Denver-based M.D.C. Holdings Inc., a major player in the Denver real estate sector, is faring well in the current real estate downturn. Bloomberg reported last week that M.D.C. Holdings Inc., builder of Richmond Homes, is one of the few homebuilders “staying on top of things.” Richmond Homes primarily caters to first-time and move-up buyers. The average price of a Richmond Home was $301,700 in the third quarter, a 9 percent decrease from 2007. In addition to Colorado, Richmond Homes operates in Utah, Arizona, California, Nevada, Florida, and in the mid-Atlantic region.
The builder, which reportedly holds $1.4 billion in cash and investments, boasts the top-rated stock in the entire homebuilding industry. According to the Bloomberg article, M.D.C. Holdings avoided expanding too quickly during the housing boom by not loading up on land and assuming too much debt, like many other builders did.
Once the housing market rebounds, Richmond should be in a fabulous position in the Denver homebuilder market. Not only will it have the funds necessary to purchase cheap land, but it has also lost several of its competitors during the real estate downturn, including Centex and Beazer, which ceased operations in Colorado.
For more information on the Denver real estate market, or regarding Denver homebuilders, please contact TeamCox Realtors at 303-400-6060.
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