In 2005, I was a brain surgeon, and in 2006, I was a moron .
Toll, Centex, Lennar Join "Moron" Speculators in Land Grab Bust
Bloomberg Financial -- February 7, 2007
bloomberg.com
Brian Tuttle owns so much land that he paid $3.6 million to get rid of 125 acres ready for development in the middle of Florida's Palm Beach County.
"In 2005, I was a brain surgeon, and in 2006, I was a moron," said Tuttle, who walked away from his deposit on the land rather than lose even more money buying it and building homes on it. "The only good news is that I'm not alone."
The worst housing slump in 16 years made a lot of smart money vanish. D.R. Horton Inc., Pulte Homes Inc., Lennar Corp., Centex Corp. and Toll Brothers Inc., the five biggest U.S. homebuilders, said plummeting land prices cost them a combined $1.47 billion in the fourth quarter.
. |
