Posts Tagged ‘real estate development’

Zillow Inc. (Z) stock climbs on quarterly numbers

Thursday, August 25th, 2011

Zillow Inc. (Nasdaq: Z) shares gained 19.9% to $31.49, a day after the online real-estate information provider reported its first quarterly financial results since going public in late July. Volume for the stock came in at 436,000 shares, just nosing out its full-day average.

A news release posted August 24 reported quarterly revenues increased 116% to $15.8 million from $7.3 million in the second quarter of 2010.

Marketplace revenues increased 269% to $9.7 million from $2.6 million in the second quarter of 2010. Display revenues increased 30% to $6.1 million from $4.7 million in the second quarter of 2010.

GAAP net income for the second quarter 2011 was $1.6 million, compared to a net loss of $2.0 million in the same period a year ago and a net loss of $0.8 million in the first quarter of 2011.

Said CEO Spencer Rascoff in the same piece, “The second quarter was outstanding for Zillow® with record revenues, traffic and mobile usage. It marks our first profitable quarter on a GAAP net income basis and our fourth consecutive profitable quarter on an Adjusted EBITDA basis. We’re extremely pleased with our progress and rapid growth, yet we believe we’ve only scratched the surface of our opportunity.”

The Seattle-based Zillow calls itself the leading real estate information marketplace, providing vital information about homes, real estate listings and mortgages through its website and mobile applications, enabling homeowners, buyers, sellers and renters to connect with real estate and mortgage professionals best suited to meet their needs.

Comstock Homebuilding Companies (CHCI) stock builds on new strategic alliance

Wednesday, July 13th, 2011

Comstock Homebuilding Companies (Nasdaq: CHCI) shares raced ahead 27.2% to $1.45, on word of a new strategic alliance with SunBridge Capital Management, LLC. Volume for the stock topped 393,000 shares, or more than 13 times its normal daily average.

The purpose of the strategic alliance is to facilitate Comstock’s and SunBridge’s ongoing pursuit of certain homebuilding and multi-family rental projects in the Washington, D.C. market.

The strategic alliance calls for project funding of up to $25 million from each party to capitalize agreed-upon potential investments. Further demonstrating its commitment to its relationship with Comstock, SunBridge will also provide up to $20 million of senior secured financing thereby strengthening Comstock’s ability to pursue new real estate investment and development opportunities.

In a news release out Wednesday, July 13, Comstock CEO Christopher Clemente, “We are delighted to team with SunBridge. This is a significant alliance for Comstock as we continue to uncover and execute against opportunities within the best real estate market in the nation.

Clemente concluded, “This new relationship provides additional capital and allows us to pursue our strategic objective of disciplined growth supported by a conservative capital structure as we focus on enhancing shareholder value.”

Based in Reston, Va. Comstock is a multi-faceted real estate development and services company, boasting substantial experience in building a diverse range of products including multi-family, single-family homes, townhouses, mid-rise condominiums, high-rise condominiums and mixed-use (residential and commercial) developments has positioned Comstock as a prominent real estate developer and homebuilder in the Washington, D.C. market.

Comstock Homebuilding Companies (CHCI)—Buzz Stock of the Day

Friday, August 21st, 2009

Shares of Comstock Homebuilding Companies (NASDAQ: CHCI) have been trading higher since Monday, after the National Association of Homebuilders/Wells Fargo confidence index climbed to 18, matching forecasts by economists and reaching its highest level since June 2008.

“Inventory is being cleared and that is starting to benefit the new-home market,” Julia Coronado, a senior U.S. economist at BNP Paribas in New York, told Bloomberg. “With a few months’ lag, that will lead to a turnaround in construction activity.”

Comstock Homebuilding Companies, Inc. could be in a great position to take advantage of the turnaround in the housing market. The Virginia-based real estate development company reached a foreclosure agreement with Wachovia Bank that will eliminate $17.8 million of debt. The announcement sent shares soaring more than 140 percent higher in morning trading Friday.

The agreement calls for Comstock to foreclose on several real estate holdings, and Wachovia to release the company of obligations and guarantees pertaining to $17.8 million of the company’s $77.2 million secured debt.

“We are very pleased to have finalized an agreement with Wachovia that will reduce the balance due to Wachovia from approximately $17.8 million to approximately $425,000.00 while also facilitating delivery of certain backlog units,” said Comstock’s Chairman and Chief Executive Officer, Christopher Clemente in a statement,

In addition to the foreclosure on properties, the terms of the agreement also provide for the concurrent execution of a non-interest bearing unsecured deficiency note in the amount of approximately $1.8 million. However, the deficiency note is reduced by the principal payments related to certain homes conveyed by Comstock prior to September 30, 2009. Based on current sales backlog, the September 30, 2009 deficiency note balance is expected to be in the range of $425,000.00, subject to increase or decrease based on additional sales or cancellations.

Comstock’s foreclosed assets include raw land, several single family farm units, and condominium and real estate developments in North Carolina, Virginia and Georgia. The foreclosures are expected to be completed between the last quarter of 2009 and the first quarter of 2010.

“We remain focused on reaching similar amicable agreements with our other secured lenders and we will continue to take the steps necessary to position Comstock for a return to profitability as market conditions improve.”