The rumors have been swirling all week that First Home Builders was closing it’s doors. While this may not be true, what apparently is in the works is for First Home Builders to sell off assets in SW Florida it no longer intends to use.
Parent company Hovanian Enterprises, Inc is losing money, and expects a negative cash flow of between $175-$225 Million dollars this year.
In related news, we hear KB Homes has pulled out of the Cape Coral Florida market and will focus on selling in other SW Florida real estate markets.
Cape Coral property values fell by almost $1 Billion dollars, and this includes new construction which added about $1.6 billion of taxable property to the city. Otherwise values fell more than $1 Billion dollars. Entire SW Florida real estate numbers will be released soon.
In addition to being able to search the entire MLS in SW Florida for properties, we’ve added detailed property displays on out Topagent.com website.
We think consumers will like this detailed feature as it shows all available photos on the properties in one easy format. It may take a minute to load as it is a large file, and we think consumers will appreciate it.