Builder Wade Jurney expands to Charlotte by taking C.P. Morgan lots

Friday, June 19, 2009

The Charlotte Business Journal’s Laura Youngs reports that Triad builder Wade Jurney is expanding to Charlotte by taking C.P. Morgan lots.

Wade Jurney, president of the Greensboro-based company, says he has 351 lots — all from defunct Indiana builder C.P. Morgan Homes Inc. — under contract throughout 30 Charlotte neighborhoods.

The company also has 52 C.P. Morgan lots under contract in the Triad, including five developments in Rural Hall, Burlington, Greensboro and Winston-Salem.

Jurney says he hopes to close by early July on all of the properties. Three model homes in Charlotte were part of the deal and already have opened as sales centers for Jurney Homes.

Jurney declines to give the price of the lots, since the sale is not complete. But he says he is getting a discount on the $33,000 per lot that C.P. Morgan paid. Jurney is putting together an equity group that would finance the majority of the project. An official with C.P. Morgan confirms the deal is pending.

So far, three sales consultants have been hired to run the Charlotte offices, and Jurney has added a construction superintendent here.

By the fourth quarter, the company plans to have up to 13 employees in Charlotte.

Jurney says the company will offer the same starter-home product it builds in the Triad, which often runs between $100,000 and $200,000.

He says he harbors some concerns about expanding into Charlotte, which has been hit hard by losses in the banking sector and foreclosure issues.

However, he says he wanted to move now to take advantage of discounts, as well as a strong available labor pool. The expansion also will mean Charlotte and the Triad will share fixed overhead costs, such as administrative operations.

Jurney hopes his homes will appeal to the sought-after first-time buyer, who is eligible for an $8,000 tax credit before year end.

“We’re going in looking to be the lowest-priced and best-value builder,” he says.

Jurney is one of several Triad builders looking to take advantage of bargains on land in a slow market. With some builders going out of business and their property left behind, development and construction firms that have survived the downturn are increasingly interested in buying.

‘With complimentary elevations and modern floor plans, Wade Jurney looks like a good fit for current homeowners in existing CP Morgan communities,’ adds Chrystal Safari of Peters & Associates, a boutique firm specializing in luxury homes in the Charlotte Metro area.

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A Charlotte area native, and licensed in NC & SC, Chrystal is very experienced with international relocation, home buying and selling and with rental portfolio development and holds MASTERS Designation specializing in New Construction, Finance, Marketing, Objection Handling, Relocation, and Technology and is a member in good standing with Charlotte Regional Association of REALTORS®, North Carolina Association of REALTORS® and National Association of REALTORS®

Your Rich Uncle Sam Wants to Give You $8,000!*

IRS.Gov reports that for 2009 owner occupant home purchases, the American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1, 2009.

A first-time home buyer is one who has not owned a home in the last three years.

*For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer’s main residence within a three-year period following the purchase.

First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return. News release 2009-27 has more information on these options.

 The IRS reminds taxpayers the amount of the credit begins to phase out for taxpayers whose modified adjusted gross income is more than $75,000, or $150,000 for joint filers. Taxpayers can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

For more information on the tax credit, visit here: http://www.irs.gov/newsroom/article/0,,id=204671,00.html

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Rates are low, list prices are low, and inventory is high.  It’s a great time to buy low for future increased home equity when the market recovers.

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A Charlotte area native, and licensed in NC & SC, Chrystal is very experienced with international relocation, home buying and selling and with rental portfolio development and holds MASTERS Designation specializing in New Construction, Finance, Marketing, Objection Handling, Relocation, and Technology and is a member in good standing with Charlotte Regional Association of REALTORS®, North Carolina Association of REALTORS® and National Association of REALTORS®