Tasty Quarter at Tarragon

The homebuilder posts solid numbers.
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Tarragon

(TARR)

wrote 594 new orders totaling $139 million in the fourth quarter, up from 513 new orders totaling $130 million for the same period in 2004.

The New York-based homebuilder said it delivered 949 homes representing $254 million in sales in the quarter, compared with 526 closings for $144 million in the fourth quarter of 2004. The gains show unit growth of 80% and dollar value growth of 76% over the same period in 2004.

At year-end 2005, the non-cancelable contractual backlog was $428 million, up 25%. Sales activity was strong in all geographic regions including New Jersey and New York, and was especially strong in south and central Florida.

"Our accelerating sales growth validates our urban high-density business strategy," Tarragon CEO William S. Friedman said. "We focus on developing sites in the Northeast and Florida where development approvals are difficult to obtain, creating high barriers to entry and contributing to unsatisfied customer demand."

On Wednesday, Tarragon shares rose 13 cents to $20.53.