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The small custom builders are in a world of hurt. the only companies with money have the pull at the banks for any loan money. Tract builders will be taking over most of the building here for the forbeable future. Weekly and royal oaks are now the only people building here in lakestone village in Fuquay.
That is not good. It seems to be happening to more and more developments. I wonder if anyone has a list of developments which are still only custom builders and if they are still building? I have seen some custom builder developments that seem to be at a stand still. They only build pre-sales, which is pretty slow.
If there has to be a tract builder I'll take Lennar over Pulte/Centex, KB, or many others.
This really should not have a huge effect on the Heritage and Woodlands sections-they are pretty much built out. Just a few lots left in those sections.
It doesn't appear as if L and L are pulling out but they simply don't have the volume to complete the Commons quickly enough for the developer. John Brown has demonstrated a willingness to sell out his local builders before (see Hilliard Forest).
Lennar's price points don't seem to be significantly undercutting the other PAWL builders either. Their model home is already up and it's not exactly a sore thumb-Hardiplank, decent detailing, etc.
I think this is simply a case of Lennar having the resources that L&L didn't, and if it enables the neighborhood to build out that much quicker that's ok. PAWL is far enough along that Lennar can't redefine it at this point.
Interesting that many of these lots passed through L and L of Raleigh 18 days before Lennar bought them.
I.e., Ownership History - 0377926
a nice 19% return for L&L for 18 days investment
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