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Homebuilders Revive Stalled U.S. Projects as Banks Unload Lots

Candlelight Homes was recently featured in an article on Bloomberg Businessweek.

Less Than Foreclosures

Candlelight Homes, a South Jordan, Utah, homebuilder that bought lots in 20 stalled projects, recently introduced a new slogan: “Quality new homes, less than foreclosures.”

The company, which said most of its houses are cheaper than comparable foreclosed homes, has an average profit margin of 12 percent on the transactions, said Joe Salisbury, a partner at Candlelight. He purchases lots with power, sewer, and water lines and government approvals in place for 30 percent to 50 percent of what they sold for three years ago, he said.

“We’re buying lots for less than the cost of the improvements,” Salisbury said. “If someone offered me raw land for free next door, I wouldn’t even want it because it would cost me more to build out the lots.”

See the entire article here:

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