“New-home sales are way up, so much so that we’re selling off our inventories, which are still historically below accepted equilibrium levels,” said Alan Banks, president of the Home Builders Association of Charlotte.
“The builders will have to be financially qualified with effective business models and financial discipline," said Bill Bickett, who is spearheading the creation of the Charlotte-based division of the bank. "But smaller builders have had more problems getting financing. We’ll be looking at loans from $2 million to $6 million. That’ll be our sweet spot.”
“I just thought it might be more important to be here than building homes in Charlotte,” Alan Banks said by cellphone Thursday from a Hurricane Sandy-ravaged New Jersey.
Alan Banks looks back at 2006 fondly. A principal at Evans Coghill Homes in Charlotte, Banks said the company’s business has been nearly cut in half since a peak in 2006, when it built about 25 homes. This year, ECH plans to build only 13 homes with an average price of $400,000, which is about [...]