company grew too fast and was never properly capitalized from the beginning, Murphy said.

“The investors at first got us to where we are,” he said. “That is part of the problem. We grew too fast. We had too much interest and didn’t have enough capitalization to grow that fast.”

Nexus is also developing communities in Ijamsville, Jefferson, Upper Marlboro and North Charleston, S.C.

The company has outstanding bills, Murphy said. And homeowners have issues with warranties and sales that they feel the company is not addressing fast enough, he said.

CLICK HERE to read the entire Frederick News-Post article.

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