September 11 2010
Another casualty of the US housing crisis has succumbed. Leading luxury homebuilder Simonini Builders has announced it will be closing operations by the end of the year.
Charlotte, N.C. based Simonini Builders is one of the best-know luxury home builders in the United States. Simonini was awarded Builder Magazine’s “2002 America’s Best Builder Award,” “2005 Best in American Living Award,” and Professional Builder’s Magazine “2006 National Builder of the Year.”
The company was founded 16 years ago and has built over 700 North and South Carolina Homes, each home ranging from $475,000 to $6 million. They also provided high-end renovations to affluent clients.
Simonini has committed to completing the 14 homes it is currently building, finishing all renovations now in progress, and selling 21 homes that they have in inventory.
Alan Simonini said, “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.”