BOCA RATON, FL-Total sales for Bluegreen Corp. increased to $166.8 million in the third quarter of this year, compared with $161.9 million for the same quarter a year ago. Sales in the resorts segment of the locally based company's business hit a quarterly record of $114.4 million, a 19% increase over the same period a year ago. That gain was partially offset, however, by a decrease in sales in the company's communities sector, caused by a sell-out of six communities prior to third quarter, which is earlier than expected.
Sales have begun at three Texas properties, SugarTree on the Brazos, Saddle Creek Ranch and the Settlement at Patriot Ranch near San Antonio, in order to fill the communities' pipeline. Sales at a fourth, Havenwood at Hunter's Crossing, also near San Antonio, are expected to begin in early 2006, George Donovan, president and CEO, said during a conference call. "We believe that our acquisition pipeline is robust," he added.
Regarding record performance in the resorts segment of the business, Donovan said, "upgraded sales to existing customers rose 29% during third quarter and are up 37% year-to-date." Noting that upgrades and referrals are highly profitable, he also said referrals accounted for 2% of resorts sale during third quarter.
Asked about "cold line lead generation," Donovan said marketing to prospective buyers through the use of third-party databases, such as Bass Pro Shops, "is an important part of our strategy, and we expect to form more such agreements." While he said, "volumes from the Bass Pro efforts are quite satisfactory," he did not disclose the number of sales generated from the program.
The Fountains at Orlando was singled out as one of several resorts that drove third quarter growth. Expansion of the Bluegreen Vacation Club network includes a recently acquired 144-unit in Myrtle Beach, SC, which is being renamed SeaGlass Tower, and the 79-unit SeaBreeze Resort in Daytona Beach, FL, which opened for occupancy this January.
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