Actually, KB Homes has pulled out of Charles County and the entire Mid-Atlantic Region, it seems. In addition to MD, DC, and Virginia, they have also shuttered operations in Chicago, IL, and Albuquerque as well. This is in addition to a previous announcement that they have decided to cease operations in California.
What does this mean for people with KB contracts? They said they are finishing construction of lots that are being built, but they are not accepting new contracts, or fulfilling contingent contracts. It underscores the risk involved in purchasing new construction. You need to be sure that your builder is solvent in the current market!
~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
www.teambenya.com
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KB's stock has dropped from 58 to 24 very quickly. I think they forgot what customer service is.
J.
They're celebrating 50 years right now.... I wonder if they'll make 51....
KB should build more spec homes then lose more money using their inhouse mortgage company so they can over price the homes
I live in the Raleigh NC market - and KB is doing well here. Could it be the local market - or because they have good dirt and are partnered with Martha Stewart??
entirely possible. I was surprised to hear they were pulling out of our region, we're in much better shape market-wise than places like CA and FL