PulteGroup Sells Unfinished Development in Colorado (PHM)
Homebuilder PulteGroup Inc. (NYSE: PHM) has sold a 1,700 acre parcel of land originally set to be a master planned community of about 1,500 homes near Denver. The land was sold in an all-cash transaction to private real estate investment…
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Homebuilder PulteGroup Inc. (NYSE: PHM) has sold a 1,700 acre parcel of land originally set to be a master planned community of about 1,500 homes near Denver. The land was sold in an all-cash transaction to private real estate investment firm Wheelock Street Capital LLC for an undisclosed price.
Pulte said that the company will not realize a material gain or a loss on this sale. The company has already sold some $12.5 million worth of land in its West region this year. Net new orders from the region are down for the year, but up for the most recent quarter, and the order cancellation rate in the West is also rising.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
