Tag Archives: new construction

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.

                                                            #  #  #

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®

Builders’ Confidence Brightens on Outlook

Daily Real Estate News  |  April 16, 2009  |   

Home builder confidence was in the double digits in April for the first time in six months.

The index rose to 14 from nine last month. That was the largest single-month increase since May 2003. An index number below 50 means most respondents view conditions as poor.

“After a very long period of extreme distress, it’s given the builders some sense of reaching a bottom,” says David Crowe, chief economist for the National Association of Home Builders, which compiles the index along with Wells Fargo.

The confidence index was up all over the country, with the largest increases in the Northeast at 16 and the West at 9.

Source: CNNMoney (04/15/2009)

The Unusual Suspects

A real estate broker must always be aware of personal safety, and the safety of clients, whether meeting new clients for the first time, while showing properties, driving to home tours, installing roadside signage, and on site at new construction.

The simplest tasks must constantly be evaluated and strategized to ensure utmost safety for all, but no class, lesson, or quick thinking could have prepared me for this.

While out with clients touring new home communities in Union County yesterday, we stopped into the builder’s agent-on-duty model home, and quickly on to the model next door with the preferred floor plan.  After getting the key and walking through an inventory home just down the street, we returned to the model home to see the sales agent.

As we were sharing our feedback on the house under construction, I noticed a sudden cough getting embarrassingly worse.  I started to make my apologies, explaining to the sales agent that I didn’t know what had happened, but it must have been the new construction dust that had triggered this worsening episode.

In mid-sentence, he stopped me.  He said, “I know what happened to you.”  He continued that 3 hours prior, he had accidentally set off pepper spray in his office…by this time, my lungs were burning, my chest was hurting, I felt a warm flush throughout my body and broke into a head-to-toe sweat! 

Continuing to cough to clear my airway, my client, a medical professional, became concerned, explaining that she could see my eyes and face swelling.  We said a quick goodbye and left.  I continued to cough terribly, and by this time had a headache. 

When we arrived at the next new home community minutes down the road, I realized that water might help clear my throat.  I was beginning to lose my voice.  It took several cups of water to relieve my throat symptoms, and after two hours I was no longer coughing, but had a headache until the next morning.

 Thank goodness he had not just sprayed that mace!  I can’t image my reaction if it had been recently sprayed, or worse yet, sprayed on me.  I don’t know how my client and the sales agent managed to avoid a reaction, but apparently I would make an excellent mine canary!

But let this be a lesson to you.  No matter how bored you are, sitting at work in your office with nothing to do, do not test your mace can.  Trust me, it works.