FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * BUCHWALD HERBERT T 2. Issuer Name and Ticker or Trading Symbol MDC HOLDINGS INC [ MDC ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)__X__ Director                    _____ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(Last)         (First)         (Middle)
4350 S. MONACO STREET, SUITE 500
3. Date of Earliest Transaction (MM/DD/YYYY)
3/2/2020
(Street)
DENVER, CO 80237
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock $.01 Par Value  3/2/2020    J   V 4697  D $0  0  D 
 
Common Stock $.01 Par Value  3/2/2020    J   V 4697 (1) A $0  4697  I  Herbert T. Buchwald, PA 
Common Stock $.01 Par Value  3/2/2020    S    4697  D $40.72 (2) 0  I  Herbert T. Buchwald , PA (3)
Common Stock $.01 Par Value                 19795  I  By Buchwald Equity Fund, LLC (4)
Common Stock $.01 Par Value                 105  I  By BPR Management Corp. (3)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
(1)  Vountary filing to show change in ownership from direct to indirect, which need not be reported. Rule 16a-13.
(2)  The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $40.21 to $41.21 inclusive. The reporting person undertakes to provide M.D.C. Holdings, Inc., any security holder of M.D.C. Holdings, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
(3)  Shares owned by a corporation in which the Reporting Person is the controlling shareholder.
(4)  Shares owned by a limited liability company in which the Reporting Person is a managing member.

Remarks:
Exhibit List: Exhibit 24 - Power of Attorney

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
BUCHWALD HERBERT T
4350 S. MONACO STREET
SUITE 500
DENVER, CO 80237
X



Signatures
Herbert T. Buchwald 3/3/2020
**Signature of Reporting Person Date
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