 |
 |
 |
Slowing of Housing Sector Not Expected
to Effect Hamptons Luxury Homes
BRIDGEHAMPTON, N.Y., Jul 27, 2006 (BUSINESS WIRE) --
Hamptons Luxury Homes, Inc.
a nationally recognized and award-winning luxury
homebuilder of custom estate homes, today said the slowing in the general housing
and construction markets is not expected to have an effect on the company's business.
"We are generally immune to these types of economic downturns," said
Roy
Dalene, President and CEO of Hamptons Luxury Homes. "It has been our experience
throughout various market cycles, that our clientele, who represent the top one
percent of the nation's wealth, are not affected by mortgage rates or other economic
factors that might contribute to a difficult situation for other homebuilders."
That opinion has been borne out in a recent report published by Suffolk Research
Service, Inc. (April 2006) that presented extensive market data on the real estate
market in the five eastern towns of Long Island - Southampton, East Hampton,
Riverhead, Southold and Shelter Island.
Specifically, the survey noted: "The high end of the market is less subject
to downturns in the economy, because those buying these very expensive homes
tend to be more downturn resistant."
Today the US Department of Commerce reported that new home sales dropped by 3
percent last month to a seasonally adjusted annual sales pace of 1.131 million
units. Last week new home construction in June was reported to have fallen 5.3
percent.
"We believe we might be viewed by many in the industry as a defensive-play
in
the homebuilding sector," Dalene said, noting that a recent independent
research report on the company, issued by Institutional Research Partners, initiated
coverage with an 18-month price target of $3.
Hamptons Luxury Homes is a regional homebuilder of customer estate homes with
operations in Bridgehampton, New York. Founded in 1978, Hampton Luxury Homes
is a nationally recognized and award building luxury homebuilder. Awarded "Custom
Builder of the Year" by Custom Builder Magazine in 1998, the Company maintains
an industry leading reputation for construction of luxury vacation homes from
foundation to completion, with values ranging up to $50 million. Hamptons Luxury
Homes utilizes the industry's most innovative methods, and ultra-high quality
materials, to create the ultimate in aesthetic appeal. Hamptons Luxury Homes
management has extensive experience in the homebuilding industry and has successfully
completed more than 500 projects.
Certain statements in this news release may contain forward-looking information
within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6
under the Securities Exchange Act of 1934, and are subject to the safe harbor
created by those rules. All statements, other than statements of fact, included
in this release, including without limitation, statements regarding potential
future plans and objectives of the Corporation, are forward-looking statements
that involve risks and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events could differ materially
form those anticipated in such statements.
SOURCE: Hamptons Luxury Homes, Inc.
Martin E. Janis & Company, Inc. Beverly Jedynak, 312-943-1100 ext. 12 bjedynak@janispr.com
Copyright Business Wire 2006 |
 |
.........
“The home's final polish reflects the close working relationship
between architect, builder and client.”
— Custom Builder Magazine, 1998 |
|
|
|
