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C.P. Morgan Homes - Indiana, N. Carolina home builder
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2009-02-26
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stories: chicagotribune.com, wthr.com
Indianapolis-based home builder C.P. Morgan Homes, so named after owner Charles P. Morgan (website: cpmorgan.com), is "going out of business" on Friday, February 27 according to a report from the Chicago Tribune. Charles Morgan was cited as saying he believes the home building industry "will be in trouble for many months to come." Wthr.com quoted Morgan as follows:
Calling it one of the most "difficult decisions I've ever had to make," Chuck Morgan, the company's founder and chairman, said in a statement that the collapse of the real estate industry "makes it impossible for us to serve our customers effectively and remain viable."
Further to the article, C.P. Morgan expects to honor all home warranties.
Regarding the company's operations, they built in Indiana and North Carolina, building homes for first-time buyers ranging in price from $80 - $200K and 1,000 to 4,000 square feet. C.P. Morgan was one of the top 30 home builders per builderonline.com, closing on some 2,700 homes in 2007 and over 3,000 in 2006.
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Important: This company is on our list of builder operations that have "imploded" (see also ailing lenders). This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid declines in enterprise value; or abnormal "bail-out" by corporate parents or peers in order to continue to operate. The builders may be residential or commercial.