New homebuilders take root in Indy after downturn
Out-of-state builders scooped up lots during the housing downturn, and now are watching their gambles pay off as they become major local players.
C.P. Morgan
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Builder, developer partner in turnaround firm
Providence Homes was started earlier this year by Mitch Davis, 42, a former vice president of the now-defunct CP Morgan Homes; and Brian Mann, 44, managing partner of Mann Properties.
Housing meltdown claims at least one homebuilder
Two more local homebuilders fell victim in 2009 to the prolonged meltdown of the housing market. Carmel-based
C.P. Morgan Communities LP closed in February, and Indianapolis-based Hansen & Horn Group Inc. is teetering on the edge
of bankruptcy.
Local builders slash jobs, offices to survive housing slump
At the market’s peak, builders churned out more than 12,000 new homes a year in central Indiana. In the current slump, new-home
production has dropped to fewer than 7,000 per year, leaving builders with no choice but to slash prices, eliminate hundreds
of jobs, and look to unload huge chunks of office space.