Millennium Fine Homes

On December 22, 2008, Millennium Fine Homes, LLC (Millennium) was contracted to build a custom home. After eight months and twenty-three days of the nine month performance period and being behind schedule an estimated 120 days, Millennium did on December 3, 2009, walk away from the job and defaulted on the contract. The Homeowners, in an effort to reach an amicable resolution with Millennium?s failure to perform, sent Millennium a Cure Notice providing Millennium a seven (7) day cure period, as required by the contract, to provide Homeowners reliable assurance that Millennium would perform the contract according to its terms and conditions. Due to Millennium?s breaching the contract and subsequent failure to provide reasonable assurance to cure; the Homeowners, on December 13, 2009, terminated Millennium for default for breach of contract due to failure to perform. Also on December 13, 2009, the Homeowners issued Millennium a Demand Letter demanding the return of all funds drawn from the construction loan account but not dispersed to subcontractors/suppliers. Millennium refused to comply with the Demand Letter. The parties went to arbitration starting in July 2010. The homeowners won and received an Arbitration Award. On November 4, 2010, the Greene County Common Pleas Court awarded a judgment lien against Millennium Fine Homes, LLC, in the amount of $222,651.73 as a confirmation of the September 15, 2010 Arbitration Award. Demand for payment was served on Millennium Fine Homes, LLC on November 11, 2010. Millennium Fine Homes, LLC, owned and operated by Mr. Douglas A. Pund, Jr., who now also does business under the name of Millennium Real Estate Development, LLC, was found to have materially breached its residential construction contract, was ordered to refund an overpayment of construction funds, and pay additional construction costs (?cost-to-cover?). As of this report (January 23, 2011), Millennium continues to ignore the responsibility to pay the awarded amount to the homeowners. This judgment lien can be viewed at the Greene County Common Pleas Court Recorder's Office.