SOURCE: Shapell Industries

Shapell Industries

June 17, 2009 13:30 ET

Shapell Industries Closing Sales Despite Real Estate Downturn

When Houses Become Available, Prospective Buyers Literally Line Up

BEVERLY HILLS, CA--(Marketwire - June 17, 2009) - Beverly Hills based Shapell Industries, Inc. -- parent company of S&S Construction and Shapell Homes -- has remained profitable despite the current, historic housing crash. In fact, while other developers have been forced to file Chapter 11 or have opted to simply stop building, Shapell not only has sticks in the ground, but also is consistently closing sales.

According to company CEO Matt Koart, the most compelling evidence that Shapell remains healthy despite an acutely ailing market are an ongoing wave of sales "campouts." Specifically, prior to several recent sales releases, prospective buyers have literally camped out overnight in front of Shapell sales offices or have lined up many cars deep before the break of dawn. For example, at Shapell's Las Brisas development in Porter Ranch, some 35 cars lined up recently prior to the sales office opening; seven of the available nine homes were quickly snapped up. A similar situation unfolded at Shapell's Tierra development in Yorba Linda. Well before sunrise, nearly two dozen prospective buyers were parked outside the sales office; all five available homes were sold on the spot.

Koart, who was named chief executive officer in September of last year and became the first non-Shapell family member to helm the homebuilder in more than half a century, attributes the company's counter-trend stability to a stellar reputation dating back nearly 55 years ago when it was founded by Builder's Hall of Fame inductee Nathan Shapell, his brother David Shapell, and brother-in-law Max Webb. "Statewide, there are nearly 70,000 homes that stand as testimony to the Shapell commitment to quality construction, design excellence, and outstanding customer service," Koart said.

Koart brings with him almost two decades of experience as a homebuilding executive in California -- first with Kaufman & Broad (now KB Home) and more recently with Pulte Homes, where he served in senior management positions covering the California and Nevada markets. Prior to his homebuilding career, Koart worked as a real estate attorney with the prominent Los Angeles firm of Allen Matkins Leck Gamble & Mallory.

Shapell Industries, Inc. has active developments in the Southern California communities of Laguna Niguel, Porter Ranch, Thousand Oaks, and Yorba Linda. In Northern California, Shapell is building homes in Danville, Gilroy, and San Ramon. Utilizing award-winning architectural firms and cutting-edge building materials, Shapell offers a wide array of luxuriantly appointed residences that feature expansive living spaces, distinctive home designs, and numerous lifestyle-enhancing amenities.

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