Pulte Homes Inc (PHM)

[PennyP1cker]

Great news for Pulte:

Pulte Homes has spent $102.8 million to bite off a piece of entitled land in what is slated to become part of a massive mixed-use transit village in San Jose’s Edenvale area on the city’s south side, county records show. The property, a vacant swath of land adjacent to the former IBM disk drive campus, is one of only a few areas in San Jose that is slated to be filled with single-family homes. Cupertino-based Hunter Storm entitled the 25-acre property, which is owned by iStar Financial, for 418 single-family homes and 301 multifamily units in 2014. -Feb 28, 2018

Comment: This should mean revenue of half a billion dollars. Profit could be anywhere from 100M to 200M. This is great, much better than more developments in questionable markets. I was starting to worry PHM was only focused on unfavorable local markets but this is a step in the right direction. Land prices are booming in California and if PHM can collect more land soon it would be beneficial.