Taylor Morrison Homes closes Tampa office, lays off workers

Taylor Morrison Homes is closing its Tampa divisional headquarters and merging operations with its Sarasota office.

An undisclosed number of people will lose their jobs with the closing of the office at 12802 Tampa Oaks Blvd. in Temple Terrace, including Tampa division president Michael Storey.

Taylor Morrison is the region's 6th largest builder. Through November 2008, annual closings totaled 214 in the Tampa Bay area. The company cited declining home sales for its decision to consolidate offices.

The company was created in 2007 with the merger of two British builders: Morrison Homes and Taylor Woodrow Homes.

Taylor Morrison is expected to continue building in Tampa area neighborhoods. It's been active in places like Connerton and Stonebriar in Land O'Lakes, Ladera in Lutz, Fish Hawk Ranch in Lithia and K-Bar Ranch north of Tampa.

Comments

...and more Kool-Aid>>>
Centex is still sending out flyers advertising 3.5% teaser rates. As long as toxic ARMs are available, the foreclosure problem ain't going away.
Where are the regulators??
Feh.

[Steve]

It's ashame to see so many people losing their jobs. I feel for many of the employees, as they are just trying to earn a living like the rest of us...

Whether you like or dislike homebuilders, no one is a winner in this situation.

I hope (and pray) that things start to improve soon for Tampa, and the whole United States.

[Fuzzy Bear]

"Where are the regulators??"

Excellent point!

I would have to agree with Steve as it is a shame to see so many people lose their jobs due to the excessive greed in the real estate and building markets.

Excessive greed and bubble markets often end up in significant job loses in any given market. The same thing happened when the dot com bubble burst leaving thousands unemployed and it will happen again in the next bubble.

[Bill]

Teaser rates or introducory rates have been around for decades, even before the toxic scams of recent. It is not the teaser rate but the full disclosure along with proper and legitimate loan qualification criteria that are the issues. Adjustable Rate and Introductory Rate do not have to mean negative amortization either.

In today's market the Teaser Rate can have significant value in offsetting some lack of buyer confidence issues.

For example let's say that you can qualify legitimately for a $2000/mo mortgage but you are hesitant to increase your personal overhead in this troubled economy. If you can buy the same home and make about the same payments as you are currently paying in rent for the next year (not to mention the tax breaks...), you may feel more comfortable making the purchase while prices are still low.

You just need to know and understand that your payments will be $2000/month next year and budget responsibly. You need to qualify at the true interest rate and not the teaser rate. And if you still view your home purchase like a trip to Las Vegas, then there are no regulators who can keep you from ruining your life.