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 Pulte & Lennar Sell Land for 10 Cents on Dollar View next topic
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Aristotle
Nitroglycerin


Joined: 05 Dec 2007
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Location: On a sand dune, sipping a cold soda

Pulte & Lennar Sell Land for 10 Cents on Dollar
PostPosted: Sat Jul 05, 2008 8:19 pm Reply with quoteBack to top

According to the Sacramento Business Journal, a partnership between Pulte and Lennar have sold land, with subdivision improvements, for 10 cents on the dollar, based on their purchase price and cost of improvements built prior to sale. See:

http://webtracy.blogspot.com/2.....ancho.html

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Aristotle

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


Joined: 13 Dec 2007
Posts: 2417

Re: Pulte & Lennar Sell Land for 10 Cents on Dollar
PostPosted: Sat Jul 05, 2008 8:23 pm Reply with quoteBack to top

Aristotle wrote:
According to the Sacramento Business Journal, a partnership between Pulte and Lennar have sold land, with subdivision improvements, for 10 cents on the dollar, based on their purchase price and cost of improvements built prior to sale. See:

http://webtracy.blogspot.com/2.....ancho.html


This is going to be a very rough ride. No one can make it with losses like that.

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"Since the general civilization of mankind, I believe there are more instances of the abridgement of the freedom of the people by gradual and silent encroachments of those in power than by violent and sudden usurpations." - James Madison - 1788
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Jerkdog
Dud?


Joined: 10 Jul 2008
Posts: 2

Not quite accurate...
PostPosted: Thu Jul 10, 2008 6:19 pm Reply with quoteBack to top

I think the blog posted in the above link may have confused things a bit since the article they're linking to is actually about a partnership between Centex and Pulte.

Also, the blog writer is confusing two separate and distinct neighborhoods that Centex was pursuing in Rancho Cordova. The two nbhd's are separated by about a mile or two. Also, the one with the models and the first release of homes was solely owned by Centex and was sold to an affiliate of a local builder and the much larger property that was in a partnership with Pulte was sold to a local land developer. Two different properties, two different places.
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