Saturday, January 26, 2008

Wiregrass Ranch Residential Update

In my previous post on September 26, 2007, I indicated that Wiregrass residential was on hold indefinitely. In today’s St. Pete Times, further confirmation is provided. Chuin-Wei Yap reports that Pulte Homes is no longer the master builder for Wiregrass Ranch.

Pulte Homes, one of the nation’s largest new home builders has reported pre-tax losses of $1.1 billion in the third quarter of 2007.
Given the challenging residential new home sale market and the costs involved with all the required infrastructure for a new community, the news is not unexpected. I believe that the residential portion of Wiregrass will be developed “when the market is right” for development. In my opinion, now is not the right time.

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