The Statesman.com has reported Centex Homes has backed out on a $275 million master-planned community. The new subdivision was to be home to 1,400 new houses, but according to Centex’s director of strategic and operational marketing, Tara Thomason, their decision to back out of purchasing 465 acres from the Pearson family ranch is due to a larger strategic review of the company nationally.
Centex is currently building in 16 Central Texas developments and their latest plans to back out of this purchase may not allow them the opportunity to pursue this venture in the future. One of the owner’s husbands has stated in regards to Centex’s statement, “we’ve had it for half a century; we don’t need to sell it, don’t want to sell it, so it’s fine.”
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Centex also just sold The Hollows on the north shore of Lake Travis. I have been todl that they are in trouble in other parts of the country and needed the cash from the sale, but I can’t verify that.
I didn’t know that Centex had sold The Hollows, do you recall when they did so? I know they’ve been struggling as of late (along with many other national builders), and that they have made major cutbacks and plan to restrict spending over the next several months.
We’re seeing a lot of the same thing here in California. There’s a ranch out my back door that was slated for 1000 homes to start with a commercial complex, fire station, and school included. Would have done a lot for our community including solving our traffic problem by building a bypass around town. There was the possibility of building out to 3000 homes. The no growthers attacked them hard and they backed out but in reality it probably had more to do with the economy than the no growthers.
Phil