What does the history of quality mean for the KB Home?
Kaufman & Broad was a homebuilding company founded in 1957 in Detroit, Michigan.From 2000 to 2008 it was a Fortune 500 company and the first company to be traded on the New York Stock Exchange as a home builder.Its headquarters are in Los Angeles.
600,000 homes have been built by the company.It builds homes for first-time home buyers.
Donald Bruce Kaufman and Eli Broad founded the company in Detroit.Their first venture together was the construction of two model homes in the Northeast Detroit suburbs, where a new generation of first-time home buyers were flocking.They could price the houses so the monthly mortgage would be less than the rent for a two-bedroom apartment by streamlining the construction process and eliminating the basement.The model was christened the "Award Winner" by Kaufman and Broad.Kaufman and Broad built 600 homes in the Detroit suburbs within two years after 17 of them were sold.[6]
In 1960, fearing that the Detroit economy was too dependent on the automotive business, they moved to Phoenix, Arizona and expanded into California in 1963.After completing an initial public offering in 1986, the company changed its name to Kaufman and Broad Home Corporation.
As it expanded into new markets, the company has acquired other homebuilders.These purchases were made by New Mexico-based Opnel Jenkins in 1995 and by San Antonio- based Rayco Homes in 1996.The division in France was sold in 2007.
In 1997 the company built a life-sized replica of The Simpsons cartoon home in Henderson, Nevada.Homebuilding promotions have been done with Martha Stewart, Disney and the Ellen DeGeneres Show.
In 2001 a group of homeowners in Arlington, Texas, discovered that their homes were built on top of a bombing range from the 1940s and 50s which the military had cleared for development.The suit has been settled.The Army Corps of Engineers worked on the project.[9]
Bruce Karatz, president, CEO, and chairman of KB Home, resigned in November 2006 after an internal accounting probe into his alleged backdating of stock options.The head of human resources, Gary A. Ray, and the chief legal officer have resigned.Karatz and Ray picked grant dates under the company's stock option plans.According to the Wall Street Journal, Karatz was one of the highest paid executives in 2005, earning over $150 million from options.10
In April 2008, a report on the company's environmental, social responsibility and economic accomplishments was published.This report has been produced annually for 13 years by the company.[13]
Fortune named the company the "most Admired Homebuilder" four times.The overall green builder was ranked by Calvert Investments.It was [13].
The first community with solar as a standard feature was introduced in March 2011.There are no comments at this time.
In the 2012 fiscal year, the company delivered 6,282 homes in the United States and had revenue of over 1.5 billion dollars.At the height of the real estate boom in 2005, the company delivered close to 40,000 homes and had more than $9 billion in revenue.
The model home called KB Home ProjeKt was built in Henderson, Nevada.The home was intended to showcase sustainable, smart home technology and home building technology that supports the occupant's mental, emotional and physical health.[15][16]
A mortgage-free new home was built for veterans of the U.S. Air Force who sustained combat-related injuries in Afghanistan and Iraq.[17]
The 10th Energy Star Partner of the Year award was earned by KB Home in April 2020.[18][19]