Brightwater in denial

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garrison_IHB

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Okay, I'll be the first to admit that I am a fan of the Cliffs models at Brightwater. I happen to prefer the elevation's "beachy" look vs the repetitive brown stucco box thing found in Irvine...also the location is closer to my job, which is a plus. That being said, I thank my lucky stars everyday that I found this forum to help educate me and show me the real direction of the market. Thanks to all of the great information found here, I've recently sold my home in Irvine and am now a proud renter. It's nice to be sitting on the sidelines with a wad of cash, waiting to reenter the market in a few years. I doubt Brightwater will remain in my gunsights; frankly, I think they're in such a state of denial, it's laughable.

for your enjoyment:

Hurry, don't miss out!!
 
^ "The market is starting to turn around, and it may not be long before prices and interest rates begin to rise."

... wait, it gets better...

"This summer, ride the tide of the economic recovery"!
 
Ummm... according to their latest 10-Q... 14 homes in three months would be a stretch. Yeah, they might have "sold" 14 homes, but they won't deliver 14 homes when their cancellation rate is currently 30%. Depending on when they sold the homes, and the cancellation rate they have, they might be lucky to deliver 8 of those homes. They even bitch about how bad financing is without ALT-A and subprime, they also bitch about how the gumberment isn't really helping them. Well f*ck you! As a taxpayer, you don't deserve my help for your own lack of economic fundamentals. You deserve to go BK and let a real builder take you over. Morons. They only have cash because they were able to write down the debt they couldn't repay IndyMac, and how they were able to renegotiate it for pennies on the dollar. Again, glad my tax dollars could subsidize your sorry ass. Now they are in default on their loan for their Lancaster project. WTF? Just file for BK already. You make John Laing look smarter every 10-Q.

Like I have always said, they are way too dependent upon Brightwater...

During the first quarter of 2009 we also extended the maturity date on our senior secured revolving credit agreement from September 15, 2009 to June 30, 2010. However, based on current projections of Brightwater closings during the 12 months ending March 31, 2010, and due to the additional $25 million in loan repayments due on March 31, 2010, there is substantial doubt that we will be able to meet our debt obligations on March 31, 2010 from cash generated by operations. In addition, we do not expect to be able to repay the revolving loan by its maturity date of June 30, 2010. Therefore, during the fourth quarter of 2009 or the first quarter of 2010 we expect to negotiate revisions to our loan covenants and the timing of commitment reductions for our loans, and an extension of the maturity date of the revolving loan to accommodate the expected sales pace of the Brightwater project. There can be no assurance that we will be successful in negotiating any such amendments or extensions. In addition, we continue to examine financial and strategic alternatives to generate capital from a variety of sources, including, but not limited to, further restructuring of our debt, equity offerings and issuances of new debt. We cannot assure you that amended or future borrowings will be available to us in an amount sufficient to enable us to pay our indebtedness or to fund our other liquidity needs if we do not close escrow on enough homes during the 12 months ending March 31, 2010.

They have already renegotiated their debt once before, they shouldn't be able to do it again, not after their failed promises. But... the banks they renegotiated with may no longer be there, or may be too constrained from their TARP/TALF borrowings. Good luck with that. Just file for BK or get foreclosed on, you know it is the only solution. You, Hearthside Homes/Cal Coastal/Brightwater are done, you were done when I first posted about you being done.

You haven't even sold 14 homes total in Brightwater... who are you fooling? It better not be the SEC. Maybe I should call them to ask if you are?
 
i also like the cliffs, model 4 and the breakers, model 4 but when i first saw the prices, i was like , what the hell ? over 2mil with no view, you must be kidding me. i think the next block over there is a liquor store and laundry mat. when i saw the email about the 14 homes being sold, i was thinking the last i heard an investor bought 14homes but it was for 20 something million with a lease back option so they could cover their bond int payment which they modified from 800 mil to 900 mil if i remember correctly. this place will have a huge 10% cut right off the bat once the high end market blows up when the adj loans reset in the months ahead

on another note, the sales reps are now a little better but last year (early to mid) they were somewhat rude. it pissed me off. they get mad if you walk in , tour the homes and decide not to spend 2mil after seeing the homes for 30mins LOL
 
tmare said:
This one should be very satisfying to many here

Can't make the payments

I love it, "But once the tides turn, we won't be able to keep the buyers away". Pretty funny stuff.
Click to expand...

I need to go repost this in the other brightwater thread, and quote the employee who said that they had plenty of money...
 
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