John Kavanagh Homes - NC Triad home builder

The Business Journal of the Greater Triad Area has reported that North Carolina-based John Kavanagh Co., a 23-year-old home building company, will be closing "by April." Per the article:

John Kavanagh, president of Greensboro-based John Kavanagh Co., confirmed this week that he is closing his 23-year-old home building firm by April, citing the poor housing market as the source of the company's problems. Kavanagh Development, part of John Kavanagh Co., also will close.

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Earlier this year, "it became obvious," Kavanagh said of the decision to close John Kavanagh Co. "We weren't getting any sales, that's the main thing. The market just totally dried up for us. And for whatever activity there was, there were extremely low offers," on his homes.

The article goes on to note that Kavanagh Homes last broke even in 2007, when it sold some 160 homes. However, the company was only able to sell 90 homes in 2008, which was not enough to sustain the business. The company once closed on as many as 300 house in a year, employing some 50 people. As of the time of the Business Journal writing, only four employees were left closing up shop.

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