Like their private counterparts, public builders are doing whatever they can to survive the downturn, according to our colleagues at Big Builder Online. Here’s a roundup of the latest public builder news:
Avatar, a small public builder based in Florida, recently sold a handful of lots to two new joint ventures. The strategy should result in tax benefits for Avatar without completely losing the ability to build on that land.
KB Home released its fourth-quarter financials last week, announcing that the company had lost more than $307 million. But company leaders have high hopes for a new, smaller, lower-cost product intended to compete more aggressively with the bargain-priced existing homes available in so many markets.
On the corporate ladder front, Beazer has hired Kenneth F. Khoury as its new general counsel.
Finally, as we reported yesterday, Lennar has been dealing with accusations of fraud by a former white-collar-criminal-turned-corporate-crusader. While analysts seem to think the charges are unfounded, the allegations have not been kind to Lennar’s stock price.