Centex Homes to Leave Colorado
Another Homebuilder Exits Denver Homebuilder Arena
Dallas-based Centex Homes is reportedly leaving Colorado. According to 9NEWS.com, the builder plans to cease operations by Spring 2009. The company, which builds in 10 communities from Castle Rock to Fort Collins, vows to complete all homes under construction in addition to unfinished homes. Denver-area Centex communities include: Highlands at Castle Oaks in Castle Rock, Carriage Hills Castle Rock Collection, Wheatlands in Aurora, Weaver Creek in Morrison, and several other communities north of Denver.Centex’s departure is in response to Denver’s ultra-competitive homebuilding arena and difficult market conditions. Atlanta-based Beazer Homes has also announced plans to leave the Denver market by the end of the summer. Chicago-based Neumann Homes, who built homes at four Denver area communities, declared bankruptcy last year.
While all of this may sound dire, it will eventually help the Denver real estate market recover more quickly, since there will be fewer new homes to compete with existing homes on the market. There were far too many new homes being built in the past decade so the market became overly saturated. The good news is that building permits have dramatically dropped, which will help Denver housing market conditions. It’s all about supply and demand!
If you have questions regarding Denver area homebuilders, please contact TeamCox Realtors. We have worked with most of the Denver builders, so we have in-depth knowledge of which ones to build with and which ones to stay clear of!
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