About Pacific Lifestyle Homes

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Locally owned by Kevin Wann, Pacific Lifestyle Homes was founded in 1996 and since its inception; the company has built over 2000 homes throughout the greater Portland area.

Pacific Lifestyle communities always have special "lifestyle" features, such as: Walking paths, playgrounds, parks, and access to regional open spaces. Some neighborhoods also include fitness centers and swimming pools to further enhance the total lifestyle experience for buyers. Community amenities are inspired by today's homebuyers – their active lifestyles, desire for nearby shopping, need for excellent schools, and longing for recreational opportunities.

Pacific Lifestyle Homes is one of the most celebrated builders in Southwest Washington and Northern Oregon. As a two-time winner of the prestigious "Builder of the Year" award from the BIA of Clark County and winner of numerous accolades for innovative floor plans and well-planned communities, we continually strive to build better houses and neighborhoods.

Visit the Builders Website for More Information

 

 

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Questions and Answers on the Chapter 11 - Reorganization Reorganization

Question

Did Pacific Lifestyle Homes file Chapter 11?

Answer

Yes, Pacific Lifestyle Homes filed for Chapter 11 reorganization in October 2008. The company has made significant progress over the past six months, culminating in court approval to resume construction at all new home communities by the end of April.

 

Question

What does the Chapter 11 filing mean?

Answer

The company filed a “Chapter 11” bankruptcy, which allows the company to re-organize while under the monitoring of its main creditors. Chapter 11 is a mechanism for court-supervised restructuring of a company’s obligations. Chapter 11 provides a way for companies to address their financial challenges in order to become a viable entity, while continuing day-today operations.

 

Question

What happens during Chapter 11?

Answer

Chapter 11 filing triggers an automatic “stay,” which generally prevents anyone from collecting debts owed by the Company before the petition date. Chapter 11 permits, and in-fact encourages, normal operations to continue. We will continue to serve our homebuyers, pay our associates, and pay for materials and services purchased after the filing date in the ordinary course of business. Since October 2008, Pacific Lifestyle Homes, its lenders, and the courts have come to agreements on numerous issues that have allowed the company to continue its normal business operations. Pacific Lifestyle Homes has sold 50 homes since the Chapter 11 filing.

 

Question

How do customers know that Pacific Lifestyle Homes will be around a year from now?

Answer

The company’s operations remain solid. Pacific Lifestyle Homes has been committed to creating first class neighborhoods and to its customers for the past 12 years and this commitment remains stronger than ever. Chapter 11 allows the company to strengthen its balance sheet by bringing its capital structure in line with current market realities. We expect daily operations to continue as usual. The company will continue to build the same high-quality homes, and provide the highest levels of service to our customers. In fact, new customers should not see any impact from the filing.

 

Question

When will Pacific Lifestyle Homes start building again?

Answer

Pacific Lifestyle Homes reached an agreement with its lenders and the court to resume construction in all seven of the company’s new home communities on April 15, 2009. Subcontractors are back on the job site and new move-in ready homes will be ready for buyers soon!

 

Question

Are all of Pacific Lifestyle Homes going to have clear title?

Answer

Yes, we have received a court order from the judge that states all homes sold will come with a clear title.

 

Question

Will the homes come with warranties?

Answer

Yes, all homes bought during the sale come with a one year builder warranty and a 10 year structural warranty.

 

Question

Was Pacific Lifestyle Homes the first Portland Metro Area builder to file for chapter 11 Bankruptcy protections?

Answer

No, so far three other Portland area builders have filed similar reorganizations since May of 2008.

 

New Home Liquidation Sale

 

Question

Why are you having a sale?

Answer

Our reorganization plans calls for a reduction in the number of finished homes the company is carrying plus sets benchmarks for building and selling new homes during the summer of 2009. Pacific Lifestyle Homes recently received court approval to build or finish building almost 30 new homes to be sold this summer.

 

Question

When does the sale end?

Answer

All homes must be sold by June 30, 2009

 

Question

What if a home does not sell by June 30, 2009?

Answer

Based on past volume and aggressive pricing on the homes in the sale, we anticipate that all homes will sell.

 

Company History

Question

Who owns Pacific Lifestyle Homes?

Answer

The company is owned locally by Kevin Wann. The company was founded in 1996 and since then has built more than 2000 homes. Pacific Lifestyle Homes is one of the most celebrated builders in Southwest Washington and Northern Oregon and has been selected as two-time winner of the prestigious “Builder of the Year” award from the BIA of Clark County.

 

Question

How many homes has Pacific Lifestyle Homes built?

Answer

Since its inception the company has built over 2000 homes. During the peak of the recent building boom the company built 350 homes in 2005 and 256 homes in 2006. That number dropped to 251 in 2007 and 135 in 2008.

 

Question

The company has been a strong partner in the community, what type of community involvement has the company done?

Answer

Pacific Lifestyle Homes’ philosophy has been to invest in the communities we do business in. Non-profits that focus on children have always been a primary focus for our philanthropy. In 2005 and 2006, we contributed more than $100,000 each year to worthy causes in the Portland – Vancouver area. The Company’s commitment to giving is based on our belief that community is more than just a well built home; it’s a place and environment where everyone has opportunity. Pacific Lifestyle Homes has repeatedly supported “quality of life issues” such as school funding and park development. The following are just some of the companies Pacific Lifestyle Homes has supported:

• Parks Foundation
• NW Medical Teams
• Habitat for Humanity
• Clark County Council for the Homeless
• Transitional Youth
• Evergreen Habitat for Humanity
• Make a Wish Foundation
• Innovative Services NW
• Southwest Washington Miracle League
• Woodland Community Service Center
• Lafayette Community Center
• Friends of Ridgefield Wildlife Refuge

 

Question

How do the communities of Pacific Lifestyle Homes differ from those of other builders?

Answer

Pacific Lifestyle Homes has distinguished itself from other builders by focusing on “lifestyle” amenities that are so vital to a neighborhood. These amenities include clubhouses, swimming pools, parks, trails and abundant open space. Three of the current Pacific Lifestyle Homes communities feature clubhouses and pools.