Profits for homebuilder rise 229%

BONITA SPRINGS — WCI Communities sold more homes for higher prices in the most recent quarter compared with one year ago, which led to higher profits and revenues.

The Bonita Springs-based developer and homebuilder reported net income of $10.2 million on revenues of revenues of $150.2 million in the quarter ending Sept. 30. That compares with net income of $3.1 million on revenues of $89.7 million in the same quarter one year ago.

“Throughout our coastal markets, demand for our award-winning homes and communities remains robust,” says Keith Bass, WCI's president and CEO. “In addition, we continue to see positive demographic and economic indicators in Florida, which we believe will sustain the long-term growth of our housing markets.”

WCI sold 258 homes in the third quarter, an increase of 112 homes and 77% from the same quarter in 2014. The average selling price per home sold during the third quarter was $462,000, an increase of 8.2% over last year.

New orders during the third quarter rose 61% to 277 homes, and the contract value of new orders was $124.8 million, an increase of 48.6% compared with the third quarter of 2014.

As of Sept. 30, WCI's backlog contract value was $301 million, up 19.1% from one year ago. Backlog units totaled 646 at the end of the third quarter, representing a 41% increase from the prior year.