With Chicago area home sales down, homebuilder Taylor Morrison is out

The firm sold off its portfolio of more than 200 lots in the suburbs

Chairman and CEO of Taylor Morrison Sheryl Palmer and Townhouses at Riverbank Crossing in Geneva
Chairman and CEO of Taylor Morrison Sheryl Palmer and Townhouses at Riverbank Crossing in Geneva

One of the nation’s top homebuilders has sold off its entire portfolio of over 200 suburban lots, following slow individual sales and pushback from one community over its construction plans.

Taylor Morrison sold 232 suburban lots in eight subdivisions to M/I Homes, according to Crain’s. Price and terms were not released.

Some of the bigger properties included 30 lots and a model home at Lincolnshire Trails, which was developed last spring; as well as 15 lots and a model home at Riverbank Crossing in Geneva.

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Across Chicago and its nine-county metro area, sales of single-family homes and condos have been declining, though prices remain high, according to recent reports.

Taylor Morrison sold just 47 of its homes in the portfolio last year, Crain’s reported, citing data by Tracy Cross & Associates.

Arizona-based Taylor Morrison faced some opposition last year in Rolling Meadows with its plan for over 100 townhomes. City officials said the three-story developments would be too tall for the area.

In addition to that planned construction, Taylor Morrison’s portfolio includes single-family homes, townhomes and development lots in Libertyville, Lake Barrington, Naperville, Hawthorn Woods, Lincolnshire, Geneva and Arlington Heights, according to the report. [Crain’s]Jacqueline Flynn