Beazer Homes Introduces Its Pre-Owned Homes Division
04 4월 2011 - 9:00PM
Business Wire
Beazer Homes (NYSE: BZH), one of the country’s top-10
homebuilders, is expanding beyond new home sales with the
introduction of its Pre-Owned Homes Division. Beginning in the
Phoenix market, the new division is charged with acquiring,
improving and renting recently built, previously owned homes within
select communities in markets in which the company currently
operates. By augmenting the sale of newly constructed homes with
rental options of previously owned homes, Beazer expects to appeal
to a broader range of consumers.
Ian J. McCarthy, Beazer Homes’ Chief Executive Officer commented
on the new Division: “While many prospective home buyers recognize
that this is an excellent time to purchase a new Beazer eSMART high
performance home – with all of its award-winning energy-saving
features – other consumers want or need different home
alternatives. With the Pre-Owned Homes Division, we look forward to
addressing this demand.”
Homes targeted for inclusion in the Pre-Owned Homes program will
have been built since 2004 by a reputable builder, including homes
built by Beazer Homes. All Beazer Pre-Owned Homes will receive
necessary repairs and upgrades to bring them up to strict Company
standards.
Because the primary source of Pre-Owned Homes will be distressed
sales, typically foreclosures or short sales, Beazer anticipates
acquiring homes at a discount to their replacement cost. Having
completed its first acquisitions and tenant move-in during March,
Beazer anticipates increasing the size of its Pre-Owned Homes
portfolio to more than 100 homes in Phoenix by the end of fiscal
2011.
The Company expects the rental of these homes to appeal to
consumers who have elected not to become home owners as well as
those who may not fully qualify for mortgage financing for a new
home at this time. The rental market for recently built homes in
Phoenix is very strong, with an estimated vacancy rate below
5%.
The new Division leverages Beazer’s strengths as a homebuilder
and knowledge of its markets, and offers an attractive investment
proposition for a portion of the Company’s cash reserve. Rich
O’Connor, a longtime Beazer executive, has been appointed to lead
the company’s Pre-Owned Homes Division.
“As a public homebuilder with significant financial resources,
Beazer has the expertise to identify, acquire and improve this
select group of previously-owned homes,” said O’Connor. “And by
working with third party local property management companies, we
will be creating a best-in-class rental experience for
consumers.”
Because Beazer will own each home, rather than a bank or an
under-capitalized investor, renters can have confidence in the
homes and neighborhoods served by the Pre-Owned Homes Division. In
the coming months the Pre-Owned Homes Division may expand its
geographic coverage to include homes in Nevada or California.
Upon a recovery in the housing markets, characterized in part by
higher home prices and lower cash yields from rental income, Beazer
expects to offer these previously owned homes for re-sale, either
to their respective tenants or to other buyers.
Beazer Homes USA Inc., headquartered in Atlanta, Georgia, is one
of the ten largest single-family homebuilders in the United States.
The company’s industry-leading eSMART high performance homes are
designed to lower the total cost of home ownership while reducing
energy and water consumption. With award-winning floor-plans, the
company offers homes that incorporate exceptional value and quality
to consumers in 16 states, including Arizona, California, Delaware,
Florida, Georgia, Indiana, Maryland, Nevada, New Jersey, New York,
North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, and
Virginia. Beazer Homes is listed on the New York Stock Exchange and
trades under the ticker symbol “BZH.”
Forward Looking Statements
This presentation contains forward-looking statements. These
forward-looking statements represent our expectations or beliefs
concerning future events, and it is possible that the results
described in this press release will not be achieved. These
forward-looking statements are subject to risks, uncertainties and
other factors, many of which are outside of our control, that could
cause actual results to differ materially from the results
discussed in the forward-looking statements, including, among other
things, (i) the final outcome of various putative class action
lawsuits, multi-party suits and similar proceedings as well as the
results of any other litigation or government proceedings and
fulfillment of the obligations in the Deferred Prosecution
Agreement and consent orders with governmental authorities and
other settlement agreements; (ii) additional asset impairment
charges or writedowns; (iii) economic changes nationally or in
local markets, including changes in consumer confidence, declines
in employment levels, volatility of mortgage interest rates,
availability of mortgage financing and inflation; (iv) a slower
economic rebound than anticipated, coupled with persistently high
unemployment and additional foreclosures; (v) continued or
increased downturn in the homebuilding industry; (vi) estimates
related to homes to be delivered in the future (backlog) are
imprecise as they are subject to various cancellation risks which
cannot be fully controlled, (vii) our cost of and ability to access
capital and otherwise meet our ongoing liquidity needs including
the impact of any downgrades of our credit ratings or reductions in
our tangible net worth or liquidity levels; (viii) potential
inability to comply with covenants in our debt agreements or
satisfy such obligations through repayment or refinancing; (ix)
increased competition or delays in reacting to changing consumer
preference in home design; (x) shortages of or increased prices for
labor, land or raw materials used in housing production; (xi)
factors affecting margins such as decreased land values underlying
lot option agreements, increased land development costs on
communities under development or delays or difficulties in
implementing initiatives to reduce production and overhead cost
structure; (xii) the performance of our joint ventures and our
joint venture partners; (xiii) the impact of construction defect
and home warranty claims including those related to possible
installation of drywall imported from China; (xiv) the cost and
availability of insurance and surety bonds; (xv) delays in land
development or home construction resulting from adverse weather
conditions; (xvi) potential delays or increased costs in obtaining
necessary permits and possible penalties for failure to comply with
laws, regulations and governmental policies; (xvii) potential
exposure related to additional repurchase claims on mortgages and
loans originated by BMC; (xviii) estimates related to the potential
recoverability of our deferred tax assets; (xviv) effects of
changes in accounting policies, standards, guidelines or
principles; or (xvv) terrorist acts, acts of war and other factors
over which the Company has little or no control.
Any forward-looking statement speaks only as of the date on
which such statement is made, and, except as required by law, we do
not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time
and it is not possible for management to predict all such
factors.
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