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WCI Communities' Sales Up 89%

BONITA SPRINGS, FL-The locally based developer of luxury single-family and multifamily homes also logs a 39% rise in average contract price on new first-quarter orders. Bonita Springs is 105 miles north of Miami.

By David R. Corder | Updated on May 17, 2001

BONITA SPRINGS, FL-WCI Communities Inc. is posting another quarter of record growth on increased consumer demand. The Bonita Springs-based developer of upscale single-family and multifamily homes also is forecasting the trend to continue through the year’s end.

News of the strong fiscal performance followed an announcement earlier in the quarter that the company plans to build 11 new luxury high-rise residential buildings valued at more than $1 billion over the next year or so along Florida’s west and east coasts.

Homebuilding revenue increased about 89% to $144 million for the three months ended March 31, up from $76 million for the same period in 2000. Value of contracts signed during the quarter increased by 43% to $239.5 million, up from $167.5 million, with the average contract price rising 39% to $399,000 from $287,000.

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