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View Full Version : Big home builder closes doors in SAN DIEGO



riverroyal
11-15-2006, 06:49 PM
late breaking news,my wife just called,has some close freinds out of work now.The company was purchased by a saudi owner months back,he said no changes would happen,oh sure.Gonna be a long year in home building world.(changed the title) :rollside:

USCFAN
11-15-2006, 06:52 PM
So who is the builder? Or is this going to be one of those secrets?

riverroyal
11-15-2006, 06:53 PM
So who is the builder? Or is this going to be one of those secrets?
john laing,they still have a office in OC,put ALOT of people were let go today

YeLLowBoaT
11-15-2006, 06:53 PM
would not be KB homes would it???
the owner just got nailed for 13 mil for changing dates on stock options.

phebus
11-15-2006, 06:53 PM
So who is the builder? Or is this going to be one of those secrets?
Yeah, give it up Keith, errrrrrrr, I mean Steve :)

riverroyal
11-15-2006, 06:54 PM
Hey Douche bag, don't lead us on like this, who is it and did it affect your wife???
my wife is safe,she is at shea,although VERY nervous.

phebus
11-15-2006, 06:55 PM
Does this mean that there is a slow down in the housing market? :idea:

USCFAN
11-15-2006, 06:57 PM
Their website still works.... Are they completey out of business or just cutting back?

riverroyal
11-15-2006, 06:57 PM
Does this mean that there is a slow down in the housing market? :idea:
whats funny is prices went up 9000 in san diego,and inventory went down 3% last month.I think this closing could be more related to new owners,plus being slow

riverroyal
11-15-2006, 06:58 PM
Their website still works.... Are they completey out of business or just cutting back?
but it sounds as if they may not build here anymore.Just san diego office,the company is huge

socalmoney
11-15-2006, 07:04 PM
Nothing on Google about it yet. My wife works for KHov and she didn't hear anything.

sdpm
11-15-2006, 07:05 PM
We don't need any more homes built here in S.D.. It's too damn busy as it is.

riverroyal
11-15-2006, 07:07 PM
Nothing on Google about it yet. My wife works for KHov and she didn't hear anything.
today,guess it was surprise to everyone

steve d
11-15-2006, 07:13 PM
Heard that KB homes closed their doors in S.D. a few months ago. Heard that when we saw Lennar and Horton cutting back phases in Murrieta.

Kilrtoy
11-15-2006, 07:16 PM
it is also happening in Phoenix

riverroyal
11-15-2006, 07:18 PM
company is NOT out of business,just wont be a large workforce in san diego,like there was.My lawyer told me to clarify that :rollside:

Mandelon
11-15-2006, 07:22 PM
Vegas too from what I heard today. Some of the banks are cutting off funding mid way.....even those folks that foreclosed on will need somewhere to go.....with easy lending requirements they may end up in another house.
I looked at 10 new ones in SD today........had two more to get to but it got dark. :cry:

riverroyal
11-15-2006, 07:23 PM
Vegas too from what I heard today. Some of the banks are cutting off funding mid way.....even those folks that foreclosed on will need somewhere to go.....with easy lending requirements they may end up in another house.
I looked at 10 new ones in SD today........had two more to get to but it got dark. :cry:
had troubles today?

phebus
11-15-2006, 08:17 PM
company is NOT out of business,just wont be a large workforce in san diego,like there was.My lawyer told me to clarify that :rollside:
Wife yelled at you huh? :)

riverroyal
11-15-2006, 08:20 PM
Wife yelled at you huh? :)
just dont have all the info yet.Dont want to get anyone excited,it doesnt look good though

CornWater
11-15-2006, 08:30 PM
I could only hope it would happen to KB....
:mad:

riverroyal
11-15-2006, 08:31 PM
I could only hope it would happen to KB....
:mad:
so you live in one right? :rollside:

CornWater
11-15-2006, 08:44 PM
so you live in one right? :rollside:
No way in H E double hockey sticks...

OverKill
11-15-2006, 08:49 PM
I bought a D R Horton home here in Queen Creek AZ and they gave me everything I wanted I just had to be a prick to the sales agent.

