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EmailPulte Homes, McBride & Son acquire lots in St. Louis
Companies buy foreclosed, partially built homes with an eye on the future
July 8, 2011
Pulte and McBride acquire St. Louis lots
Pulte Homes and McBride & Son are bulking up on new developments in the St. Louis area as the economy slowly recovers, according to the St. Louis Daily.
Both companies are buying lots that banks had taken back from smaller builders who were overwhelmed by the two-year recession.
About half of Pulte's recent land purchases in the area are of foreclosed building lots. Mike VanPamel, St. Louis division president for Michigan-based Pulte, said the company also is looking at subdivisions that stalled after other builders put in streets, sewers and other infrastructure. He said Pulte's "very strong cash position" allowed it to acquire hundreds of lots as smaller builders suffered foreclosures or failure as the recession persisted.
John Eilermann Jr., McBride's chief executive, said McBride in the last year acquired 20 residential projects — with a total of about 1,300 lots — begun by other builders in the area on which banks had foreclosed.
Read more: http://www.stltoday.com/business/article_333a47ab-7a04-5e5c-92ba-3e37a1b26d77.html#ixzz1RXqmdzex
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