A builder of manufactured homes says it will offer more optional features in the residences it produces.
Legacy Housing of Bedford, Texas, unveiled a "Legacy 250" initiative to coincide with the nation's 250th anniversary next year. The effort will include producing manufactured home models with such options as "hotel-quality" walk-in showers and 8-by-12 storage sheds, according to Legacy. The new features provide more value and allow owners to maximize their living areas, the company said.
Simultaneously, Legacy said CEO Duncan Bates, Chief Financial Officer Jeff Fiedelman and general counsel Max Africk have resigned following a year-long board review. Co-founder and Chairman Kenny Shipley will serve as interim CEO, and Legacy veteran Ron Arrington will become interim CFO, the company said.
Builders assemble manufactured homes, which are typically more affordable than traditional houses, in a factory and deliver them to lots. The U.S. Department of Housing and Urban Development regulates the industry.
Publicly held Legacy said it's one of the largest U.S. builders of manufactured homes. The homes it builds range from about 395 to 2,667 square feet, have one to five bedrooms and cost between $33,000 and $180,000, the company said.
In recent years, record home prices, elevated mortgage rates, and rapidly rising property insurance costs in some coastal areas have shut many people out of homeownership. The share of first-time homebuyers in the overall buying pool reached an all-time low of 24% between 2023 and 2024, according to the most recent figures from the National Association of Realtors.
Legacy's new management team will "prioritize operational excellence and innovation in manufacturing," the company said.
“The Legacy team has navigated the pandemic, rapid inflation, changes to interest rates and secular industry changes,” said Curtis Hodgson, another company founder, in a statement. “Looking forward, the Board of Directors is focused on a team and corporate structure that will enhance Legacy’s ability to maximize the value of its assets on the balance sheet, improve efficiency in production and deliver unparalleled value to the Legacy family of homeowners.”
Legacy has manufacturing plants in Texas and Georgia and ships homes across the country. It sells to mobile home dealers and park owners, who resell the homes to consumers.
“At the end of the day," Shipley said in the statement, "we want Legacy homeowners to sleep well in our homes and Legacy investors to sleep well at night owning our stock."