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 Lennar, KB now fee building...... View next topic
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houston
Nitroglycerin


Joined: 02 Dec 2008
Posts: 661
Location: Houston, Texas

Re: Lennar, KB now fee building......
PostPosted: Tue Feb 23, 2010 3:36 pm Reply with quoteBack to top

Houston Builder, you might be a bit over critical of the Texas KB management teams. They may be severely constrained and they may be forced to following instructions regarding operations, but being able to "manage to expectations" is a talent all by itself. They are certainly caught between the proverbial rock & a hard spot - Corporate KB and unemployment. But, your point is understood.

By the way, how did you find out about Lennar's $3B loan and the terms? Do you have more the specifics?

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Houston Builder
Dyn-o-mite!


Joined: 09 Jan 2009
Posts: 351

Re: Lennar, KB now fee building......
PostPosted: Tue Feb 23, 2010 4:39 pm Reply with quoteBack to top

houston wrote:
They are certainly caught between the proverbial rock & a hard spot - Corporate KB and unemployment. But, your point is understood.

By the way, how did you find out about Lennar's $3B loan and the terms? Do you have more the specifics?


Thanks, KB is in an impossible situation, but their Martha Stewart decision was made locally (houston based management team) and kills them from having any hope of credibility in the eyes of the corp headquarters.

Big Builder has a good article about the Lennar-FDIC transaction:

http://www.bigbuilderonline.co.....ID=1194973
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Houston Builder
Dyn-o-mite!


Joined: 09 Jan 2009
Posts: 351

Re: Lennar, KB now fee building......
PostPosted: Thu Feb 25, 2010 10:42 pm Reply with quoteBack to top

wow, big statement by Lennar in DFW

http://www.star-telegram.com/2.....s-one.html

so everyone is buying in Texas except Beazer and KB
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mikestrong
Cherry Bomb


Joined: 07 Oct 2008
Posts: 118

Re: Lennar, KB now fee building......
PostPosted: Thu Feb 25, 2010 11:17 pm Reply with quoteBack to top

Houston Builder wrote:
wow, big statement by Lennar in DFW

http://www.star-telegram.com/2.....s-one.html

so everyone is buying in Texas except Beazer and KB


Beazer in TX's new division prez for Dallas is Louie Ocana. He used to run Centex in Dallas and one time for the Southwest region. From what I have heard they will start buying land very, very soon.
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Nelson
Dyn-o-mite!


Joined: 07 Nov 2008
Posts: 351
Location: Texas

Re: Lennar, KB now fee building......
PostPosted: Fri Feb 26, 2010 4:49 am Reply with quoteBack to top

You are probably right that Beazer will start buying, question is whether they will buy right. Not sure land buying is current management team's strong suit.

Sendera is probably a good long term hold for Lennar, but plenty of developed lots in area have recently sold for less than they can put lots on the ground. This purchase does not impact the competitive balance in the are the way Horton's buys and spec starts have.
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NewHomeDallas
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Joined: 05 Jan 2009
Posts: 404

Re: Lennar, KB now fee building......
PostPosted: Fri Feb 26, 2010 7:41 am Reply with quoteBack to top

I think it was a defensive move to keep the land away from the builders they don't want to compete with.
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Houston Builder
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Joined: 09 Jan 2009
Posts: 351

Re: Lennar, KB now fee building......
PostPosted: Fri Feb 26, 2010 8:36 pm Reply with quoteBack to top

NewHomeDallas wrote:
I think it was a defensive move to keep the land away from the builders they don't want to compete with.


Probably so - I don't know that area of Fort Worth, but based on the comments it sounds like a good area in the path of growth -

Whatever the reasoning, at least Lennar is allocating capital to new land deals - that's a good sign for them. Others have to hold on to their capital for survival. Only a few are reinvesting in order to get profitable returns.
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NewHomeDallas
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Re: Lennar, KB now fee building......
PostPosted: Sat Feb 27, 2010 1:50 am Reply with quoteBack to top

That is the Alliance area in Northwest Tarrant County. Two years ago it was either the nation's #1 or #2 selling area, depending on which study you read. This is where Ross Perot owns 17,000 acres thanks to General Motors. He told GM what they needed to do and they would have never lost a cent. Instead they paid him $750,000,000 to go away. Fort Worth's gain was GM's loss.
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Houston Builder
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Joined: 09 Jan 2009
Posts: 351

Re: Lennar, KB now fee building......
PostPosted: Sun Feb 28, 2010 11:00 pm Reply with quoteBack to top

NewHomeDallas wrote:
That is the Alliance area in Northwest Tarrant County. Two years ago it was either the nation's #1 or #2 selling area, depending on which study you read. This is where Ross Perot owns 17,000 acres thanks to General Motors. He told GM what they needed to do and they would have never lost a cent. Instead they paid him $750,000,000 to go away. Fort Worth's gain was GM's loss.


Sounds like Horton and Lennar will be duking it out in a great area - kind of like the good old days except now there is a lot less competition - Ryl, KB are too scared to play and the bowling ball is still making its way through the snake known as Pultex

I saw that KB is down to 4 communities in DFW?? wow, that shows the head office has no confidence in KB Texas.
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Nelson
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Joined: 07 Nov 2008
Posts: 351
Location: Texas

Re: Lennar, KB now fee building......
PostPosted: Mon Mar 01, 2010 11:54 pm Reply with quoteBack to top

Fort Worth is Horton's home base and they have a neighborhood on every corner. Lennar has had mixed success there. Kind of like a Big Brother litte brother fight.

Pulte used to be pretty strong in Fort Worth, but has now retreated pretty much out of Tarrant County.

Lots of the north Dallas executives never make it as far as Fort Worth and it has long been a starting point for lower priced privately owned builders such as Choice, First Texas, History Maker, Antares, Cheldan, McBee, Steve Hawkins and once upon a time Horton.

The politics can sometimes be rough, and the locals still retain an edge in some areas.
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