The Real Deal Miami

Lennar reports $172M loss in 3Q

September 21, 2009 12:58PM

Lennar has posted a $171.6 million loss, or $0.97 per share, in the third quarter, up from a loss of $89 million for the same period last year, according to a press release. The Miami-based home builder saw average sales prices on homes delivered decrease by 10 percent to $239,000, compared with the third quarter of 2008, as well as a 34 percent decrease in overall revenues from home sales over the past nine months. The company recently completed the sale of a 193-lot Palm Beach development, but has been plagued by complaints of defective drywall in hundreds of its Florida homes. Despite this, Lennar President and CEO Stuart Miller said he expects a return to profitability for the company by 2010, as the housing market continues to recover. “While high unemployment and foreclosures will continue to present challenges, consumer sentiment has significantly improved as homebuyers have recognized that the residential housing market is stabilizing,” he said in the release. TRD