Colorado Springs Vintage Homes Blog
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Scary times for new homes buyers in Colorado Springs
Buying a new Home in Colorado Springs?
In 2008, single family home construction in Colorado Springs continued to be extremely slow, and 
several regional and national home builders cut operations or closed up shop in the Springs. The latest to exit the market is John Laing Homes.
According to several Associated Press articles, John Laing Homes, has suspended home construction in Colorado Springs while it reviews its finances. They are currently owned by a Dubai developer, Emaar Properties, who bought them for $1.05 billion in 2006. Emaar is Dubai’s largest publicly listed developer. It is nearing completion on what is already the world’s tallest building in the Persian Gulf boomtown and is developing projects throughout the Arab world.
Last week, John Laing issued a statement saying it’s “currently reviewing all potential options to meet its capital requirements” and would release details “in a timely and appropriate manner,” (I always do additional research on any article I write; but I couldn’t find a copy of the press release and I also couldn’t find anything on John Laing’s web site to verify this information.)
John Laing currently build homes in California, Texas, Arizona, and Colorado. The Colorado Springs Neighborhoods include Banning Lewis, Gold Hill Mesa, Meridian Ranch, and Wolf Ranch. They build in Denver-area neighborhoods such as Country Club Highlands in Westminster, Southshore in Aurora, Vista Ridge Reserve in Erie and Betts Lake at Colorado Golf Club in Parker.
Builder magazine named Laing, based in Newport Beach, Calif., America’s best builder for that year. They also consistently rank among industry leaders in overall customer satisfaction by J.D. Power & Associates.
I don’t know what will happen to houses that have started construction, or to a Buyer’s Earnest Money, or to neighborhoods where John Laing was building. But I do know that it is even more important than ever for Buyers and their Realtors to do their Due Diligence before buying a home.
If you enjoyed reading this article, why not Kathy (719-287-1049) KTorline@msn.com
