Although the title of the UT article sounds so upbeat (Lennar to house urban divisions under one roof), it’s basically a layoff. Lennar is laying off 1/3 of its 25 employees in its SD urban division.
Home builders, realizing their profits are in jeopardy, are cost cutting and reorganizing before next quarter’s results can show a downtrend in sales/profits.
Little tidbit here. I was looking over the recent sales figures from one of the Lennar projects at Bressi Ranch last week and I noticed that although that project hadn’t changed its base prices from 3rd qtr 2005 it had stopped adding all the “options and upgrades” onto the sale prices. The base prices for that project now include what used to be at least $40,000 worth of extras. The final prices for the sales currently closing are lower than they were in 2005, the high point being the beginning of the 3rd quarter.
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1 Bedroom: From $315,000
2 Bedroom: From $435,000
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1970 Columbia St.
San Diego, CA 92101
619-501-7618 http://www.portaditalia.com
**To qualify for a broker co-op, client’s agent must accompany his client’s first visit to the Welcome Home Center. No referral fee will be paid when agent/broker is acting as principal/buyer. Lennar reserves the right to discontinue this program at any time. Prices are subject to change. See sales associate for more details.
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