Ryland Homes

The Ryland Group, Inc.
Subsidiary
Traded as NYSE: RYL
Industry Homebuilding
Fate Merged with Standard Pacific Homes to form CalAtlantic Homes.
Founded 1967
Headquarters Westlake Village, California, United States
Key people
 Larry Nicholson (President and CEO)
Products Home construction, real estate, financial services
Revenue $2.6 billion USD(2014)
Number of employees
 1,400 [1]
Website www.ryland.com

Ryland Homes was the United States' 5th-largest new homebuilder in 2013 as ranked by Builder magazine and developer. The builder, based in Westlake Village, California, built over 315,000 homes across the United States since its inception, focusing primarily on first-time homebuyers and first- and second-time moveup buyers.[2][3] Ryland currently builds in 17 states and the District of Columbia.[4]

In addition to its homebuilding segment, Ryland's other business unit is RMC Mortgage Corp. which specializes in financial services such as consumer mortgages, title, and escrow services.[3][5]

In June 2015, Ryland Homes and Standard Pacific Homes announced the companies were merging. The combined company is expected to be the nation's fourth largest home builder.[6]

in October 2015, the merger became official and the two businesses now operate as CalAtlantic Homes[7][8]

History

James P. Ryan left Pittsburgh, Pennsylvania-based Ryan Homes in 1967 to form the James P. Ryan Company, and the new company became the first and largest builder in the planned community of Columbia, Maryland. Subsequent construction in HUD Title VII developments were launched in Baltimore, Reston, and Houston during the 1960s.[9][10]

In 1970, Ryan noticed a "Maryland" sign with the initial "M" and "A" covered, and shortly thereafter the company changed its legal name to The Ryland Group, Inc. Ryland made its initial public offering in 1971 and continued its national expansion during the 1970s. By 1977 it had reached the 10,000-home milestone by expanding into Georgia, Pennsylvania and Delaware, while deepening its market penetration in Texas and Virginia.

Ryland acquired Cincinnati, Ohio-based Crest Communities in 1978, a company led by James Ryan's younger brother William Ryan. In 1983 Jim Ryan retired, stating "the company needed someone with more marketing sense."[11] By 1991, revenue had increased to $1.2 billion, with operations in 15 states.

Criticism

In 2006, a class action lawsuit against Ryland Homes was certified in Orlando, Florida, related to problems with water seepage and leakage.[12] The case was settled in 2008, with Ryland paying $3.25 million to resolve the claims, $2 million of which was to go directly to homeowners.[13]

In 2007, Ryland Homes was sued in federal court in Atlanta alleging the company forced buyers to obtain mortgages through Ryland Mortgage Co. or pay an additional several thousand to use an outside mortgage provider.[14]

In 2011, Ryland settled a suit for $1.2 million that alleged Ryland had failed to disclose that 118 homes in the Newport subdivision, near Orlando, Florida, were built on or near the former Pinecastle Jeep bombing range.[15]

References

  1. ↑ "Careers". Ryland.com. Retrieved 30 October 2017.
  2. ↑ "RYL - Ryland Group - Fortune 500 2006 - CNNMoney". money.cnn.com. Retrieved 30 October 2017.
  3. 1 2 "Forbes - List Information and News - Forbes.com". Forbes. Retrieved 30 October 2017.
  4. ↑ "Investors - CalAtlantic Homes". Ryland.com. Retrieved 30 October 2017.
  5. ↑ "untitled" (PDF). Images.ryland.com. Archived from the original (PDF) on 28 September 2007. Retrieved 30 October 2017.
  6. ↑ "Stocks of Standard Pacific, Ryland jump after merger plans announced". LATimes.com. 2015-06-15. Retrieved 2015-06-15.
  7. ↑ "Company Overview". Calatlantichomes.com. Retrieved 2017-05-12.
  8. ↑ "CalAtlantic: The Future of Ryland and Standard Pacific Starts Now". Builder. 2015-10-01. Retrieved 2017-05-12.
  9. ↑ "Offices". Ryland.com. Retrieved 30 October 2017.
  10. ↑ Kevin Thomas (June 14, 1992). "Firms and profits flourished on Columbia's fertile ground". The Baltimore Sun.
  11. ↑ Joseph Rocco Mitchell, David L. Stebenne. New City Upon a Hill. p. 84.
  12. ↑ "Homeowners Get Class Action Lawsuit Against Ryland Homes". Wesh.com. 23 May 2006. Retrieved 30 October 2017.
  13. ↑ "Ryland Homes to pay $3.25 million settlement in homeowners' class action lawsuit". Bigclassaction.com. Retrieved 30 October 2017.
  14. ↑ "Suit claims home builder violated mortgage law". Bizjournals.com. Retrieved 30 October 2017.
  15. ↑ "Homeowners near former bombing range settle suit for $1.2 million". Articles.orlandosentinel.com. Retrieved 30 October 2017.
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