NEW YORK, May 3, 2017 /PRNewswire/ --
National Association of Realtors (NAR) in a recent report indicated that existing-home sales took off in March to their highest pace in over 10 years. Severe supply shortages resulted in typical homes coming off the market significantly faster than in February and a year ago. Only the West saw a decline in sales activity in March. As for commercial real estate, NAR's most recent quarterly report indicates that commercial real estate in small cap markets continued on a divergent path with sales volume accelerating during the fourth quarter of 2016. Holiday Island Holdings, Inc. (OTC: HIHI), ACRE Realty Investors Inc. (NYSE: AIII), Walter Investment Management Corp. (NYSE: WAC), Grow Condos Inc. (OTC: GRWC), Hovnanian Enterprises, Inc. (NYSE: HOV).
Lawrence Yun, NAR Chief Economist, says existing sales roared back in March and were led by hefty gains in the Northeast and Midwest. "The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month," he said. "Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings in March for sales to muster a strong gain. Sales will go up as long as inventory does."
Holiday Island Holdings, Inc. (OTC: HIHI) is a development stage company operating in the land development sector of the market. Yesterday the company said that it is in negotiations with the largest realtor in the Northwest Arkansas Metro (NWA) to identify and negotiate the acquisition of income producing properties in booming NWA.
NWA is the third fastest growing metro in the U.S. fueled by the global corporate giants headquartered there including Walmart, Tyson Foods, J.B. Hunt Transportation, and the cultural presence of the University of Arkansas and Crystal Bridges Art Center.
Gene Thompson, CEO of Holiday Island Holdings says, "We are pleased to make this announcement as the NWA offers sustainable high growth and returns in one of the most affluent metros in the U.S. This development expands our opportunity to add high yield commercial income producing properties to the Company, and develop residential property revenues with the sale of Holiday Island properties as second homes as the NWA Metro is 30 miles from Holiday Island."
The Company's main goals for 2017 are to finalize a multi-million dollar fund raise and become a significant player in local commercial and residential markets at Holiday Island, Arkansas.
ACRE Realty Investors Inc. (NYSE: AIII) is a commercial real estate investment and operating company focused on commercial real estate investments. The company currently owns one remaining legacy property, a tract of land totaling 38 acres, which is held for sale as of December 31, 2016. The sale of the property is expected to close during the second quarter of 2017, subject to an extension option and certain closing conditions.
Walter Investment Management Corp. (NYSE: WAC) is a diversified mortgage banking firm focused primarily on the servicing and origination of residential loans, including reverse loans. On January 4, 2017, the company announced that it has executed a Stock Purchase Agreement ("SPA") pursuant to which Walter has agreed to sell 100% of the stock of its indirect, wholly-owned subsidiary, GTI Holdings Corp. ("GTIH"), which is the holding company of Walter's primary licensed insurance agency, Green Tree Insurance Agency, Inc., to a wholly-owned subsidiary of Assurant, Inc. ("Assurant"), for a purchase price of $125.0 million in cash, subject to adjustment as specified in the SPA.
Grow Condos Inc. (OTCQB: GRWC) is a real estate purchaser, developer and manager of specific use industrial properties providing 'condo' style turn-key grow facilities to support the cannabis industry. The company owns, leases, sells and manages multi-tenant properties. Recently, the company provided update to investors on the recent acquisition closing of Lake Selmac Resort & RV Park, and the development of its evolving strategy in Lake Selma, Oregon. After completing the acquisition, the company believes that the Smoke on the Water business presents a unique separate business model and being entirely ripe for a 'roll-up' acquisition play within the RV and Campground industry.
Hovnanian Enterprises, Inc. (NYSE: HOV) is one of the nation's largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The company is one of the nation's largest builders of active lifestyle communities. On March 8th the leading national homebuilder, reported results for its fiscal first quarter ended January 31, 2017. "Given the liquidity constraints we faced last year, we are pleased with our results for the first quarter of fiscal 2017. From October 15, 2015 through May 15, 2016, we paid off $320 million of maturing debt, which limited our ability to invest in land during fiscal 2016. As we began fiscal 2017, we were in a much improved liquidity position with a beginning cash balance of $340 million. We used $31 million to retire $39 million face value of debt maturing in 2017 and 2019. Furthermore, we spent $190 million on land and land development in the first quarter of fiscal 2017, which was more than we had spent in any quarter last year. As a result, after reporting decreases in owned lots last year, during the first quarter the number of owned lots increased sequentially," stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer.
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