Despite Recent Slowdown, Outlook for New Builder Projects Continue to Improve
PALM BEACH, Florida, August 1, 2017 /PRNewswire/ --
Last week's GDP growth was a confidence builder for developers as the improving labor may be expected to provide support for continued growth. The shortage of inventory in spots has kept prices on the rise as some experts do not expect the market to stumble as long as there is continued job growth, an increase in wages, and demand continuing to grow among Millennials. Active developers and builders in the market today include: ProGreenUS, Inc. (OTC: PGUS), Hovnanian Enterprises Inc. (NYSE: HOV), PulteGroup Inc. (NYSE: PHM), D.R. Horton Inc. (NYSE: DHI) and KB Home (NYSE: KBH)
ProGreenUS, Inc. (OTCQB: PGUS), is a U.S. company engaged primarily with investments in agricultural and real estate projects in Baja California, Mexico, both through its joint venture partnership with Inmobiliaria Contel S.R.L.C.V. (Contel) and through its majority-owned Mexican subsidiary Procon Baja JV (Procon), http://www.CieloMarBaja.com.
ProGreenUS, Inc. today launched the second pre-sales reservation offer for lots in the planned 5,000-acre oceanfront development, Cielo Mar, in Baja California, Mexico. The first reservation offer closed in June. Cielo Mar, located in the Bahia del Rosario (Bay of El Rosario) on the Pacific Coast of Baja, is being designed as a gated, resort-style international vacation and retirement community with integrated solar roofs on every home, and green, sustainable technology throughout. "The temperate climate on the west coast of Baja California closely matches that of San Diego, where it is never very hot or very cold, " says Jan Telander. "With this climate and the abundance of sunshine year-round, there are few locations on earth as well-suited for all that we are planning for Cielo Mar." Read this and more news for ProGreenUS at https://finance.yahoo.com/quote/PGUS/press-releases?p=PGUS.
This second reservation offer is limited to 5 Oceanfront, 10 Golf and 35 General lots. Reservations secure for the holder a priority for choice of lots, as well as a 40% discount to the prices that will be listed at the time of the public market launch, once the Master and Parcellation Plan has been published. No subsequent reservations will be offered with this discount. Interested parties may place their reservations on the development's website at http://www.cielomarbaja.com.
In other developer and news happenings from the industry:
Hovnanian Enterprises Inc. (NYSE: HOV) closed down slightly on Monday at $2.20 trading over 1.8 million shares by the market close. Hovnanian recently announced that in connection with the previously announced tender offers (the 'Tender Offers') by its wholly-owned subsidiary, K. Hovnanian Enterprises, Inc. ('K. Hovnanian'), to purchase for cash any and all of its $75 million 10.000% Senior Secured Second Lien Notes due 2018 (the '2018 Notes'), $145 million 9.125% Senior Secured Second Lien Notes due 2020 (the '2020 9.125% Notes') and $577 million 7.250% Senior Secured First Lien Notes due 2020 (the '2020 7.25% Notes' and, together with the 2018 Notes and the 2020 9.125% Notes, (the 'Tender Notes') and related consent solicitations (the 'Consent Solicitations') on the terms and subject to the conditions set forth in an Offer to Purchase and Consent Solicitation Statement, dated June 26, 2017 (as supplemented by the supplement dated July 10, 2017, the 'Statement'), and in the related Letter of Transmittal and Consent (the 'Letter of Transmittal' and collectively with the Statement, the 'Tender Offer Documents').
PulteGroup Inc. (NYSE: PHM) closed up slightly on Monday with over 3.6 million shares traded by the market close. The company recently announced financial results for its second quarter ended June 30, 2017. For the quarter, the Company's reported net income was $101 million, or $0.32 per share. Adjusted net income for the period was $148 million, or $0.47 per share. Adjustments to the Company's reported results include a pretax charge of $121 million associated with the Company's previously announced decision to dispose of select non-core and underutilized land assets, a net pretax benefit of $8 million relating to warranty and construction defect reserve adjustments, and $24 million of net tax benefits recorded during the period. Read more here: https://finance.yahoo.com/news/pultegroup-reports-second-quarter-2017-103000320.html.
D.R. Horton Inc. (NYSE: DHI) closed down slightly on Monday at $35.69 trading over 3.8 million shared by the market close. D.R. Horton recently announced net income for its third fiscal quarter ended June 30, 2017 increased 16% to $289.0 million, or $0.76 per diluted share, from $249.8 million, or $0.66 per diluted share, in the same quarter of fiscal 2016. Homebuilding revenue for the third quarter of fiscal 2017 increased 17% to $3.7 billion from $3.1 billion in the same quarter of fiscal 2016. Homes closed in the quarter increased 16% to 12,497 homes compared to 10,739 homes in the prior year quarter. Read more here: https://finance.yahoo.com/news/d-r-horton-inc-america-100000781.html.
KB Home (NYSE: KBH) closed down slightly on Monday at $22.92 trading over 1.9 million shares by the market close. KB Home announced it completed an amendment to its unsecured revolving credit facility to increase the borrowing availability to $500 million from $275 million, with a $250 million letter of credit sublimit, and extend the maturity date to July 2021 from August 2019. The amended credit facility also contains an accordion feature under which the borrowing availability can be further increased to $600 million, subject to additional lender commitments. "We are taking another important step forward in executing on our returns-focused growth plan, by increasing the capacity of our credit facility. With this added liquidity and financial flexibility, we expect to further improve our asset efficiency, as we productively deploy excess cash and utilize the credit facility to meet our short-term capital needs," said Jeffrey Mezger, Chairman, President and Chief Executive Officer.
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