ADVFN - Advanced Financial Network.
HOME» NYSE » L » LEN Stock Price » LEN Stock News

Lennar Share News

 Lennar Corp. Stock Price
LEN Stock Price
 Lennar Corp. Stock Chart
LEN Stock Chart
 Lennar Corp. Stock News
LEN Stock News
 Lennar Corp. Company Information
LEN Company Information
 Lennar Corp. Stock Trades
LEN Stock Trades

Builder Lennar Bulldozes Unfinished Homes For New Community

By Dawn Wotapka Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- As builders struggle to compete with bargain-priced inventory, particularly foreclosures, they've downsized and simplified new homes. They are also tearing them down. Builder Lennar Corp. (LEN) recently demolished eight partially built California homes to make way for new construction. In Visalia's Eagle Glen subdivision, Lennar plans 70 single-story homes starting at $197,500 and priced as high as $250,000. To be sure, this was not the same as Lennar demolishing homes it had built. Eagle Glen was originally developed by Ennis Homes and Ennis Land Development, but those companies filed for Chapter 11 bankruptcy in 2009, the Fresno Bee reports. The company planned to keep the development as it emerged from bankruptcy--which some builders have managed to do--but Ennis' website says the company is closed. Ennis couldn't be reached. The lots were purchased this year for an undisclosed price, said Charles Schein, a spokesman for Lennar's Central Valley division. Schein said Lennar looked into completing the homes, but they were exposed to the elements for too long and couldn't be salvaged. Miami-based Lennar recycled some of the materials and donated what could reused to Habitat for Humanity, which builds affordable homes for the working class. The demolition reflects consumers' changing tastes. Some of the razed homes were two stories with multiple gables and defined entryways, designs that commanded hundreds of thousands of dollars during the housing market's heyday. They were as big as 3,000 square feet, while Lennar says the average home size at Eagle Glen will be 1,800 square feet. "We've adjusted our offerings to fit the needs of the people today," said Schein, a spokesman for Lennar's Central Valley division. Visalia is north of Bakersfield, Calif., one of the areas hardest hit by the housing crash. Overbuilding led to price declines, fueling the foreclosure crisis. Desperate builders realize they have to change to survive. While bulldozing vacant houses for urban renewal isn't rare, tearing down new construction remains rare--though plenty of unfinished homes remain in boom-to-bust markets. In 2009, Guaranty Bank of Austin wrecked 16 new and partially built homes in Victorville, Calif., acquired through foreclosure, while KB Home (KBH) razed three model homes in Marana, Ariz. -By Dawn Wotapka, Dow Jones Newswires; 212-416-2193; dawn.wotapka@dowjones.com

Stock News for Lennar (LEN)
DateTimeHeadline
07/29/201509:25:00Residential Construction Equities Technical Analysis -- KB Home...
07/15/201508:00:00Lennar Announces First Closing of Lennar Multifamily Venture...
07/08/201518:21:00Lennar Grand Opens First Multigenerational Homes at Stapleton...
07/07/201518:27:16Home Builder Five Point Files for IPO
06/24/201516:34:07U.S. Stocks Fall on Greece Worries
06/24/201515:20:06U.S. Stocks Fall on Greece Worries
06/24/201515:16:17U.S. Stocks Fall on Greece Worries
06/24/201513:09:57Lennar Profit Jumps as Deliveries, Prices Rise -- 2nd Update
06/24/201508:30:18Lennar Profit Jumps as Deliveries, Prices Rise -- Update
06/24/201507:40:08Lennar Profit Jumps as Deliveries, Prices Rise
06/24/201507:08:41Lennar Profit Jumps as Deliveries, Prices Rise
06/24/201506:00:00Lennar Reports Second Quarter EPS of $0.79
06/23/201516:30:00Lennar Corporation Declares Quarterly Dividends
06/18/201517:02:02Stocks to Watch in Homebuilding: Lennar
06/10/201515:39:00Lennar Corporation's Second Quarter Earnings Conference Call...
05/21/201505:39:02Billionaires Are Flocking to These Stocks -- Should You, Too?
05/20/201512:15:10What Is the S&P 500 Index?
05/05/201508:59:44Lennar Bets on Silicon Valley's Spread
04/21/201516:59:00Lennar Prices $500 Million Of Senior Notes
04/08/201516:30:00Lennar Corporation Declares Quarterly Dividends

Lennar and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad