D.R. Horton Selling 400 California Homes for UP TO 50% OFF
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D.R. Horton is having a hard time moving their inventory. They have 399 homes that have been on the market for over 12 months and they are desperate to move them. The homes are being offered at up to 50 percent off if you can close by March 31st, the end of their fiscal quarter.
I am not sure if the neighbors will be happy that the empty homes will be filled or whether they will be pissed that the homes are selling for 50 percent off what they paid.
My guess will be both.
Unlike other publics including K. Hovnanian and Standard Pacific which, over the last few months, launched nationwide initiatives to spur sales in all their active markets, Horton is focused on Southern California, where the company’s new orders plummeted by 72% last quarter.
Promoting “unheard of savings” of up to 50%, the company is hoping dramatic pricing on Saturday, Feb. 16, and again on Saturday, Feb. 23, will move the 399 homes the company has carried in standing inventory for more than 12 months. Under the terms of the sale, buyers must close before the company’s quarter ends on March 31.
Townhomes, condominiums, and single-family homes are being offered in select neighborhoods in Kern, Ventura, Riverside, San Bernardino, and Imperial Counties. Details on the 25 specific neighborhoods included can be found at http://DRHortonUnAuction.com. via Big Builder Online
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Comment by Sam Chapman on 16 February 2008:
That is really amazing, but I’m not shocked to hear of it. They have to unload inventory and can take the write-off. Bad for existing shareholders, bad for many neighbors, but perhaps a good time to buy their stock is just around the corner.