Irvine?s Central Park West on hold until market turns

NEW -> Contingent Buyer Assistance Program
It's the same survey. I misread it. My bad.



I'd be interested in knowing how they normalized the samples across income. You have to be very careful reading the conclusions of a study like this. The Devil is in the details, the data is easily manupliated if you have an agenda (either way), and the nueances often evade me. And I'm looking for it.



You're right about CPW not being a haven for families with children. It is my opinion that they should turn it into a cemetary - for Lennar executives who pushed this project. Nobody's going to move into it at those prices, they might as well put it to good use.
 
<p>lennar is doing the right thing. they are waiting for the market to normalize... or at least ride through this period of uncertainty. it makes no sense for them to keep the units on the market and keep providing discounts... as to whether this will prove prudent.. time will tell. for them its not a big deal... they can absorb the entire cost of this projects and keep it on their balance sheets without even blinking... i wouldn't be surprised if they are less than 50% leveraged on this project.</p>

<p>i think the more interesting question or issue is how they are going to deal with the city. there is no way that the city of irvine will just let a monsterous project like cpw sit unfinished... it is an eye-sore in the middle of the IBC... </p>

<p>my guess is that lennar will be required to finish what they have started, or at least finish the units that have been framed up. i am not so sure if the hold applies to the two towers... i am assuming they will continue construction with the two towers as well.</p>

<p> </p>
 
Lennar has stated that they will finish the units they have started. They can take their sweet time to finish though. I don't city can do much about that as long as they are making progress.



Lennar has a lot of home building debt (more than $2.5 billion as of last quarter). Since they only have $125 million of cash on the BS, and not selling any, they will need to borrow working capital to fund this project along with others. The good news is that Lennar has private fund partners on both projects, which probably will be able to provide them with the cash needed without borrowing to heavily.
 
<p><em>>>They can take their sweet time to finish though.</em> </p>

<p>Unless the City gets it declared a public nuisance and condemns the property.</p>
 
<p>more details part 2:</p>

<p>http://reggiemiddleton.typepad.com/reggie_middletons_perpetu/2007/11/straight-talk-2.html</p>
 
Here is the <a href="http://www.builderonline.com/industry-news.asp?sectionID=26&articleID=605544">CYA article</a> from builder online.





<em>Lennar has a lot of home building debt (more than $2.5 billion as of last quarter).





</em>Yes Lennar, the homebuilder, has $2.5bil in debt. However, their unconsolidated entities has $5.5bil of debt. The debt to equity ratio for the unconsolidated entities increased from 57.4% in November 2006 to 63.7% in August 2007. They also have access to more debt. But, that debt may not be available if they do not have the equity to meet the covenants.
 
[quote author="re_fan" date=1194473970]<p>lennar is doing the right thing. they are waiting for the market to normalize... or at least ride through this period of uncertainty. it makes no sense for them to keep the units on the market and keep providing discounts... as to whether this will prove prudent.. time will tell. for them its not a big deal... they can absorb the entire cost of this projects and keep it on their balance sheets without even blinking... i wouldn't be surprised if they are less than 50% leveraged on this project.</p>

<p>i think the more interesting question or issue is how they are going to deal with the city. there is no way that the city of irvine will just let a monsterous project like cpw sit unfinished... it is an eye-sore in the middle of the IBC... </p>

<p>my guess is that lennar will be required to finish what they have started, or at least finish the units that have been framed up. i am not so sure if the hold applies to the two towers... i am assuming they will continue construction with the two towers as well.</p>

<p> </p></blockquote>
Them delaying was as suprising as the Easter Bunny not existing. You sure you aren't a Lennar employee? Lennar is one of the most overrated and overpriced homebuilders out there, not to mention of how arrogant they are. They want to wait for prices to stabilize so they won't have to discount the units? haha They'll be waiting a long, long time. But the reality is, Lennar's last year may be 2009. That have a crap load of debt and their cash levels are declining...they are on the clock. They also have this great project in BFE near Devor (sp?) that called Rosana Ranch which is going nowhere, but they have a great investor in SunCal out there. haha
 
[quote author="usctrojanman29" date=1223898066]Btw, are they gonna fill that huge hole to the right of the Southbound Jamboree exit??? haha</blockquote>


Bro - check the date on that post you quoted. It was from a year ago. Seems like a decade.
 
