Folks,
The residential real estate market is really facing some critical, tough times. Unexpectantly, another builder has bellied-up. Minutes ago, I received bad news that builder, CP Morgan Homes has just folded here in the Charlotte-Mecklenburg area.
Sadly, this builder is completely out of business. Builder/Sales Representatives received word this afternoon that they will no longer have a job. In fact, many were instructed to pack up as much of their things as possible within their office and make additional arrangements to look for another job.
Many of us remember CP Morgan Homes migrating to the Carolinas and making their grand entrance into the residential real estate market back in 2004. They made their presence via huge billboard advertisements, open-houses, welcoming real estate agent luncheons and community-driven activites.
Throughout Charlotte, bright yellow Nissan Xterras marketing the famous CP Morgan brand was often seen roving through communities. The company was renowned for providing more heated square footage/living space for the money. There slogan, "More Square Feet. Less Money" told their story and helped to build their presence. Just last summer, they unveiled additional floor plans offering features such as dual fireplaces, three story homes, and huge game rooms.
Since the emergence of CP Morgan, there were new builders who adopted the "More Square Footage for the Money" concept, provding much competition including--True Homes, another comparable builder believed to consists of original CP Morgan executives who sought out a new vision for newly constructedhomes. True Homes offers many of the same concepts and has been present in Charlotte since 2008.
So, What's going to happen to all the inventory and recently sold homes within the past year? Well, hopefully all inventory homes will be sold as soon as possible.
CP Morgan has drastically slashed prices to move these homes from inventory to SOLD. As far as recently sold homes within the past year, all warranties for the first year will be honored by CP Morgan Homes. The builder is working closely with their home warranty provider- Residential Warranty Corporation to make additional plans to continue to honor the remaining 2-10 year term.
Comments(2)