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INCO HOMES CORP. ENTERS ARIZONA HOUSING MARKET -- SOUTHERN CALIFORNIA HOME BUILDER TAKES SUCCESSFUL ENTRY LEVEL STRATEGY TO PHOENIX

 UPLAND, Calif., Nov. 8 /PRNewswire/ -- Inco Homes Corp. (NASDAQ: INHM) a major builder of affordable single-family homes in Southern California, today announced the company has established an Arizona housing division and has entered into an agreement to purchase 73 lots in the City of Chandler, a Phoenix suburb. Inco also announced it has appointed David M. Kitnick, a veteran building executive and Phoenix-area resident, president of the company's newly created division.
 "We believe there's a substantial market in the greater Phoenix area for our affordable, value-driven approach to housing," said Ira Norris, chairman, president and chief executive officer of Inco Homes. "Inco builds and markets among the lowest-priced, highest-quality entry-level homes in Southern California," he added. "We're targeting the same niche in the Arizona market."
 Inco has agreed to purchase 73 fully entitled lots in the Traditions East master-planned community of Chandler and expects to develop the property with single-family homes of approximately 1,200 to 2,000 square feet at starting prices from about $85,000. Inco is also actively negotiating for additional land parcels in the greater Phoenix area. The company expects to begin new home sales in Arizona in the first half of 1994.
 "The Phoenix housing market has experienced tremendous growth over the past two-and-a-half years, yet it remains well below peak start levels of the last decade," said Inco's new Division President Kitnick. "I think there's room in this market for Inco's unique approach to high- value, low-cost entry-level housing."
 Kitnick said the new Arizona division would seek to duplicate the basic operating philosophies that have helped produce Inco's growth in its Southern California markets, including conservative land investment policies; a disciplined, manufacturer's approach to purchasing and cost control; and a strong commitment to excellent relations with the company's subcontractors, employees and customers. Inco's new home sales have nearly doubled over the past three years, making it one of the largest builders in Southern California's housing market.
 Inco's new Arizona division initially will be located at the company's property in Chandler, at 275 North Lakeview Blvd. The office telephone is 602-899-1400.
 Inco Homes Corp. is among the largest home builders in Southern California. The company develops and builds affordably priced, single- family homes for the first-time and first-time move-up home buyers.
 -0- 11/8/93 /CONTACT: Steve Vliss of Inco Homes, 909-981-8989/
 (INHM)


CO: Inco Homes Corp. ST: California, Arizona IN: CST SU:

JB-LM -- LA009 -- 1563 11/08/93 08:05 EST
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Publication:PR Newswire
Date:Nov 8, 1993
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