Full Description

Meritage Homes Corporation, incorporated in 1988, is a designer and builder of single-family attached and detached homes based on the number of home closings, in the southern and western United States. The Company offers a variety of homes for a range of homebuyers, including first-time, move-up, luxury and active adult buyers. It has operations in three regions: West, Central and East, which are comprised of 12 metropolitan areas in six states. The Company’s homebuilding and marketing activities are conducted under the name of Meritage Homes, Legacy Homes, and Monterey Homes. As of December 31, 2008, it was selling homes in 178 communities.

The Company focuses on homebuilding and related activities. Meritage Homes Corporation builds and sells homes in various markets, including Phoenix, Dallas/Fort Worth, Austin, Tucson, Houston, San Francisco Bay Area, Sacramento, Las Vegas, San Antonio, Los Angeles (Inland Empire), Denver and Orlando. It develops a design and marketing concept tailored to each community, which includes the determination of size, style and price range of homes. The Company also determines street layout, individual lot size and layout, and overall community design for the projects.

Meritage Homes Corporation acts as the general contractor for its projects and hires subcontractors on a project-by-project basis to complete construction at a fixed price. It enters into agreements with subcontractors and materials suppliers on an individual basis. The Company generally builds and sells homes in clusters or phases within its larger projects. Its homes are completed within four to six months from the start of construction, depending upon the geographic location, and the size of the home.