The slowing real estate market has caused one new home builder to leave the Central Coast. According to an article in today’s Tribune, Centex homes will be pulling out of our area. They are committed to finishing the Dove Creek subdivision in Atascadero but that will be it. Their business plan was to close 300 homes in fiscal 2006 but only sold 175. The Central Coast is the only area that Centex is leaving.
This is from the article:
Centex’s assessment is similar to what other developers say about the region. It is challenging to find finished lots, and the entitlement and planning process is lengthy.
“The process is three to four times more time and money than in other areas,” Bowley said. “That’s money we are sitting on.”
“We are admittedly a production builder — not a custom builder—and this region doesn’t match with our strategy.”