Tampa Bay area home builder loses half a billion
Bad news from Lennar, the huge Miami-based builder that has suburban projects all over the Tampa Bay area. Here's the latest on a whopping $514-million quarterly loss.
In a morning conference call, Lennar's executives singled out August as a horrible month, describing it as a "melting pot of all things negative.'' In the face of sales off more than 40 percent, the company has ditched 138,000 home sites it had once planned to build on.
The Miami-based company said it's boosted incentives per house by $10,000 the past year but vowed to avoid "fire sales." Some housing analysts took the builder to task for not cutting prices enough relative to competitors like Hovnanian/Windward and Standard Pacific.
(Un)Real Estate offers a peek at the housing market usually reserved for insiders. While it focuses on the Tampa Bay area, it won't neglect dipping
into the rest of Florida and beyond. Its goal? Simple: To help you keep a roof over your head without losing your shirt.
Lennar is a cut throat company that uses up employees and devestates our natural resources and environment. I personally hope they go out of business.
Posted by: John | October 16, 2007 at 07:15 AM
I guess everything is included at Lennar. To bad. They could afford to overcharge when the market was hot. Hope they put a little away for the rainy season.
Posted by: Tom T. | October 16, 2007 at 11:56 AM