Lennar’s strong quarter bucked an industry trend. While the homebuilder saw its deliveries and orders increase, tight inventory has activity across the industry trending downward. The most recent data from the Department of Housing and Urban Development and the Census Bureau revealed housing starts hit lows in May while new home sales dropped 11.4% in April, HousingWire reported.
In a call with analysts Tuesday, company executives said they plan to focus on shorter-term land acquisitions and maintain a 7% to 10% growth rate for the company while reducing selling general and administrative expenses. Activity generated from the acquisition of Florida builder WCI, which was finalized earlier this year, should help attain that growth, officials said.
The company is also focused on expanding its offerings to first-time buyers, which make up 40% of its product mix currently. “The general trajectory is positive, even at the first-time buyer level, as the millennials start to unwind their doubling up and come to the market realizing that rental rates have gone up, and there is a real reason to go ahead and purchase,” Lennar CEO Stuart Miller told analysts, adding that first-timers are proving “flexible” as prices increase.
Babcock Ranch named 2021 Edison Awards finalist: International competition honors game changing innovations
BABCOCK RANCH, FL – Babcock Ranch, America’s first solar-powered town located in Southwest Florida, is among an elite group of finalists for the 2021 Edison Awards – an annual competition honoring the world’s top innovations…Read More
Guests at the Babcock Ranch Art Show can enjoy fresh air fun while being inspired by the work of more than 50 exceptional juried artists on Saturday, March 13, from 9 a.m. to 4 p.m.…Read More
Babcock Ranch posts highest year-over-year increase among RCLCO’s 50 top-selling master-planned communities of 2020
BABCOCK RANCH, Fla. (Jan. 8, 2021) – Babcock Ranch was named among the county’s 50 top-selling master-planned communities of 2020 by RCLCO Real Estate Advisors, with 540 home sales propelling America’s first solar-powered town to…Read More
Babcock Ranch leads Charlotte, Lee and Collier master planned communities in country’s top 50 list of 2020
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BABCOCK RANCH, Fla. (Jan. 8, 2021) – Luke Kenzik has been named Community Manager of the Babcock Ranch Residential Association. A Florida State University graduate with a bachelor’s degree in economics, Kenzik is a certified…Read More