ELEMENTS
Letter from Our CEO
QUARTER A PRODUCTIVE
Landsea Homes had a solid third quarter thanks to the continued hard work from this team.
We reported a 26% increase in home sales revenue year-over-year, while net new orders grew by 29%, with a sales pace of 2.5 homes per community per month. We achieved 629 deliveries, which was 40% higher than in the third quarter of last year. Overall, it was a highly productive quarter for Landsea Homes, and I am pleased with the progress we made on multiple fronts.
We entered several of our markets via acquisitions, which allowed us to establish a presence more rapidly than expanding organically would have. The challenging work of integrating these acquisitions is largely behind us, and we are now focused on growing our presence further and leveraging our increased scale. This scale allows us to secure better rebates and terms from our suppliers and trade partners. We will continue to focus on these benefits of scale as we execute our growth strategy.
New home demand trends in the third quarter were solid, as we experienced consistent traffic to our communities throughout the period. The new home market maintains an advantage over the existing home market, and Landsea holds a unique position among homebuilders through our High-Performance Homes, which feature the latest advancements in home automation and energy efficiency. Purchasing a home is likely the biggest investment a family will make, and we believe that many buyers are willing
to pay a little extra to live in a home equipped with features and amenities that enhance their quality of life. When you visit a Landsea Homes community, the difference is clear, and making a strong impression at the point of sale is key to driving sales.
We ended the quarter with an average of 83 selling communities, up 40% from the third quarter last year. In each of our markets, we have carved out a solid niche by offering attainably priced homes with an emphasis on energy efficiency, smart-home technology, and quality construction.
Overall, I am pleased with how we executed this quarter and how our company is positioned as we approach the end of the year. Market conditions remain generally favorable, and our home offerings continue to perform well against the competition due to our clear value proposition. Meanwhile, our team continues to drive improvements in operating efficiencies, construction costs, and cycle times while working to reduce selling costs where possible. These efforts will contribute to our positive results in the quarters to come.
As we turn our attention to the fourth quarter, I feel optimistic about what lies ahead for our company. We have a strong backlog and sufficient in-process inventory to meet our delivery goals for the year. Our communities are wellpositioned across our markets, and our High-Performance Homes continue to perform well against the competition. We are on track to meet our balance
Total Company Sales and Closings Q3 2024 629 497
sheet goals, and we should continue to see the benefits of our increased scale in the form of better expense leverage. As a result, I believe Landsea Homes is on a path to even greater success in the future. Sincerely,
John Ho
John Ho, CEO
In each of our markets, we have carved out a solid niche by offering attainably priced homes with an emphasis on energy efficiency, smart-home technology, and quality construction.
DESIGN STUDIO DEBUT
On September 16, the Florida team welcomed guests to the opening of the new Design Studio at the Orlando office. The event brought together teams from Landsea Homes and Ally Building Solutions, along with the vendors involved in building the space.
The Design Studio includes a brand new app that allows buyers to browse options and upgrades that complement our High Performance Homes program. Homebuyers can now enjoy an enhanced in-person experience as they create the home of their dreams.
TEAM BUILDING WITH A LITTLE BIT OF ROCK 'N' ROLL
Ally Building Solutions gifted the Purchasing team box seats to the Twenty One Pilots concert on September 11 as a “thankyou” for their continued partnership and collaboration. Such a fun night!
HOMEAID PARTNERSHIP
Team members participated in the 5th Annual Hopes & Homes Golf Tournament hosted by HomeAid on September 6 to support and work together toward ending homelessness in Central Florida.
Sales and Closings Q3 2024
LET’S GET TOGETHER
• The department heads went to lunch on September 4 to review the accomplishments in Q3 and set Q4 goals for their teams.
• The sales team leveled up with Amy O’Connor from Shore Consulting to sharpen their skills.
MASSEY MEADOWS MODEL GRAND OPENING
In August, the DFW team marked the grand opening of the Massey Meadows model home in Midlothian, TX, with a special event for local realtors. Dozens of agents attended to tour the thoughtfully designed model, enjoy a catered meal and connect with the Landsea Homes team.
Guests had the opportunity to learn more about Landsea Homes’ innovative home designs and our ongoing commitment to supporting the realtor community. Many left excited to return with their clients.
Before the 4th of July holiday, the DFW team held a company BBQ and cobbler bake-off! Nothing beats great food, friendly competition and fantastic company.
The team helped two first-time homebuyers find and close on their dream home at Coyote Crossing in Godley, TX, and assisted with planning their engagement! Wishing the happy couple a lifetime of happiness in their new home!
Cody Rikard and Mike Shinn were awarded for their commitment to completing homes in a timely manner as well as producing high-quality products for our homebuyers.
MAKING A DIFFERENCE
Landsea Austin is proud to be named “Builder Captain” for the Magdalene House Expansion Project, led by HomeAid Austin. Magdalene House of Austin is a survivor-led community that supports adult women who have survived sex trafficking by providing long-term care and housing.
Partnering with HomeAid and generous trade partners, the Austin team is helping rebuild a safe home for these survivors. This project is a reflection of our commitment to “live in your element” and making a difference in the communities we serve. We look forward to seeing the impact this effort will bring!
Read More >
LET’S GET TOGETHER
The Austin division wrapped up Q2 with a day of team bonding and friendly competition at Game On. They took on classic game shows like Family Feud, Wheel of Fortune and The Price Is Right, bringing plenty of laughs and a great team spirit. It was a memorable and fun way to come together!
HAPPY HOMEOWNERS
The Austin team believes that home is more than just a place to live—it’s the foundation for all of life’s moments. Read their stories to hear just how happy their newest homeowners are to be living in their element.
