Luxury Homebuilder in Charlotte Succumbs to Housing Slump
Alan Simonini and Ray Killian formed Simonini Builders 16 years ago and have built over 700 homes in the Charlotte and Lake Norman regions of North Carolina and the Charleston and Kiawah Island regions of South Carolina. The prices range from $475,000 to $6 million. They also provided high-end renovations for discriminating clients. CEO Ray Killian Jr. said, "The Simonini story is one of evolution from a family business to a dynamic builder of some of the South's finest homes. Regrettably, that story will end as a result of the general deterioration of the fundamentals of the homebuilding industry in ways never seen before."
Charlotte Home Builders Association annual Homearama conference, even though at this point there are no plans to complete it. A group of investors are conducting due diligence studies on the feasibility of completing the development with a new builder, but no decision has been made.
Said Alan Simonini: "The catastrophic changes we've seen in the overall real estate market over the past two years could not have been anticipated and are unlike anything I expected to see in my lifetime.
"Until very recently, we hoped and believed Simonini Builders would get over the hump," he continued, "but over the last few days, reality has belied hope and belief. We realize that the real estate market has been and continues to be worse than any of us thought was remotely possible."
Barbara Green is the Design Diva and owner of Sensibly Chic Interior Design. Follow her on Twitter @thedesigndiva.
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