Pulte Homes Purchase of Centex Homes Approved by Shareholders

New company will be the largest homebuilder in U.S. and still owns property assessed for nearly $24 million in Flagler Co.

Palm Coast, FL – August 19, 2009 – Centex developed the condominiums at Canopy Walk, Cinnamon Beach, the Villas at Hammock Beach, and Tidelands. They built hundreds of homes in Palm Coast. But Centex will be most remembered as the company that tore down the Palm Coast Resort and destroyed the Palm Harbor Golf Course before leaving town. Yesterday, shareholders of Centex Homes and Pulte Homes voted their approval of Pulte’s $3.1 billion purchase of Centex. The new Pulte supplants D.R. Horton as the largest homebuilder in the U.S.
Centex still owns Palm Coast and Flagler County property with preliminary 2009 assessments totaling nearly $24 million. These properties include land adjacent to the City’s new Palm Harbor Golf Course. The course is scheduled to reopen this fall as a municipal course after it was transferred at no cost to the city in return for a PUD amendment covering the Palm Coast Resort property. Approved condominium pads in both Tidelands and Palm Coast Resort, an approved hotel parcel at the resort plus the Marina and Ship’s Store are also among Centex’s local holdings. It is unknown whether attempts to sell these properties will be more aggressive under the Pulte banner.

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