Read the Blog >
REALTOR EVENT AT LARIAT
In September, the Austin team welcomed Trinity Texas Realty for home tours and lunch at Lariat in Liberty Hill, TX. The local realtors, already familiar with the area, were eager to learn more about what Landsea Homes has to offer their clients. The best part? The event led to a sale on the spot! Now that’s what we call a success!
Sales and Closings Q3 2024
HIGHLANDS PRESERVE GRAND OPENING
Highlands Preserve in Mead, CO, celebrated the grand opening of its new model home on August 3, hosting a fun-filled day of activities and adventure. Home shoppers and realtors enjoyed puppy adoptions, a s’mores bar, food trucks and exciting giveaways while touring the new model and getting to know the community. Highlands Preserve offers single-family homes with eight unique floor plans ranging from 1,682 to 4,641 square feet, featuring spacious full basements available on select lots.
Watch ON TIKTOK
HOMEAID PARTNERSHIP
• Team members participated in HomeAid Colorado's Targeting Homelessness Sporting Clay Shoot on August 22.
• Landsea CO celebrated with HomeAid for their 25-year anniversary at Growlers & Grapes on September 25. It was a fun night filled with networking, dinner and auctions to raise funds for individuals and families at risk of homelessness.
MOVERS & SHAKERS
• Division President Lisa Wiebelhaus was a panel speaker at the Denver Dealmakers event on September 27. She, among other industry leaders, gave valuable insights into trends for housing real estate as well as new strategies to stay competitive in the market.
• The CO team celebrated exceeding their closing goal for Q3. Way to go, team!
During Q3, the Colorado division launched the “Unlock the Door to More” campaign, offering buyers special incentives to help make their home buying dreams come true. These included a low interest rate, move-in appliance packages and closing cost contributions.
Sales and Closings Q3 2024
CLAIMING VICTORY IN BUCKEYE!
With the sellout of Skye Ridge at Victory at Verrado, a 55+ community in Buckeye, AZ, the team was thrilled to announce the opening of their new phase, Mira Vista at Victory, at the end of September. This vibrant community offers a mix of single-family homes and duplexes, paired with a lifestyle full of unmatched amenities. Homebuyers will enjoy the Victory Club and golf course, hiking and biking trails and shopping and dining on Verrado’s quaint Main Street.
Learn More >
The HBACA hosted their "Builders at the Ball Park" event at Chase Field on September 11, inviting builders, trade partners and their families to enjoy a fun night of baseball and networking.
COMMUNITY SPOTLIGHT
Sunset Farms located in Tolleson, AZ, officially closed out on August 1! This community opened in late 2021 with a total of 140 homesites. The team is excited to close this chapter for their region!
GIVING BACK BUILDERS AT THE BALL PARK
The HomeAid Summer Essentials Donation Drive kicked off at the beginning of summer and focused on gathering crucial heat relief items for those experiencing homelessness during Arizona’s hottest months. Landsea Homes proudly collected $300 in monetary donations, along with generous contributions of sunscreen, lip balms, sunglasses and cooling towels to support those in need.
Collin Smith, financial analyst, and his wife were celebrated during an in-office baby shower to welcome their first baby. Congrats to them and their growing family!
PERI + RUBI GRAND OPENING
Peri + Rubi, SoCal’s newest dynamic duo of neighborhoods in Ontario, CA, made a memorable debut on September 21. Guests enjoyed delicious food and refreshments, a live DJ, model tours and a candy apple station for something extra sweet. This vibrant community offers two new home collections with unique personalities, boasting a perfect blend of single-family detached homes and two-story townhomes for homebuyers looking to live their best life.
Narra Hills, a master-planned community in North Fontana, CA, officially opened its resort-style recreation center for its homeowners. The Club consists of pools, a clubhouse, barbeques, cabanas, a multipurpose exercise room, pickleball courts and dog parks, making it easy and fun to connect with neighbors and to stay healthy and active.
CUSTOMER SERVICE BUILDERS COUNCIL BREAKFAST
On August 7, the SoCal Customer Care team hosted the CSBC breakfast meeting at the Irvine office. Attendees had the opportunity to learn from a geotechnical firm, which presented valuable insights into the correlation between soil conditions and latent issues that can arise post warranty.
KICKING OFF THE DC
In August, the NorCal team kicked off planning for THE DC, a master-planned community coming to Dublin, CA, in 2025. This exciting new community will feature 500 homesites, offering a mix of single-family detached homes and attached townhomes, along with incredible amenities like a community swim center, water park and gathering spaces. Located in the highly desirable East Bay, Dublin provides residents with an ideal blend of urban and suburban living.
Dublin is the perfect place to call home, offering top-rated schools, great shopping, dining and plenty of outdoor recreation. Homes at THE DC will give buyers an exceptional quality of life.
Tom Baine, Division President, California
GIVING BACK
Team members took part in the 22nd annual HomeAid NorCal Trapshoot Fundraiser on September 12 to raise awareness and funds for local organizations supporting those in need.
ICE CREAM SOCIAL
The team hosted an ice cream social at Blossom at Baldwin Ranch in Patterson, CA, at the end of August. Homeowners and prospective homebuyers gathered, mingled and experienced the true sense of community!
Sales and Closings Q3 2024
BIA BACK TO SCHOOL DRIVE
The NorCal team helped organize and donated supplies with the BIA to benefit Bay Area schools and organizations in need.
MEMORABLE MARKETING
Verandah in Novato, CA, is down to its final homes! To bring extra attention to the available quick move-ins, Landsea Mortgage is offering a 1-0 buydown with rates as low as 3.99% [YR 1: 3.99%, YR 2+: 4.99% (5.904% APR)*]. What a sweet deal to live in this incredible Marin County community!
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(949) 345-8080 info@landseahomes.com Nasdaq: LSEA