Centex has been selling off portfolios of new home sites, including the 14 in Michigan, to stay efficient. Lombardo tells GlobeSt.com that the purchase will allow his company to grow out of Macomb County. "We're currently in a small market area," he says. "Now we're going to be able to cover the entire Southeastern Michigan market."
He says the portfolio includes homes similar to what his company has been building, so the transition should be seamless. There are about 175 attached condominium units included in the purchase, including Spring Haven Villas in Southfield and Blue Heron Point in Pittsfield Township.
The suffering of the Michigan housing market is well known, but most believe the end will be in site by next year. Lombardo says he believes the bottom has already been reached. "I think there's pent-up demand. So many people are cautious, I think you'll see a springboard in 2009 going into 2010," he says.
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