For those of you that go to Homerama each year and marvel at houses you can only dream you were rich enough to own, you will recognize the name Simonini, one of the highest quality builders in Charlotte. I was stunned to hear the news on the radio today and then read in the Charlotte Observer online that they are shutting down after building over 700 homes in Charlotte since 1994. They describe the reason as “catastrophic changes” in the Real Estate market.
Here is a telling quote from the article: Simonini and Killian said that “until very recently, we hoped and believed Simonini would get over the hump” but that “over the last few days, reality has belied hope and belief.” They said that “we realize that the real estate market has been and continues to be worse than any of us thought even remotely possible.”
The full article can be read here: Simonini Builders Shutting Down due to ‘Catastrophic Changes’. Look for an upcoming post very shortly that is going to reinforce this notion that the world has changed “catastrophically” and we are all in for the fight of our financial lives…MCL and us.