Housing Giants - June 10, 2008 - (Page 8)

viewpoint spokeswoman for LandSource. “It was a remargining payment that was required because the land was reappraised by the bank group and the land had lost value,” Taylor told an Associated Press reporter. The land was appraised at $2.6 billion at the time of purchase last year. All of this has to have a familiar ring to home builders, but now it’s the bargainhunting investors who used to circle the builders who are dangling from a hook. MW Housing Partners acquired 68 percent of this particular property from home building giant Lennar Corp. and LNR Property Corp., a unit of Cerberus Capital Management LP. Lennar and LNR each still maintain a 16 percent interest. CalPERS, with $254.8 billion in assets, holds a stake in MW Housing Partners. One thing is certain: anyone counting on California land returning to 2005 values over the next few years is heading for a fall. HG Now it’s the bargain-hunting investors who are dangling from a hook. EdITOr’S NOTE The illustrations in the Process columns for the March 24 and May 23 editions of Housing Giants should have been credited to BuildIQ. We apologize for the omission. HOUSING GIANTS.6.10.08 www.HOUSINGGIANTS.cOm Photographer: Stockbyte http://www.lennar.com/ http://www.lnrproperty.com/ http://www.housinggiants.com

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