Saturday, April 14, 2007
Transeastern Homes' Troubles Continue..
The parent company of Transeastern Homes, the developer for Live Oak in New Tampa, TOUSA is involved in multiple lawsuits. Transeastern lost $468 million in the year ending November 30th and TOUSA's stock has fallen from close to $30 to below $4, per the St. Petersburg Times. The Times further reports that "since June 2006 Transeastern Homes obtained only four building permits for Live Oak and nearby The Hammocks". Additionally, nearly 50 earlier permits expired due to inactivity. Clearly this has caused concerns for owners of homes in Live Oak and town homes in the Hammocks, both New Tampa communities.