TBDInternal Rate of Return

The Elephant In The Land Acq Room: Underwriting For Inflation

Land

The Elephant In The Land Acq Room: Underwriting For Inflation

We need to underwrite where we would operate today on present conditions, which hopefully is a floor under our speculative ceiling.

The Lennar Business System: A How-To For De-Risking Land Buys

Land

The Lennar Business System: A How-To For De-Risking Land Buys

Lennar Executive Chairman and Co-CEO Stuart Miller reinforced a mantra he’s been drilling into stakeholders' and observers' heads for years. It’s not complicated to grasp: Starts. Sales. Deliveries.

The New Math: The 5 Metrics To Get Right For Success In 2024

Land

The New Math: The 5 Metrics To Get Right For Success In 2024

During the period since the Global Financial Crisis, the underlying math of the homebuilding and residential development business has changed in ways I am not sure has been thought through by all participants.

Laser-Focused Opportunism Seen As Strategic Plan Of Action

Land

Laser-Focused Opportunism Seen As Strategic Plan Of Action

On the plus side for a "growth" strategy, present absorption rates, pricing trends, and traffic, and interest have arced determinedly upward through April.

Together with

Builder Advisor Group

A Land 'Reload' Is A Pain Point Builders Did Not Expect In 2023

Land

A Land 'Reload' Is A Pain Point Builders Did Not Expect In 2023

Having to go out now – in a business backdrop where land sellers never got the memo that they'd better concede on lot pricing – and buy land feels, to some of the builder execs we've heard from, just wrong. That doesn't mean they won't do it.

Underwriting In A New World Order Of Higher-Longer Rates

Land

Underwriting In A New World Order Of Higher-Longer Rates

Determine “what’s the bet?” What are we really banking on or believing in that leads us to do this deal? You can’t answer this question rigorously unless you are ruthlessly honest in your pro formas. -- A Scott Cox MasterClass

Together with

New Home Star

Build-To-Rent Diamonds In The Rough: Product, Place, Timing

Land

Build-To-Rent Diamonds In The Rough: Product, Place, Timing

The Builder's Daily unpacks a recent Phoenix-area build-to-rent $186 million two-asset deal to underscore what sets these high-stakes build-to-rent ventures apart from one another in a more adverse financial environment.

A Slew Of Fast-Unspooling Risks Pressure Land Underwriting Data

Land

A Slew Of Fast-Unspooling Risks Pressure Land Underwriting Data

Where homebuilders pick up a pivotal signal of a cyclical downturn ahead often comes clear in a typical Monday land committee meeting with corporate finance and treasury. Those meetings are suddenly taking a new tone and new data points.

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The Elephant In The Land Acq Room: Underwriting For Inflation

Land

The Elephant In The Land Acq Room: Underwriting For Inflation

We need to underwrite where we would operate today on present conditions, which hopefully is a floor under our speculative ceiling.

The Lennar Business System: A How-To For De-Risking Land Buys

Land

The Lennar Business System: A How-To For De-Risking Land Buys

Lennar Executive Chairman and Co-CEO Stuart Miller reinforced a mantra he’s been drilling into stakeholders' and observers' heads for years. It’s not complicated to grasp: Starts. Sales. Deliveries.

The New Math: The 5 Metrics To Get Right For Success In 2024

Land

The New Math: The 5 Metrics To Get Right For Success In 2024

During the period since the Global Financial Crisis, the underlying math of the homebuilding and residential development business has changed in ways I am not sure has been thought through by all participants.

Laser-Focused Opportunism Seen As Strategic Plan Of Action

Land

Laser-Focused Opportunism Seen As Strategic Plan Of Action

On the plus side for a "growth" strategy, present absorption rates, pricing trends, and traffic, and interest have arced determinedly upward through April.

Together with

Builder Advisor Group

A Land 'Reload' Is A Pain Point Builders Did Not Expect In 2023

Land

A Land 'Reload' Is A Pain Point Builders Did Not Expect In 2023

Having to go out now – in a business backdrop where land sellers never got the memo that they'd better concede on lot pricing – and buy land feels, to some of the builder execs we've heard from, just wrong. That doesn't mean they won't do it.

Internal Rate of Return

The Elephant In The Land Acq Room: Underwriting For Inflation

Land 07.17.24

The Elephant In The Land Acq Room: Underwriting For Inflation

We need to underwrite where we would operate today on present conditions, which hopefully is a floor under our speculative ceiling.

The Lennar Business System: A How-To For De-Risking Land Buys

Land 03.15.24

The Lennar Business System: A How-To For De-Risking Land Buys

Lennar Executive Chairman and Co-CEO Stuart Miller reinforced a mantra he’s been drilling into stakeholders' and observers' heads for years. It’s not complicated to grasp: Starts. Sales. Deliveries.

The New Math: The 5 Metrics To Get Right For Success In 2024

Land 12.15.23

The New Math: The 5 Metrics To Get Right For Success In 2024

During the period since the Global Financial Crisis, the underlying math of the homebuilding and residential development business has changed in ways I am not sure has been thought through by all participants.

Laser-Focused Opportunism Seen As Strategic Plan Of Action

Land 05.23.23

Laser-Focused Opportunism Seen As Strategic Plan Of Action

On the plus side for a "growth" strategy, present absorption rates, pricing trends, and traffic, and interest have arced determinedly upward through April.

A Land 'Reload' Is A Pain Point Builders Did Not Expect In 2023

Land 05.19.23

A Land 'Reload' Is A Pain Point Builders Did Not Expect In 2023

Having to go out now – in a business backdrop where land sellers never got the memo that they'd better concede on lot pricing – and buy land feels, to some of the builder execs we've heard from, just wrong. That doesn't mean they won't do it.