Sunday, December 02, 2007

The Physical Side of Big Shitpile

Land prices falling, and homebuilder is desperate for cash.

Home builder Lennar Corp. has sold about 11,000 home sites to a venture mostly owned by the real-estate arm of Morgan Stanley for $525 million, a large land sale that signals that investors have begun to pounce on bargain deals.

The sites -- located in 32 communities in many areas hit hard by the housing downturn -- were valued on Lennar's books at $1.3 billion, as of Sept. 30.

I don't have a Fox News Journal subscription, so I don't know where the lots are. That's about $47K each.