Meritage offers a variety of homes that are designed with a focus on first-time and first move-up buyers in Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina and Tennessee. Meritage offers a variety of homes that are designed with a focus on first-time and first move-up buyers in Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina and Tennessee. All estimates and claims related to energy savings/performance are created exclusively by third party suppliers, rating services, utility companies, and/or certified auditors, based on DOE methodology and average energy use and scores. Meritage is the industry leader in energy-efficient homebuilding and has received the U.S. Environmental Protection Agency's ENERGY STAR® Partner of the Year for Sustained Excellence Award every year since 2013 for innovation and industry leadership in energy efficient homebuilding.New Single-Family Housing Construction (except Operative Builders) (236115)Browse our commonly asked investor-related questionsHome updates and promotions delivered to your inboxPictures and other images are representative and may depict or contain floor plans, square footages, elevations, options, upgrades, landscaping, furnishings, appliances, and designer/ decorator features and amenities that are not included as part of the home and/or may not be available in all communities. Sterling, engaged in the construction and sale of high-quality, single-family homes in the San Francisco Bay and Sacramento areas, closed on 105 homes and generated earnings of $2.7 million before taxes on total revenues of $31 million in 1997. All rights reserved. Monterey Homes was founded in 1985 by two graduates of Chaparral High School and Arizona State University, William W. Cleverly and Steven J. Hilton, to build semi-custom luxury homes in the affluent Phoenix-area suburb of Scottsdale. Things looked good for the fledgling company. Meritage offers a variety of homes that are designed with a focus on first-time and first move-up buyers in Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina and Tennessee.The Company has designed and built over 125,000 homes in its 35-year history, and has a reputation for its distinctive style, quality construction, and award-winning customer experience. Any financing arrangement and relationship shall be solely between Buyer and Buyer’s Lender (whether or not Buyer has selected MTH Mortgage), and in no event shall Meritage Homes have any responsibility, obligation, or liability for any “Pre-Approval” provided by MTH Mortgage or any other lender, nor for any other matters or disputes that arise in connection with Buyer’s financing arrangement with Buyer’s Lender. In March 1998, Del Webb Corp. stunned the industry as it announced it was looking for a buyer for the veteran company, known for its Sun City developments throughout the West and Southwest. All estimates and claims related to energy savings/performance are created exclusively by third party suppliers, rating services, utility companies, and/or certified auditors, based on DOE methodology and average energy use and scores. The following month, the company acquired California-based builder Sterling Communities.
Following the company's opening move of being in the right place at the right time, in 1991, the company picked up a piece of property ideally located near the Scottsdale Fashion Square shopping center, the Galleria, and the Neiman-Marcus store in the posh neighborhood. As consumers, we often take for granted all the hard work that goes into building a great company. Find the latest Meritage Homes Corporation (MTH) stock quote, history, news and other vital information to help you with your stock trading and investing. The Monterey division builds single-family, move-up, and semi-custom, luxury homes. The company operates in nine states: Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee. Meritage's business is subject to a number of risks and uncertainties. As a result of those risks and uncertainties, the Company's stock and note prices may fluctuate dramatically. We estimate that will translate to approximately $8.75-9.25 of diluted earnings per share for the full year, including approximately $2.15-2.35 for the third quarter.”Total orders for the second quarter of 2020 increased 32% year-over-year, driven by a 42% increase in absorption pace over the prior year’s second quarter.

Cleverly and his company built homes on the property, attempting to capture the spirit of the house and saving as much of the citrus grove as possible. Not an offer or solicitation to sell real property. Legacy builds lower-end, entry-level, and move-up homes. Under the Monterey Homes name, the company's primary marketplaces include the Phoenix and Tucson, Arizona metropolitan areas. Legacy's sales in 1995 and 1996 were $62 million and $84 million, respectively. Total revenue for Monterey Homes for the year climbed to $61 million. Monterey launched MiraBella there, with 123 lots. Those savings were partially offset by contract termination walk-away charges of $3.3 million in the second quarter of 2020, compared to $0.5 million of related charges in the second quarter of 2019.Selling, general and administrative (SG&A) expenses were reduced to 10.3% of second quarter 2020 home closing revenue from 11.0% in the second quarter of 2019, attributed to slightly lower selling expenses, greater leverage of fixed expenses on higher home closing revenue and the immediate tightening of overhead expenses in response to the sharp but short-term decline in demand during March and April due to the nationwide spread of the pandemic.Pre-tax earnings increased 71% year-over-year for the second quarter. In addition, we have recently committed at least $250,000 to support Feed America for those in need.“Based on our current forecast, we believe we can generate between $4.0-4.3 billion in home closing revenue for the year, including $1.0-1.1 billion for the third quarter, with home closing gross margins around 21% for the third quarter and full year.

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