These homes are all appear to be owned by an investor group that made a bulk purchase of many of Lennar’s model homes in Bressi Ranch in 02/2005. The upgrades and options represent the best of what Lennar was offering for these projects. Model homes often sell complete with some or all of the furnishings, depending on whether the buyer wants to pay for them.
It looks like at least some of these homes are currently listed in the MLS, generally at prices that would result in a break even or a slight loss from their original prices after considering brokerage fees. I assume the original purchases all involved lease-back arrangements with the seller. Many of the lease-back agreements I’ve seen involve exhorbitant rental fees that far exceed what a typical tenant would normally pay. More than enough to pay the mortgage and insurance. If this is the case here, their losses may not be that high – they could possibly break even or clear a small profit.
Of course, all this assumes that the “investor group” isn’t another entity of Greystone/Lennar itself. If they actualy are investors I’d imagine they’re not that happy with the performance of this particular investment.
