Sarasota Real Estate News Item
Billionaire Investing in Florida Real Estate
Posted July 24, 2007
Billionaire Carl Icahn recently announced a tender offer for the common stock of WCI Communities Inc. For 60 years, WCI Communities has been America's preeminent builder of award-winning neighborhoods and communities in Florida, Connecticut, Maryland, New Jersey, New York and Virginia.
Since last year, Icahn has been accumulating stock of WCI Communities, (NYSE: WCI) a Bonita Springs-based homebuilder and real estate services firm with several residential communities in the Sarasota and Tampa Bay real estate markets. He
currently controls nearly 15% of the company's outstanding shares, according to the most recent disclosure filed with the SEC.
Icahn explained his strategy his thought-process and investment strategy as follows: ""If you look at long-term trends and don't think about short-term turmoil, that is where the risk returns can be greatly in your favor. My investment philosophy, generally, with exceptions, is to buy
something when no one wants it."
Mr. Icahn noted the medium and longterm factors should help Florida real estate keep growing in a positive direction. Aging baby boomers will be looking south to retire in a warmer climate.
Here's an example of the message WCI uses to impress potential buyers with our sunny Florida lifestyle and it certainly applies to the Sarasota real estate market:
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Average WINTER Temperatures: High 78° F — Low 60° F. The weather… the market… Now is the time to experience a WCI community in Florida. Put current conditions to your advantage and visit one of WCI’s over 25 communities in Florida between now and April 30, 2007 with a WCI Experience Package........
