A Most Active Issue Sitting on its 52-week Low Announces Contract With Projected Sales of $26 Million
MIAMI-- (OTCBB NEWSWIRE) -- June 26, 2001, National Residential Properties, Inc. (NRES: .003) consistently one of the most active issues, announced it has contracted to buy 20 additional acres which will be used for 50 units, for the second phase of the Adult Retirement community that the company has planned in Hebron, Connecticut for people 55 years and above.
The development will consist of single story condominiums, two units per building. Condominiums in phase one will be priced at $175,000 to $225,000 and in phase two the units will be priced $200,000 to $225,000. The purchase price of the land in phase two is $600,000. The Hebron 130 unit project has projected sales of $26,000,000.
Mr. Astrom, President and CEO said: "One of the fastest growing segments of the housing market is the housing needs of people over the age of fifty-five." He continued, "From the developer's point of view, senior housing is profitable, lower risk product for the following reasons: A. Seniors are usually cash buyers and are relatively unaffected by changing interest rates. B. Seniors will pay more per square foot of housing than other homebuyers, consequently, the profit margins are generally larger. C. Given the difficulty to find good sites, most approved sites face little or no competition and sell very quickly."
NRES has 6 major projects where the company owns the land and is either under construction or in the plans and permitting process. The company's business is real estate development. NRES projects are: Building a 60 unit luxury apartment house in Miami known as GRANADA GRAND, upon sale the company will generate $7,000,000 revenues and $2,500,000 net income in 2002. The company has previously announced a stock repurchase program for up to 10% of the company common stock.
At 12:25 EST, NRES remains down for the day, - .0001 (3%). Volume is 12.9 million. NRES is sitting at its 52-week low, the 52-week high is .035.
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