"It was an expansion market for us out of the Charlotte division, and it was obviously ill-timed," said Traves Bonwell, C.P. Morgan's director of acquisitions and market development.
When the Indianapolis, Ind.-based builder expanded into the area in May 2007, its Charlotte operations were still doing well, despite the general market's slowdown, Bonwell said.
"It's still a great market in our viewpoint," he added. "It's got 1.2 million people in that Triad. It never had the ramp up in price appreciation and never had a bust." However, the area is having some growing pains as it transitions from furniture and textile manufacturing to high-tech manufacturing.
But, for now, Bonwell said the company has opted to focus its North Carolina efforts on its Charlotte base market. Almost all the workers in the Triad area should be able to relocate to the company's Charlotte division, about a 90-minute drive away. Meanwhile, the company is completing the roughly two dozen homes it has still under construction in the Triad area.