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Strategies & Market Trends : WCI Communities, Inc. (WCI)
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To: jan-martin who wrote (30)11/28/2006 2:03:02 PM
From: Dan3  Read Replies (1) of 56
 
WCI's main issue right now is insurance costs in Florida. It's going to make carrying costs much higher for the speculators who bought about 1/3 of the units in the 14 towers scheduled to close soon. Insurance costs in Florida are now higher than mortgage costs for many Florida homeowners - especially units like the WCI towers that are on or near the water. It leads to a situation where investors walk away from properties where it would otherwise make sense to hunker down and wait for prices to recover.
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