PALM BEACH, Florida, May 31, 2017 /PRNewswire/ --
Consumer fundamentals led by a better job market and increasing levels of income seem to be boosting the housing outlook despite the drop in the latest month of production. The market for new developments and new construction activity is close to long-term averages as builder confidence remains high for companies such as ProGreen US, Inc. (OTC: PGUS), PulteGroup, Inc. (NYSE: PHM), Toll Brothers, Inc. (NYSE: TOL), D.R. Horton, Inc. (NYSE: DHI), Lennar Corporation (NYSE: LEN).
ProGreen US, Inc. (OTCQB: PGUS), a US company engaged primarily with investments in agricultural and real estate projects in Baja California, Mexico, both through its joint venture partnership with Inmobiliaria Contel S.R.L.C.V. (Contel) and through its majority-owned Mexican subsidiary Procon Baja JV (Procon), http://www.CieloMarBaja.com . ProGreen is very pleased to communicate that the First Reservation Offer for its ocean front development in Baja California, Cielo Mar, is drawing to a close. 24 of the 30 lots that were offered now have executed reservation agreements, leaving only 6 available with one additional reservation request pending. There are also 6 commitments for early construction, once the planning has been approved. See details at https://www.cielomarbaja.com/first-reservation-offer/.
Revenue from these reservations, once the definitive purchase agreements have been executed, is expected to be close to $3.5 million USD including the construction of 6 houses. Read this and more news for ProGreen US at http://www.marketnewsupdates.com/news/pgus.html
"In February we set a preliminary goal to sell 25 lots during the first year. As we already have 24 lot purchase reservations since launching the offer in late April, we do expect to present a substantially revised goal in the near future," says Jan Telander, President and CEO.
In other industry news and events this week in the markets:
PulteGroup, Inc. (NYSE: PHM) News from this week: The highly-anticipated Del Webb community in the award-winning master-planned community of Traditions at Wake Forest, is now open for pre-selling. The 164-acre active adult community features 452 homesites with wooded walking trails, nearly 40 acres of green space, and will feature an 18,000 square-foot amenity complex featuring a clubhouse with an outdoor recreation area. Del Webb is a national brand of PulteGroup, Inc.
Toll Brothers, Inc.(NYSE: TOL), the nation's leading builder of luxury homes, last week announced results for its second quarter and six months ended on April 30, 2017. Few FY 2017 Second Quarter Financial Highlights:
- FY 2017's second-quarter net income was $124.6 million, or $0.73 per share diluted, compared to net income of $89.1 million, or $0.51 per share diluted, in FY 2016's second quarter.
- Pre-tax income was $199.2 million, compared to pre-tax income of $140.4 million in FY 2016's second quarter. Second quarter FY 2017 included inventory write-downs of $4.3 million, compared to $6.4 million in FY 2016's second quarter.
- Revenues of $1.36 billion and home building deliveries of 1,638 units increased 22% in dollars and 26% in units, compared to FY 2016's second quarter. The average price of homes delivered was $832,400, compared to $855,500 one year ago. The drop in the average price of homes delivered, as well as in contracts and backlog, was due to mix changes. Read the Full Report at: https://finance.yahoo.com/news/toll-brothers-reports-fy-2017-090000127.html
In advance of the Company's participation at an investor conference, D.R. Horton, Inc. (NYSE: DHI), America's Builder, this month reported that the Company has repurchased $60.6 million (1.85 million shares) of its common stock during its current quarter ending June 30, 2017. The shares were repurchased in the open market to partially offset dilution from equity awards granted to key employees and non-management directors. The Company has $39.4 million remaining on its current stock repurchase authorization, which expires on July 31, 2017.
Lennar Corporation (NYSE: LEN) Recent News: LMC, a leader in apartment development and operations, this month announced the start of preleasing at The Emerson, a mixed-use apartment community located in the heart of downtown Oak Park. The Emerson, which features 270 apartment homes amongst a five-story low-rise building and 20-story high-rise, opened a temporary leasing office this week. LMC will conduct community tours at the low-rise and hard-hat tours of the high-rise. The buildings are connected via a pedestrian bridge over Westgate Street with a new public parking garage at the base of the high-rise. LMC is a wholly owned subsidiary of Lennar
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