With home prices ranging from $92,000 to $630,000, Shugart
consistently had about 30 developments in the works.
Going into the slump, the builder had 700 lots in its inventory.
It's taken five years to work through that inventory, and Shugart Enterprises founder Grover Shugart is finally moving forward with some new projects - and a smaller appetite.
This spring, Shugart
is beginning development on 183 lots across six new communities Triadwide.
It's also building out 90 lots via additional phases in four of its existing developments.
That total of 273 new building lots is a far cry from the 621 closings Shugart Enterprises notched in 2007.
But for Shugart
, that's the whole idea.
"We're not looking to get as large as we were before.
We have no desire for that," said Shugart
, who started the firm in 1966.
But the smaller-scale development and revamped pricing had to be done to make Shugart
Enterprises competitive with other builders who snapped up cheap bank-owned lots throughout the recession, Shugart said.
"We've just been trying to fill in.
It doesn't make any difference how small it might be," Shugart