M/I Homes Inc., From Family-Owned to National Leader

M/I Homes Inc. has been in business for more than 30 years. Founded in 1976 by Irving and Melvin Schottenstein, M/I Homes has produced homes for nearly 90,000 homeowners. What started as a family-owned business, M/I Homes has grown into one of the largest homebuilding companies in the nation.

The Columbus, Ohio-based company consists of two distinct operations and reporting segments: homebuilding and financial services. The company’s financial services operations support the company’s homebuilding operations by providing mortgage loans and title services to the customers of its homebuilding operations. The company designs, markets, constructs and sells single-family homes, attached townhomes and condominiums to move-up, empty-nester and luxury buyers, with a particular focus on value-focused buyers. Currently, the homebuilder offers homes for sale within 12 markets located in eight states including: Ohio, Indiana, Illinois, Florida, Texas, North Carolina, Virginia and Maryland. Built upon the belief that the more a homebuyer knows about the homebuilding and buying process, the more comfortable they will be, M/I Homes created the Confidence Buyer Program to build on that commitment.

Part of this program is the Design Center offered by M/I Homes to allow homebuyers to choose their style of home they prefer—a feature becoming more common in the production homebuilding industry. “Our M/I designers are experts at helping buyers create a fully coordinated look with the finishes they select, and with so many different choices available, buyers will be able to achieve exactly the style they want,” said Cheryl Bonk, vice president of sales and marketing for M/I Homes.

Most recently, M/I Homes announced it will unveil three new models at Kettering Estates, its community of 241 single-family homes in Lemont, Ill. “Kettering Estates is our largest new-home community yet in Chicago, which means we’re able to offer buyers a tremendous range of choices in this terrific Lemont location,” said Ron Martin, region president of M/I Homes.

M/I Homes continues to thrive in a wavering economic environment and an even more unstable homebuilding industry. M/I Homes’ fourth quarter and year-end results in 2015 show a 69 percent pre-tax income increase from 2013. Robert H. Schottenstein, chief executive officer and president, commented, “We are pleased with our fourth quarter and full year results highlighted by earning $69.7 million of pre-tax income, a 69 percent increase over 2013.”

He continues, “With our broad geographic footprint, opportunities for growth in Texas as well as our other markets, and well located existing communities along with the quality of the significant number of new communities that we plan to open in 2015, we believe we are positioned to grow and further improve our profitability and strengthen our returns in 2015.”

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