Woodside Plans to Exit East Coast Markets

Six months after emerging from Chapter 11 bankruptcy, Salt Lake City-based private home builder Woodside Homes plans to sell off its East Coast home building and land assets, exiting four market arenas in Florida as well as the Washington, D.C., metro market. The move will involve the sale of about 500 entitled raw lots and 25 finished lots in a half-dozen subdivisions in the D.C. metro market and about 500 finished lots and 200 undeveloped lots spread across 15 prospective residential subdivisions in Daytona, Jacksonville, Tampa, and West Palm Beach, Fla. Woodside has operated in the D.C. metro area and in the Florida markets since 2004. Woodside CEO Joel Shine confirmed the company has retained brokers to assist in the sale of the land assets, and he expects to complete the sale of the assets by year-end. The decision comes as national home builders' appetite, particularly for finished building lots, continues to be voracious at prices they're betting will both support operational overheads in their current markets and contribute profitability and sales volume in the next six to 12 months. Woodside will realize a "meaningful cash contribution" from the sale of the land

Click here to view this article from its source.