Orleans Homes Press Release 11/03/2011
Orleans Homes CEO George E. Casey, Jr.
Tells Urban Land Institute
That Homebuilders Must Adapt to "New Normal"
Bensalem, PA (November 3, 2011)
Orleans Homes CEO George E. Casey, Jr., told attendees at last week’s Urban Land Institute Annual Fall Meeting in Los Angeles that the housing downturn has given homebuilders an opportunity to reinvent themselves.
Chairing a panel entitled “Not Standing Still: What Builders are Actually Changing to Meet the New Reality,” Casey said builders need to accept the current level of new, for-sale home activity as the “new normal” for a while.
“Builders won’t make money doing things the way they used to,” he said. “At least there’s a business, even at current levels of activity. Homebuilders must figure out how to make money in this new environment. It is not impossible to do, but it will take a level of innovation and out-of-the-box thinking that is normally more associated with start-up tech companies than with homebuilders of the past. Those who do figure it out will be best positioned to prosper when a more robust market does return – and make no mistake, it will return.”
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