Beazer Homes launches Pre-Owned Homes Division
Atlanta-based Beazer Homes has introduced its Pre-Owned Homes Division in an effort to expand beyond new home sales. The new division acquires, improves and rents recently built, previously owned homes within select communities in markets where the company currently operates. The home builder is initially offering pre-owned homes in the Phoenix market.
"While many prospective home buyers recognize that this is an excellent time to purchase a new Beazer eSMART high-performance home — with all of its award-winning energy-saving features — other consumers want or need different home alternatives. With the Pre-Owned Homes Division, we look forward to addressing this demand," said Ian J. McCarthy, Beazer Homes’ CEO.
The program will offer homes that have been built since 2004 by a reputable builder, including those by Beazer. The homes will receive repairs and upgrades according to the company’s standards.
In the coming months, Beazer Homes may expand the division to include homes in Nevada or California.
Beazer expects to offer these homes for re-sale, either to their respective tenants or to other buyers, once the housing market recovers.
Construction spending drops again in February
Figures released by the U.S. Commerce Department today put construction spending during February 2011 at $760.6 billion, 1.4% below last month’s figure. The February estimate is also 6.8% lower than February 2010, which the government estimated at $815.8 billion.
During the first two months of this year, construction spending amounted to $103.7 billion, 8.2% below the $112.9 billion for the same period in 2010.
Spending on private construction dropped 1.4% to $468.0 billion in February 2011, compared with the previous month, with residential construction at a seasonally adjusted annual rate of $228.5 billion in February, 3.7% below January’s estimate. Nonresidential construction declined 0.9% to $239.6 billion.
In February, the adjusted annual rate of public construction spending was $292.5 billion, 1.3% below January’s estimate of $296.4 billion. Educational construction dropped 3.7%, but highway construction rose slightly to 0.4% above January’s estimated spending.
U.S. Concrete CEO resigns
Michael W. Harlan, president and CEO of U.S. Concrete, will step down in 2011 after leading the company for the past four years, according to a March 29 announcement.
Harlan is a founding director of the Houston company and served as its CFO from May 1999 until November 2004. Beginning in April 2003, he assumed additional responsibility as executive VP and chief operating officer until he was named president and CEO in 2007. Harlan was instrumental in the strategic growth of the company and recently led U.S. Concrete through the most severe recession the construction industry has faced since the Depression, the announcement said.
"After having successfully completed the restructuring of U.S. Concrete’s balance sheet in August 2010, I am very confident that the company is well positioned for the next stage of its growth,” Harlan said. “I appreciate the support this board of directors has given me as I make this transition in my career."
The board of directors has engaged Russell Reynolds Associates to assist in the search for a new CEO and named director Kurt Cellar to head the search committee.