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WCI Communities Sees Growth in Tower Unit Orders

BONITA SPRINGS, FL-The locally based builder of lifestyle communities, had 86 unit sales in complete or under-construction towers in the second quarter, compared with 55 units in last year's quarter. However, the value of new tower orders decreased 24.1%, which was expected.

By Melissa Bogdany | Updated on July 14, 2004

BONITA SPRINGS, FL-WCI Communities Inc., a locally based builder of lifestyle communities, saw unit orders in its Tower Division rise 23.1% for its second quarter ended June 30.The orders increased due to the strength of sales in under-construction towers and completed inventory units. Unit sales in complete or under-construction towers totaled 86 units that quarter, compared with 55 units for the same quarter last year.Meanwhile, the value of new tower orders dropped 24.1%, compared with last year, but that was expected due to WCI’s planned change in product mix toward more diversified offerings. Last year’s second quarter included the initial conversion of Veracruz, a large tower with about a $2-million average unit price. This resulted in an average unit order price of $1.7 million. During the second quarter this year, the average unit order price was $1 million, and the towers initially converting to contract in that period had a $788,000 average unit price.Year-to-date, the company’s unit tower orders are 63.8% higher in units than last year’s period, and 25.1% higher in dollars. The division’s backlog at the end of the quarter was a record $640.8 million, up 41.5% compared with that period last year.WCI expects third-quarter order dollars of its Tower Division to rise 100% to 200% compared with the 2003 third quarter, as many new towers are planned to convert to contract that quarter.Publicly traded WCI creates tower and traditional homes that range in price from the mid-$100,000s to more than $10 million. The company owns and controls about 14,000 acres of developable land.

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