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Business Observer Thursday, Jul. 30, 2015 6 years ago

Homebuilder's average price rises nearly 12%

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WCI Communities says strong demand for new homes helped boost the average selling price nearly 12% year-over-year.

BONITA SPRINGS — WCI Communities says strong demand for new homes in the second quarter pushed the average selling price closer to the $500,000 mark.

WCI says the average selling price per new home delivered in the second quarter was $476,000, up 11.2% compared with the same quarter one year ago. The Bonita Springs-based developer and homebuilder delivered 243 new homes in the second quarter, a 70% increase over the same quarter in 2014.

As a result, WCI reported net income of $9.8 million on revenues of $150.7 million in the second quarter ending June 30. That compares with net income of $4.3 million on revenues of $93 million in the same quarter in 2014.

“Demand for our homes and communities remains robust, supported by strong fundamentals in the attractive Florida real estate market. WCI Communities continues to scale and generate meaningful growth across our key operating metrics,” says Keith Bass, WCI's president and CEO, in a statement.

The outlook is positive. As of June 30, WCI's backlog contract value was $294 million, up 28% from the same time one year ago. The number of backlog homes totaled 627 at the end of the second quarter, a 45% increase from the prior year.

“In addition, we added over 1,000 home sites to our controlled home site inventory in the quarter to continue to position the company for sustained growth,” Bass says in the statement.

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