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®