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 Las Vegas Looking Up, Am West Comes Out of Chapter 11 View next topic
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Aristotle
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Joined: 05 Dec 2007
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Las Vegas Looking Up, Am West Comes Out of Chapter 11
PostPosted: Sat Apr 06, 2013 4:08 am Reply with quoteBack to top

There is a lot of new homebuilding activity in Las Vegas as of April 2013. While the new homebuilding is predominantly small homes, Pardee has been building 4000 sq. ft. homes in the far SW of the Las Vegas Valley.

Even more interesting Lennar has announced that it has acquired a large group of lots in a gated portion of the Southern Highlands community at the south end of the Valley. They have started advertising that they are going to be building homes in the 4000 sq. ft. range with prices in the high $500,000's. It looks like they will not be doing "spec building" and that buyers will need to order homes. In my experience on the West Coast, Lennar usually has very smart management, so I will be very interested to see if they can actually sell pricey homes in the project.

Most interesting in the Las Vegas homebuilding world, #88 on the Implode-O-Meter's list, American West Homes, has come out of Chapter 11 alive, with control over all of their land inventory. Their court-approved Chapter 11 Plan keeps Larry Canarelli Family Trust as principal shareholder, and day-to-day operations are being handled by younger people he's hired.

This seeming miracle is thanks in large part to American West's San Diego area based bank which acted rationally and left Canarelli and current management in the driver's seat, despite the bank having "Don-the-Destroyer" (who demolished Woodside Homes original ownership) as its lawyer. Apparently Don-the-Destroyer can be very nice when his client wants him to be that way.

Kudos to the bank and to Larry.

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Aristotle

As Yogi Berra said "It's like deja vu all over again."
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