BIRMINGHAM, Ala., Oct. 18, 2010 (GLOBE NEWSWIRE) -- Four Star Holdings, Inc. (OTCBB:FSTH), and its affiliates, operate as the 4th largest land developer and homebuilding company in the Birmingham, Alabama area.
In an afternoon address, Bobby R. Smith, CEO and Fran Mize, President, spoke at Four Star Holdings, Inc. headquarters about the company's expectations for the rest of this year and the first quarter of 2011.
Ms. Mize, the qualifying real estate broker for Four Star Realty, LLC, a wholly owned subsidiary of Four Star Holdings, Inc., told the group that her research confirmed that 148 new homes were sold in the metropolitan Birmingham area in September. "That's a 10% increase from August and the second month in a row of improvement in new home sales. I need all of our agents to be keenly aware of this trend. If we continue to give superior service, you'll not only sell our homes, but you'll get opportunities to sell for the other developers as well," Ms. Mize said.
Mr. Smith added, "Last spring's tax incentives for new home buyers were aimed primarily at those who may not have purchased without the incentive. Our feedback is that those buyers typically purchased lower-priced homes. This caused an uptick in the number of homes sold but a slight reduction in the average price of new home sales. Now we're seeing a return to normal of new home prices. What's happening is the number of mid-to upper end homes sold is rising compared to lower-end homes. This reflects a more accurate representation of homes from all price points. We are using this data as we plan which of our neighborhoods we'll be building in next."
Also discussed was the Grand River Mall project, which is bringing 650 new jobs to the area in addition to the expected increase in production for local auto manufacturing plants. Mr. Smith and Ms. Mize reminded the group that they aren't the only ones who are seeing and living the positive trends. "D. R. Horton must be seeing the same trends as we are because they're closing on the second group of lots they're purchasing from one of our affiliated company's next week...and they have two more closings scheduled with us." Mr. Smith said.
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SAFE HARBOR STATEMENT
This Press Release contains or incorporates by reference "Forward-looking statements," including certain information with respect to plans and strategies of Four Star Holdings, Inc. For this purpose, any statements regarding this announcement, which are not purely historical, are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including Four Star Holdings, Inc. beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and based on information available to Four Star Holdings, Inc. as of such date. There are a number of important factors that could cause actual events or actual results of Four Star Holdings, Inc. and its subsidiaries to differ materially from those indicated by such forward-looking statement.