Brace yourself for some major homebuilding delays, Lennar tells customers

About 700 buyers in Florida, Georgia and South Carolina will be affected

Miami /
Sep.September 14, 2017 11:01 AM

In the wake of Hurricane Irma, national homebuilder Lennar Corp. announced that hundreds of home deliveries would be delayed.

Miami-based Lennar said Hurricane Irma’s path along the eastern seaboard will most likely delay about 700 home deliveries in Florida, Georgia and South Carolina, from its fiscal fourth quarter to the next fiscal year, according to a press release.

Hurricane Harvey impacted approximately 120 new orders and deliveries in the third quarter, and is expected to delay deliveries of 130 homes in the fourth quarter. In addition to the damage left behind by Harvey in Texas, the homebuilder estimates about 40 percent of its annual revenue will be effected by hurricanes.

The company said third quarter reports show new orders rose 8 percent from last year to 7,610 homes, and home deliveries rose 12 percent to 7,598 homes, compared to the year earlier.

Rebuilding efforts will be needed in the Florida Keys, after the Federal Emergency Management Agency assessed Hurricane Irma destroyed about 25 percent of homes in the low-lying islands of Monroe County, and damaged about 90 percent of properties.

The storm also caused about $40 billion worth of insured industry losses in the United States, according to an estimate from catastrophe modeling firm AIR Worldwide. – Amanda Rabines


Related Articles

arrow_forward_ios
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
PulteGroup's Brent Bake a rendering of the site in Avenir
Pulte buys site at Avenir in Palm Beach Gardens, plans 390-home development
Pulte buys site at Avenir in Palm Beach Gardens, plans 390-home development
Frank Mendez with Patricio Cordero (inset) and the property (Linkedin, Google Maps)
Pinecrest homeowners fight lien from celebrity builder they allege was running a kickback scheme
Pinecrest homeowners fight lien from celebrity builder they allege was running a kickback scheme
Donald R. Horton and a map of the development site (D.R. Horton)
D.R. Horton advances 211-unit townhouse project in Pembroke Pines
D.R. Horton advances 211-unit townhouse project in Pembroke Pines
Toll Brothers CEO Doug Yearley Jr. (Toll Brothers)
Toll Brothers launches sales at new luxury community in Davie
Toll Brothers launches sales at new luxury community in Davie
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...