[quote author="no_vaseline" date=1223900702][quote author="usctrojanman29" date=1223898066]Btw, are they gonna fill that huge hole to the right of the Southbound Jamboree exit??? haha</blockquote>


Bro - check the date on that post you quoted. It was from a year ago. Seems like a decade.</blockquote>
Haha...it's been a long weekend. I'm still wondering what they'll do with that giant hole. Maybe they can use it as a landfill for Irvine's garbage. haha
 
[quote author="no_vaseline" date=1223900702][quote author="usctrojanman29" date=1223898066]Btw, are they gonna fill that huge hole to the right of the Southbound Jamboree exit??? haha</blockquote>


Bro - check the date on that post you quoted. It was from a year ago. Seems like a decade.</blockquote>


no_vas -



Take it easy on our man.



trojanman (due to some flagrant haha abuse - all future references to him will be as "Nelson") is still hung over from his four-touchdown drubbing of Sundevils, in shutout fashion.

Nelson just sold his place for a tidy profit. Nelson's young, single, had 6 tackles for a loss, and the world is his oyster. So show Nelson a little respect.



If you see Nelson out at the grocery store, a simple, "Sup, bro" will suffice.
 
[quote author="IrvineRealtor" date=1223904319][quote author="no_vaseline" date=1223900702][quote author="usctrojanman29" date=1223898066]Btw, are they gonna fill that huge hole to the right of the Southbound Jamboree exit??? haha</blockquote>


Bro - check the date on that post you quoted. It was from a year ago. Seems like a decade.</blockquote>


no_vas -



Take it easy on our man.



trojanman (due to some flagrant haha abuse - all future references to him will be as "Nelson") is still hung over from his four-touchdown drubbing of Sundevils, in shutout fashion.

Nelson just sold his place for a tidy profit. Nelson's young, single, had 6 tackles for a loss, and the world is his oyster. So show Nelson a little respect.



If you see Nelson out at the grocery store, a simple, "Sup, bro" will suffice.</blockquote>


Epic.



Sup bro?
 
[quote author="usctrojanman29" date=1223897904][quote author="re_fan" date=1194473970]<p>lennar is doing the right thing. they are waiting for the market to normalize... or at least ride through this period of uncertainty. it makes no sense for them to keep the units on the market and keep providing discounts... as to whether this will prove prudent.. time will tell. for them its not a big deal... they can absorb the entire cost of this projects and keep it on their balance sheets without even blinking... i wouldn't be surprised if they are less than 50% leveraged on this project.</p>

<p>i think the more interesting question or issue is how they are going to deal with the city. there is no way that the city of irvine will just let a monsterous project like cpw sit unfinished... it is an eye-sore in the middle of the IBC... </p>

<p>my guess is that lennar will be required to finish what they have started, or at least finish the units that have been framed up. i am not so sure if the hold applies to the two towers... i am assuming they will continue construction with the two towers as well.</p>

<p> </p></blockquote>
Them delaying was as suprising as the Easter Bunny not existing. You sure you aren't a Lennar employee? Lennar is one of the most overrated and overpriced homebuilders out there, not to mention of how arrogant they are. They want to wait for prices to stabilize so they won't have to discount the units? haha They'll be waiting a long, long time. But the reality is, Lennar's last year may be 2009. That have a crap load of debt and their cash levels are declining...they are on the clock. They also have this great project in BFE near Devor (sp?) that called Rosana Ranch which is going nowhere, but they have a great investor in SunCal out there. haha</blockquote>


The lack of cheap capital is slowing down development across the board.
 
I dropped by Houstons on Saturday across from CPW.

Much to my surprise I saw some workers at CPW.

Looks like they were doing some work on the windows.

Just a few workers. But its the first time in many months

I have seen any activity that resembled construction at the site other than

the high rise Astoria.



The City of Irvine has got to have its "panties in a bunch" about this project

just going fallow for so long.



Whats the latest with Astoria High Rise ? Looks like its completed from the exterior.

What happened to all the Middle Eastern Sheiks that pre purchased on this project ?
 
I drove by today and there were some worker on the outside - looks like they were fixing some of the signs on the fence...nothing on the buildings themselves.
 
You must log in or register to reply here.
Back
Top