LGI Homes (LGIH) Unveils New 25-Home Community in Washington
Amid rebounding demand for commercial real estate, LGI Homes, Inc. LGIH recently announced the opening of its newest community — Whitmore — in Spanaway, WA. Given the community’s affordability and upgraded homes in a phenomenal location near the city centers of Tacoma and Seattle, it is likely to draw homebuyers, making LGIH’s recent move seem prudent.
The company’s newest community, presently under construction, will comprise 25 single-family homes consisting of five-floor plans and with prices starting from $520s. The size of homes will range from 1,157 square feet with three bedrooms and two bathrooms up to 2,378 square feet with four bedrooms and two-and-a-half bathrooms.
These spacious homes will come with open layouts, chef-inspired kitchens, energy-saving features and an array of included upgrades. Moreover, with real estate developers resorting to digital transformation due to the pandemic-induced behavioral changes of consumers, each home will be equipped with designer-selected features of LGI Homes’ CompleteHome™ package. This will include cutting-edge Whirlpool® brand kitchen appliances, sprawling granite countertops, recessed LED lighting, wood cabinetry with crown molding detail, and a Wi-Fi-enabled garage door opener, to name a few.
Further, homebuyers will be able to engage in a variety of outdoor adventures that are minutes away from the Whitmore community. Surrounded by the natural beauty and wildlife of the Pacific Northwest, the community is also close to popular parks in the area.
This Woodlands, TX-based company is a pioneer in the homebuilding industry, engaged in the design, construction and sale of homes across 35 markets in 20 states through an innovative and systematic approach. Notably, the company has closed more than 65,000 homes since its founding in 2003.
Recently, LGIH announced the opening of two new communities, Summerfield and Stagecoach Station, in the Minnesota market and Charlotte market, respectively. Homes in both these communities will be equipped with LGIH’s popular CompleteHome™ package, offering homebuyers attractive facilities.
The increase in demand for new-age real estate developments and the company’s continued efforts to reduce the cost of homeownership through a combination of mortgage buy-down programs and other sales incentives are likely to drive its sales volume in the upcoming period.
Analysts seem bullish on this Zacks Rank #1 (Strong Buy) company. The Zacks Consensus Estimate for its 2023 earnings per share (EPS) has been revised 7.5% upward over the past month to $8.14.
The shares of the company have gained 29% in the year-to-date period compared with the industry’s growth of 0.1%.
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Other Stocks to Consider
Some other top-ranked stocks from the broader real estate industry are KE Holdings BEKE and Forestar Group FOR. BEKE sports a Zacks Rank #1, while FOR carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for KE Holding’s 2023 EPS has moved 4.5% northward over the past month to 93 cents.
The Zacks Consensus Estimate for Forestar Group’s fiscal 2023 EPS has moved 23.6% upward over the past month to $2.83.
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