AZKC
11-15-2006, 08:53 PM
The Mrs is aware of about 15 layoffs in T Town at KB tommorow. That brings the total to about 60 in the last few months :cry:

ssmike
11-15-2006, 09:03 PM
but it sounds as if they may not build here anymore.Just san diego office,the company is huge
Folks:
Laing was purchased by Emaar Properties (UAE) for $1 Billion cash in June of this year. They are not even close to being out of business.

4DAY4PLAY
11-15-2006, 09:05 PM
near were i work in OC recently there was a 400 unit condo/loft complex completed in which after their grand opening they only had 20 "interested" buyers. Shortly after that, KHOV, was asked to pack up by the owners, and sounds like the plan was to lease them out instead of selling them. This complex is in an area of OC near the stadium were several other high rise condo complexes were to be built. this is more proof the housing market has bust. These were supposed to be affordable nomes, ranging in prices from 300k to 500k....and they wont even sale.

riverroyal
11-15-2006, 09:12 PM
Folks:
Laing was purchased by Emaar Properties (UAE) for $1 Billion cash in June of this year. They are not even close to being out of business.
just the san diego office has been impacted.With layoffs etc.Thanks for the Emaar prop,couldnt remember the name

ssmike
11-15-2006, 09:14 PM
just the san diego office has been impacted.With layoffs etc.Thanks for the Emaar prop,couldnt remember the name
Its impacting the whole industry locally, that is for sure.
$1 billion cash, that cracks me up. Like it was sitting in the bank.

life's a river
11-15-2006, 09:26 PM
near were i work in OC recently there was a 400 unit condo/loft complex completed in which after their grand opening they only had 20 "interested" buyers. Shortly after that, KHOV, was asked to pack up by the owners, and sounds like the plan was to lease them out instead of selling them. This complex is in an area of OC near the stadium were several other high rise condo complexes were to be built. this is more proof the housing market has bust. These were supposed to be affordable nomes, ranging in prices from 300k to 500k....and they wont even sale.
I am a superintendent for one of the condo projects that is just down the street from where I think you are talking about. I heard that the lofts were selling pretty good. I could be wrong. The company I work for and the project next door are going full speed ahead. It should take about 2 years to complete the project so hopefully things are better by then. Time will tell. One thing is for sure, there has never been a decrease in the population of California. People have to live somewhere.
PK

house
11-15-2006, 09:32 PM
Most of those people were moved to their office in the Inland Empire. My company works directly with the builders and evn though they have been affected, it is not as bad as people have said. The pace was so crazy that they "over hired" to keep up. Just like the market, the employee levels ae being "corrected". I wouldnt be too concerned. If you are in a house stay put for a bit instead of selling. It aint the end of the world. Its happened before and it will come back stronger than before. Just give it a few years. Every got too reliant on home equity.

4DAY4PLAY
11-15-2006, 09:54 PM
I am a superintendent for one of the condo projects that is just down the street from where I think you are talking about. I heard that the lofts were selling pretty good. I could be wrong. The company I work for and the project next door are going full speed ahead. It should take about 2 years to complete the project so hopefully things are better by then. Time will tell. One thing is for sure, there has never been a decrease in the population of California. People have to live somewhere.
PK
Im not talking about A-town or the platinum triangle....this is a different complex, near there. Unless something has changed recently they are no longer for "sale" there are for lease/rent signs everywere. regardless, i do agree people will always need a place to live....but right now too many peopel prices are just to high for people to qualify. Several of my friends who make good money are having a hard time buying thier first home in OC because the payment will be nearly 4k a month,and thats with creative financing.

ROZ
11-16-2006, 01:23 AM
$1 billion cash, that cracks me up. Like it was sitting in the bank.
It was under a big pillow...

ROZ
11-16-2006, 01:24 AM
Vegas too from what I heard today. Some of the banks are cutting off funding mid way.....even those folks that foreclosed on will need somewhere to go.....with easy lending requirements they may end up in another house.
I looked at 10 new ones in SD today........had two more to get to but it got dark. :cry:
Any with pools? :crossx:

PHX ATC
11-16-2006, 06:32 AM
I bought a D R Horton home here in Queen Creek AZ and they gave me everything I wanted I just had to be a prick to the sales agent.
Where in QC?

ratso
11-16-2006, 06:36 AM
Does this mean that there is a slow down in the housing market? :idea:
It's just a "correction" sir... No big deal until THE IN-LAWS and THE KIDS have to move back in with you!!!!!!!!!!!!!!!! :idea: :D