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alstry (35.42)

Centex Giving Away Land????

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April 08, 2008 – Comments (2)

I just returned from a trip to Palm Coast, Florida.  It is a very nice golf course resort area North of Daytona Beach, FL where CTX has a significant presence(and shrinking rapidly as it appears that they are trying to get the heck out of Florida completely).  In one of their active communities, the promised pool is still an overgrown lot.

Further, it appears that CTX executives simply gave an entire golf course back to the city of Palm Coast.  Why?  The once manicured course is now overgrown and the only way you can tell it was playable is the remaining visible sand traps riddled between the growth.  Nothing has been mentioned about it nor have any executives given any explanation to shareholders why they would give away a golf course belonging to shareholders.  My guess is that this was once a very valuble piece of land.

Maybe FloridaBuilder with his extensive contacts could provide the CAPs community some further details as CTX management seems to want to conceal this information.

Go FB go!!!  Find out why CTX is giving away shareholder land.

2 Comments – Post Your Own

#1) On April 08, 2008 at 8:21 PM, alstry (35.42) wrote:

This is funny.

In S&P's most recent analysis on SPF, the analyst who is a CPA states the following:

From S&P's most recent report on SPF:

"Assuming stable pricing in its major markets, we foresee the company's gross margin at 8.8% in2008, compared to a negative 7% in 2007."

From CalculatedRisk article tonight S&P states:

[W]e believe median home prices will decline 20% from the peak in 2006. By contrast, the forecasts we used in November 2007 assumed a decline of 11%.

http://calculatedrisk.blogspot.com/2008/04/s-house-prices-to-fall-20-downgrades.html

Which is it S&P, stable house pricing or declining pricing.  S&P uses stable house pricing to upgrade a builder and maintain a positive margin and declining prices to downgrade four mortgage companies. 

Is S&P lying or misleading one group of its readers or concealing from the other group of leaders.  When two opposite representations are made on the same issue, isn't one a lie???

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#2) On April 08, 2008 at 9:27 PM, EScroogeJr (< 20) wrote:

Inredible imbicility. Fortunately for me, I never came close to buying CTX.

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