Ryland Homes

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The Ryland Group, Inc.
Type Public
Traded as NYSERYL
Industry Homebuilding
Founded 1967
Headquarters Westlake Village, California, USA
Key people Larry Nicholson (President and CEO)
Products Construction, Real estate, Homebuilding, Financial services
Revenue $1.3 billion USD(2012)
Employees 1,400 [1]
Website www.ryland.com

Ryland Homes is the United States' 6th-largest new homebuilder (2013) ranked by Builder Magazine and developer. The builder, based in Westlake Village, California, has built over 310,000 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]

History[edit]

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.[6][7]

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 Ryland had continued its national expansion during the 1970s, and by 1977 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. By 1991, revenue increased to 1.2 billion with operations in 15 states.

Criticism[edit]

In 2006, a Class Action lawsuit against Ryland Homes was certified in Orlando, Florida related to problems with water seepage and leakage. [8] 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.[9]

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.[10]

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.[11]

External links[edit]

References[edit]

  1. ^ Ryland Homes – New Homes by Ryland Homes
  2. ^ RYL - Ryland Group - Fortune 500 2006 - CNNMoney
  3. ^ a b RYL - Ryland Group Inc., The At A Glance - Forbes.com
  4. ^ Ryland Homes – Investors
  5. ^ untitled
  6. ^ Ryland Homes – The Ryland Timeline
  7. ^ Kevin Thomas (14 June 14 1992). "Firms and profits flourished on Columbia's fertile ground". The Baltimore Sun. 
  8. ^ http://www.wesh.com/Homeowners-Get-Class-Action-Lawsuit-Against-Ryland-Homes/13097980
  9. ^ http://www.bigclassaction.com/settlement/ryland-homes-hurricane-flood-damage.php
  10. ^ http://www.bizjournals.com/atlanta/stories/2007/07/16/story11.html?page=all
  11. ^ http://articles.orlandosentinel.com/2011-02-17/news/os-bombing-range-lawsuit-southeast-or20110216_1_bombing-range-pinecastle-jeep-range-bombs-and-munitions-debris