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 Charlotte Builder Readies for Entry in the Triad

THE BUSINESS JOURNAL
By Michelle Cater Rash

WINSTON-SALEM Regent Homes Inc., one of Charlotte's largest home builders, is preparing for its first project in the Triad. The company could have as many as four subdivisions open locally by the end of 2007, according to company President Ken Anson

Regent Homes has reached a deal with developer Land Craft Properties to build homes on 38 acres that Land Craft is acquiring off US 52 in North Winston-Salem . Regent will be the exclusive builder for the subdivision, named Oak Summit.

Plans for the project call for 110 homes ranging in size from 1,400 square feet to 2,200 square feet. Prices are expected to range from the $120,000s to the $150,000s.

Anson said Regent Homes has also signed a letter of intent with a developer to build 70 homes on Lee Street in Greensboro. Because the developer has not closed on the property yet, Anson would not say who the developer was or identify the exact location of the property.

The company is also working with land developers to find locations at Elon University and in Mebane

The Business Journal first reported in early August that Regent Homes was eyeing locations in the Triad. The company was Mecklenburg County's 15th busiest builder in 2005, according to research by the Charlotte Business Journal, a sister publication.

New-Home sales are softening in the Triad, with nearly a 40 percent increase in completed but vacant homes reported since January, according to data from Market Graphics, a Tennessee Housing Research Company. But Anson said he is not worried about Market Slowdown.

"Both the Triad Market and the Charlotte Market have seen a little bit of softening. But I expect those inventory levels will take care of themselves over the next few months," he said.

Slow Markets can be good times for financially strong home builders to expand their territory because they have an opportunity to gain market share while other builders are scaling back, said Bernard Helm, president of Market Opportunity Research Enterprises, a Rocky Mount-Based company that tracks the local market.





 

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