By Dick HoganOriginally posted on December 23, 2007
Builders are snapping up thousands of lots in Lee County at fire sale prices — and experts say the party’s just getting started.In the past two months, Hovnanian Enterprises sold 812 lots in Cape Coral to Deltona Corp. and is trying to sell its Lehigh Acres lots. Lennar Homes sold its 700-acre Stoneybrook North project in North Fort Myers to Metro Development Group and its 362-acre Cypress Shadows to Cameratta Properties.Both sellers are big, publicly traded national builders who have seen profits drop and stock price plummet.Hovnanian closed Friday at $7.05, off 81 percent from its 52-week high of $37.58 on the New York Stock Exchange. Lennar closed Friday at $17.20, off 70 percent from its 52-week high of $56.54 on the NYSE. Both companies lost their investment-grade debt ratings this year.
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