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In the first six months of 2006, Jade Homes sold only four houses, nowhere near what the company needed to pay its 30-some employees and cover its other expenses. By the time August rolled around, Coles had basically determined that he had no choice but to shut down.

 
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Back from the Brink
After a painful year, Jade Homes resurrects its reputation.

Padgett says Coles was not the only homebuilder to overestimate the market’s staying power. “When the market’s like it was, it’s easy to get caught up in the hype,” says Padgett. “The market made the decisions for you.”

“It’s a supply and demand situation,” says Coles. “If you have people buying houses, you keep taking orders. It would have been nice to have had a crystal ball and seen what was coming.”

Coles says he isn’t thinking about the future right now, but is simply focused on getting his customers into their houses. Though he was all but convicted in the court of public opinion, he says the “people who know me know the truth.” And if he does decide to stay in the home building industry, the actions he’s taken over the last year will be remembered by many.

“I would work with Andrew in a heartbeat if I were to build another house,” says Underwood. “You get to know people through adversity and to me his integrity is just incredible. If you’re interested in building a home, you need to look that guy up and see if he’s in business and let him do it, because he’ll do it right.”









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