CP Morgan Going Bankrupt???Posted by Mike Taylor on Monday, February 9th, 2009 at 9:59am
Update: It is official...CP Morgan is out of business and shutting its doors as of 2/27/2009.
If you are a customer under contract with CP Morgan and are considering purchasing a new house, please call me!! I know which builders are stable and which ones are not. Don't let this happen again, email me or call me anytime 317-733-3667.
Let me just start out by saying that this is pure rumor and speculation at this point, but word on the street is the CP Morgan could be shutting its doors. I have heard that a shutdown is eminent and could come quite quickly.
If CP Morgan does goes out of business, they will join several other builders in the market who have either left Indianapolis or simply been forced to shut their doors. In the past couple of years, KB Homes left the market, Davis homes went under, Gunstra is all but shut down, and Portrait Homes is closing its doors.
I do know for fact that CP Morgan has had a series of layoff that have cut quite deep. However, in this market that is really not an indicator that a bankruptcy is coming. These layoffs are more than likely the builders shedding excess overhead as they adjust to the new housing market.
If this does go down, this will most likely rock the community of Indianapolis home builders and the general public. CP has been a big player in the market for quite some time and they sold a ton of homes.
Has anyone else heard these rumors? If they do go out of business, will this be a good thing or a bad thing for Indianapolis real estate?
UPDATE: Take a look at this blog post to see the latest rumors about Pulte Homes buying CP Morgan.
Mike Taylor is the broker/owner of Red Door Real Estate specializing in residential Indianapolis real estate. Red Door Real Estate services the entire Indianpolis area, but has a strong focus on the north side of Indianapolis including Geist real estate, Carmel real estate, and Fishers real estate.