Lennar slows down 2 O.C. projects

NEW -> Contingent Buyer Assistance Program
<p><em>Lennar's Mr. Haddad says the builder had to finish constructing the first phase of its Irvine project, called Central Park West, where the mix of condos and town homes had an average price of $700,000. "You create a stigma for a community if it's only half built," Mr. Haddad says. The 14 buyers who signed contracts for the 259 homes got their deposits back.</em></p>

<p><em>A spokesman for Lennar's partner in the project, San Francisco-based Stockbridge Real Estate Fund, said, "We are under no pressure to sell strong assets into a weak market, especially where the market's long-term prospects remain favorable." Mr. Haddad says Stockbridge has a larger equity stake in the project than Lennar, but he declined to elaborate.</em></p>

<p class="times"><em>Mr. Haddad says the lender on the project, Britain's BarclaysPLC, is "fully aware of what we are doing." Barclays declined to comment.</em></p>

<p class="times">Really? Is Barclays aware of the "real" value of the land? Maybe, that is why they didn't want to comment?</p>
 
<em>Didn't I hear on NPR this morning that Stockbridge has the highest foreclosure rate in the country?





</em>I don't know if you are joking or not, but that made me laugh. Stockton is the armpit city of foreclosures, Stockbridge is a private equity group.
 
<p>"We are under no pressure to sell strong assets into a weak market, especially where the market's long-term prospects remain favorable." </p>

<p>Of course, he ain't gonna come out and say, "we gotta sell these things or we are in trouble!"</p>
 
Go to <a href="http://thehousingbubbleblog.com/?p=3722#comments">http://thehousingbubbleblog.com/?p=3722#comments</a> and then Search for "Lennar" for more interesting discussion on this topic.
 
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