Avatar’s Central Florida Division closes 1,160 homes for $327.8 million

November 09, 2006

The Central Florida Division of Avatar Properties Inc. closed out the first nine months of 2006 with a robust 1,160 closings for $327.8 million, and posted 692 new home sales for a volume of $247 million.

The Division, which is developing Poinciana, Solivita, Bellalago and the Isles of Bellalago, averaged over 4.2 closings per day and 128.9 per month for the first three quarters, while sales for the 9-month period averaged 2.5 per day and 77 per month.

Closings. Poinciana led the way for Avatar with 935 closings for $237.5 million, an average of $254,011 per transaction. Solivita, Avatar’s award-winning active-adult community in Poinciana, posted 547 closings for $149.3 million, an average of $272,943 per transaction. Avatar’s primary homes in Poinciana accounted for 388 closings for $88.2 million, an average of $227,320 per transaction.

Bellalago, Avatar’s upscale gated community alongside Lake Tohopekaliga, and the company’s neighboring Isles of Bellalago community, totaled 225 closings for $90.3 million, an average of $401,333 per transaction.

Sales. Poinciana, ranked the second best selling master-planned community in the United States for the past two years, posted a total of 535 sales for Avatar over the first nine months for a volume of $171.2 million or an average of $320,000 per transaction. Avatar’s primary homes accounted for 316 sales for a volume of $90.8 million, an average sale of $287,342, while Solivita posted 219 sales for $80.4 million, an average of $367,123 per transaction.

Bellalago and the Isles of Bellalago produced 157 sales for a volume of $75.8 million, an average of $482,803 per transaction.

Avatar is the primary home builder in Poinciana, which encompasses 47,000 acres in northwest Osceola and northeast Polk counties. Avatar’s primary homes are currently priced from the mid-$200s, while homes in Solivita are presently priced from the upper $100s to $500s. Homes at Bellalago are currently priced from the upper $300s, while homes in the Isles of Bellalago are presently priced from the $290s.

For more information, contact Bill Cowart, president of Avatar’s primary homebuilding operations, at (800) 755-0545 or (407) 933-5000.

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