Saturday, February 9, 2008

Makes us feel all corporate and tingly all over

Here is some interesting info about the Four Seasons condo development downtown.  From the Post Properties Q4 2007 Earnings Call (they're the developers):

"Last month we commenced construction of the Four Seasons Residences in Austin. Austin has one of the stronger housing markets in the country and pre-sale activity has been very good. We’ve written contracts on nearly a third of the units representing nearly 40% of the aggregate sales revenue."

Then in the Q & A section:

"Louis W. Taylor – Deutsche Banc Alex Brown

And then Dave lastly, in terms of the Austin condo Four Seasons project you just started how firm are those presale commitments? What’s the size of the deposits?

David P. Stockert

We’re generally collecting 10% deposits and these are fairly expensive units so it’s very sizable absolute deposit commitment. That project benefits from its location from the Four Seasons brand from its hotel services although it’s got its own set of amenities and high quality. It’s being very well received.

Louis W. Taylor – Deutsche Banc Alex Brown

Is that deposit refundable?

David P. Stockert


Ouch.  Er, we mean, good for them! :{p}

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