Savvy Trader Companion Thread

[EZ2]

Sam -- my puter' is running slow this morning too (cable modem)....b/t/w ---- you can only have "1" --- which is it????
TOL
DHI
WCI ??????
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5/03/2002 12:12 PM
Story provided by BusinessWire



WCI's Al Hoffman Shares Vision, Strategies At Seniors Housing Symposium

ORLANDO, Fla., May 3, 2002 (BUSINESS WIRE) -- WCI Communities, Inc. (WCI) Chief Executive Officer Al Hoffman says his 50+ customers are stretching the boundaries of "lifestyle" at his highly amenitized communities, a trend that will create resort atmospheres and the delivery of concierge-type services to provide a more carefree lifestyle. His comments were part of a CEO panel discussion that closed the 2002 Seniors Housing Symposium in Orlando, sponsored by the Seniors Housing Council of the National Association of Home Builders (NAHB) and the NAHB Research Center.

Hoffman, reflecting on more than 30 years of experience as a builder and developer of lifestyle communities, said today's buyers are a bit younger and bring a much higher net-worth and income to the home buying process. "They want to buy their dream home and have the money to do it," he said. "The $10 trillion intergenerational transfer of wealth that will occur during the next ten to fifteen years will allow the 50+ market to enjoy a community lifestyle that has never before been experienced. Their expectations for amenities and service will continue to rise and that will have a profound effect on the homebuilding industry," he added.

In the April 2002 issue of Big Builder Magazine, WCI ranked second among America's active adult builders with $950 million in age-qualified and age-targeted home sales during calendar year 2001. The company ranked fourth in housing units closed with 1,700 homes. WCI is currently developing Sun City Center communities near Tampa and in Fort Myers, and also builds age-targeted country club communities and luxury tower residences on both coasts of Florida. WCI is also one of America's newest public companies, completing a successful Initial Public Offering on the New York Stock Exchange March 12.

During his career, Hoffman has also observed the 50+ market become segmented into specialized niches. "This is not an industry where one size fits all," he stated. "There are a lot of variations in community size, product and amenities and that will only increase in the years to come. We're also seeing the historic geographic boundaries being shattered right before our eyes. What was the exclusive domain of the Sunbelt states has now been exported successfully to the Frostbelt."

Despite the availability of lifestyle communities in "closer to home" environments, Hoffman is confident that migration to warmer climates will continue to provide great opportunities for lifestyle community developers. "The thing people need to realize is that this population is more mobile than ever before and that the size of the pie is getting bigger and bigger every year. In 1995, 2.8 million people reached age 50. In 2010, that number will be 4.3 million, so as more builders enter the market, the opportunity continues to grow even more rapidly," he said.

In terms of amenity preferences, Hoffman dismissed the notion that golf is king. "Only about 30% of our homeowners play golf. By far, walking is the most popular activity, but we have also seen a dramatic increase in personal health and fitness among our customers," he said. "Our fitness centers rival anything you'll find in the consumer marketplace."

Hoffman also noted that the term "retirement" will not represent the lifestyle that baby boomers will lead. "If you look at the path that baby boomers have taken through our society, you'll find that they were a very independent breed. While they may have mellowed a bit over the years, that independence streak is still there. They will be more adventurous and are likely to work longer and play harder than any previous generation of 'retirees,'" he predicted.

As for product design, Hoffman said his company is finding strong demand for home offices with all the bells and whistles, including high speed Internet connections. "The home has transformed itself over the decades," Hoffman observed. "What started out as a modest retirement home has become a means of expression and functionality. Today's buyers are an experienced group. They want their home to utilize its space efficiently and they want it to make a statement," he said. As a result, WCI offers a huge selection of options in its homes, options that Hoffman says are quite popular with his customers.

As for his advice to builders contemplating a move into the active adult market, Hoffman has a word of caution, "The 50+ market is comprised of very demanding customers," Hoffman asserts. "They have high expectations for quality and service and if you don't meet those expectations, you won't have success in this business," he said flatly. "We have become good listeners over the years. It has helped us deliver superior service to our customers and has helped to shape the products and services we provide. Being a good listener helps you become a better visionary," he said.

WCI began developing Florida's model active adult community, Sun City Center, in 1987. Located near Tampa, the 4,875-acre community's population exceeds 16,000 people and includes homes priced from $100,000 to the high-$200s. Amenities include 144 holes of golf, tennis, recreation, fitness and activity centers; heated indoor and outdoor pools; softball field; walking trails; computer center; game rooms; craft room; and theater.

In June 2001, the company broke ground for Florida's newest Sun City Center. The 1,375-acre Sun City Center Ft. Myers community includes 2,100 homes planned for an estimated 4,300 residents. The first homes, priced from the $140,000's to the high-$300s, were completed in December 2001. Promising baby boomers an unmatched lifestyle in the nation's most popular resort destination, the community will offer $30 million in planned recreational amenities including a Town Center; 27-hole golf course; fitness center; indoor and outdoor pools; art studio; cyber cafe; business center; and various sporting opportunities.

For more than 50 years WCI has been creating amenity-rich, leisure-oriented master-planned communities that serve affluent homebuyers in Florida. Based in Bonita Springs, WCI is a publicly held company with 34 communities located in many of Florida's coastal markets. WCI's award-winning communities currently feature more than 600 holes of golf, more than 1,000 boat slips at five deep-water marinas, and various country club, tennis and recreational facilities and several luxury hotels. The company's land holdings include approximately 15,500 acres planned for 28,200 residences.

WCI's homebuilding operations serve primarily move-up, retirement and second-home buyers, with prices from $100,000 to more than $10 million. In addition to traditional single homes, the company also builds luxury high-rise residences. It also derives income from ancillary businesses including Prudential Florida WCI Realty, mortgage, title and property management services, as well as through the operation of its amenities such as golf courses, restaurants and marinas.

For more information about WCI visit http://www.wcicommunities.com

CONTACT: WCI Communities, Inc., Bonita Springs
Jama Dock, 941/498-8347

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KEYWORD: FLORIDA
INDUSTRY KEYWORD: BUILDING/CONSTRUCTION
REAL
ESTATE
SOURCE:
WCI
Communities,
Inc.