Ainsley Park by William Lyon Homes

[boomben_IHB]

Does any body know what is going to happen to the Ainsley Park by William Lyon Homes?

The land is empty.

The paired homes were supposed to be built in VOC Tustin side.

I heard that William Lyon Homes sold the property?

 

[socalnian_IHB]

Yes, I too heard that..But no info on to whom William Lyon sold the property or what they would be doing with the land..

 

[jcaraway_IHB]

William Lyon has sold their lots to a land bank (don't know who) for cents on the dollar (i don't know how much, but think the Lennar and JP Morgan deal). William Lyon is still in the development, they will just be buying their land, lot by lot from the land bank. They are still responsible for construction, sales, customer care, marketing, etc.

 

[IrvineRenter_IHB]

Land bank REITs have become a common structure for builders who need to get these assets off their balance sheets. Usually, they own them or fund them, but since they are all broke right now, they have been getting capital from other sources.