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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 fmuECSFxiQe5WbP/S/X3fQ==

<SEC-DOCUMENT>0000902691-03-000011.txt : 20031017
<SEC-HEADER>0000902691-03-000011.hdr.sgml : 20031017
<ACCEPTANCE-DATETIME>20031017171004
ACCESSION NUMBER:		0000902691-03-000011
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031017
FILED AS OF DATE:		20031017

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MDC HOLDINGS INC
		CENTRAL INDEX KEY:			0000773141
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				840622967
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		3600 S YOSEMITE ST STE 900
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
		BUSINESS PHONE:		3037731100

	MAIL ADDRESS:	
		STREET 1:		3600 S YOSEMITE ST
		STREET 2:		SUITE 900
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MIZEL LARRY A
		CENTRAL INDEX KEY:			0000902691

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08951
		FILM NUMBER:		03946650

	BUSINESS ADDRESS:	
		STREET 1:		3600 S YOSEMITE ST
		STREET 2:		STE 900
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
		BUSINESS PHONE:		3037731100

	MAIL ADDRESS:	
		STREET 1:		3600 S YOSEMITE ST
		STREET 2:		STE 900
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>f4lam101703_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-10-17</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000773141</issuerCik>
        <issuerName>MDC HOLDINGS INC</issuerName>
        <issuerTradingSymbol>MDC</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000902691</rptOwnerCik>
            <rptOwnerName>MIZEL LARRY A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3600 S YOSEMITE ST</rptOwnerStreet1>
            <rptOwnerStreet2>STE 900</rptOwnerStreet2>
            <rptOwnerCity>DENVER</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80237</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>Chairman of the Board and CEO</officerTitle>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock $.01 Par Value</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-17</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>58267</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>63.55</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>70876</value>
            <footnoteId id="F1"/>
            <footnoteId id="F2"/>
            <footnoteId id="F3"/>
            <footnoteId id="F4"/>
            <footnoteId id="F5"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>10% Shareholder</value>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
   <footnotes>
      <footnote id="F1"> Reporting Person directly owns 3,624,062 shares.</footnote>

      <footnote id="F2"> Reporting Person may be deemed to be an indirect beneficial owner of 995,820 shares owned by Reporting Person's spouse.</footnote>

      <footnote id="F3"> Reporting Person may be deemed to be an indirect beneficial owner of these 70,876 shares because he is the beneficiary of various trusts which own 50.6885% of the stock of CVentures, Inc., a corporation which controls the voting of these shares. In addition, Reporting Person owns 49.3115% of the common stock of CVentures, Inc. in his own name. The Reporting Person is a director and president of CVentures, Inc.</footnote>

      <footnote id="F4"> Reporting Person also may be deemed to be an indirect beneficial owner of 440,000 shares because he owns all of the voting units in CLCD LLC, a limited liability company that owns these shares. In addition, he is the beneficiary of various trusts which own 50.6885% of the stock of CVentures, Inc., a corporation which is the sole manager of CLCD LLC. Also, Reporting Person owns 49.3115% of the common stock of CVentures, Inc. in his own name and he is a director and president of CVentures, Inc.</footnote>

      <footnote id="F5"> Reporting Person indirectly owns 1,829 shares held in Reporting Person's 401K Savings Plan account which changes on a monthly basis.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>/s/ Larry A. Mizel</signatureName>
      <signatureDate>2003-10-17</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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