Client News Release
Orlando No. 7 in ZIP code searches (at bizjournals.com) and CALC Completes Sale of 17 Brightwater Model Homes for $25 Million (PR Newswire)
City of Industry, CA --(www.FinancialNewsUSA.com)-- 01/06/2009 - Real Estate Development industry news provided by Financial News USA. Orlando was the seventh most searched ZIP codes by prospective home buyers in 2008, said a report by ZipRealty Inc. According to a release, the top searched areas were Phoenix, followed by Scottsdale, Ariz., and Chandler, Ariz. The remaining top 10 ZIP codes were Irvine, Calif.; Summerlin, Nev.; Mesa, Ariz.; Orlando; Gilbert, Ariz.; Atlanta and Henderson-Green Valley, Nev. "Even with the slowdown in home sales, it's important to remember how many people are still looking, and this survey provides a snapshot as to where they were looking in 2008," said Pat Lashinsky, CEO of ZipRealty, in a statement. ZipRealty Inc. is an Emeryville, Calif.-based residential real estate brokerage firm operating www.ZipRealty.com, an online brokerage site, and serving 35 U.S. markets in 20 states. The recession might officially be here, but you wouldnâ€(TM)t know it from talking to some owners of companies that are pushing ahead, confidence intact and expansion plans in hand. [Read the full article]
IRVINE, Calif., Jan. 2 /PRNewswire-FirstCall/ -- California Coastal
Communities, Inc. (Nasdaq: CALC) announced that on December 31, 2008 it
completed the sale of 17 model homes at its Brightwater community in
Huntington Beach, California to an investor for $25 million. The Company also
entered into an agreement with the investor to lease back the models for
continued customer display during the next three years with two renewal
options for one year each. The Company received $22.5 million in cash with an
additional $2.0 million deferred payment due in two years upon the
satisfaction of certain conditions, and $500,000 of the sales price was set
aside as a reserve payable for conversion of the models for sale to homebuyers
upon termination of the lease. [Read the full article]
St Joe Co. (NYSE: JOE) is currently focusing on increasing liquidity through the sale of non-core assets, reducing headcounts, and reducing cap-ex expenditures in response to a rapidly deteriorating residential Florida real estate market.
In addition, JOE has eliminated most of its long term debt and opened a new $100 million line of credit. There are no signs that the housing situation will get better in the next six months and we think the worst is yet to come. Near term, we would stay away from companies with exposure to the residential building business. While we think the company is a good long-term investment due to its extensive land holdings in one of the fastest growing states, we are maintaining our near-term Sell recommendation.The company is trading at 165x our 2009 EPS estimates. [Read the full article]
EMERYVILLE, Calif.--(BUSINESS WIRE)--ZipRealty, Inc. (Nasdaq: ZIPR) today announced that the Company will be Wednesday, January 14, 2009 at the St. Regis Monarch Beach Resort & Spa in Dana Point, CA. The presentation will begin at 10:55 AM Pacific Time. Investors and interested parties may listen to a live webcast of the
presentation by visiting the Company's website at www.ziprealty.com under the investor relations section.About ZipRealty, Inc.ZipRealty is a full-service residential real estate brokerage firm. The Company utilizes its user-friendly website and employee real estate agents to provide homebuyers and sellers with high-quality service and value. ZipRealty's website provides users with access to comprehensive local Multiple Listing Services home listings data, as well as other
relevant market and neighborhood information. [Read the full article]
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