Does anyone know what builder took over Standard Pacifics lots... (Spring: real estate, houses)

[mrstxcop]

My in-laws live in The Preserve of Indian Springs --- their builder is Lennar --- they are the last house that belongs to Lennar on their street and everything to the left of them was empty lots on their street --- there was also 1 whole block that was nothing but empty lots...

--- since SP pulled out of SA the lots have been empty --- this past weekend we went over there since moving out in October and all of a sudden there are 6 houses being built --- all are mid construction and look like they will be complete in about another 6weeks or so --- the in-laws don't know who the builder is and there are no signs up --- according to the in-laws Lennar had said they were not purchasing the lots ---

just wondering if anyone had any info...

[dvlpr]

All StanPac lots in SA were sold to a partnership between two large real estate funds. This partnership still owns the vast majority of them.

The homes under construction are by Lennar, and they have a right to purchase additional lots in the future. But nothing is certain in the homebuilding world right now.

By the way, Horton sold all of their remaining lots & land in Indian Springs in September.

[mrstxcop]

Originally Posted by dvlpr

All StanPac lots in SA were sold to a partnership between two large real estate funds. This partnership still owns the vast majority of them.

The homes under construction are by Lennar, and they have a right to purchase additional lots in the future. But nothing is certain in the homebuilding world right now.

By the way, Horton sold all of their remaining lots & land in Indian Springs in September.

wow, thanks for the info --- it's strange why Lennar would purchase these additional lots when they have tons of empty lots on the other side of the neighborhood that they already own ---

[dvlpr]

Lennar doesn't own the majority of those lots. They're owned by a seperate partnership. And as builders/developers like StanPac are forced to sell at distressed prices, builders are able to pick them up a reduced price and lower the overall cost of the product.

It's happening across the market - quietly.