The Real Deal Miami

Coral Gables builder posts loss

August 12, 2008 11:30AM

Avatar Holdings, which operates in Florida and Arizona, lost $6.5 million, or 77 cents a share in the second quarter, swinging to a loss from it year-ago profit of $5.3 million, or 55 cents a share. Revenue fell 69 percent to $24.9 million, and the company said it closed on 70 homes during the quarter, a 68.5 percent drop. Avatar said it did not anticipate a meaningful improvement in its housing markets in the near term.