Myron Kaplan: Yes, and also just an informational question, or maybe it’s a — at the Great Park, you have builder sales of 113 homes. So those revenues are substantial, but unconsolidated, yes?
Dan Hedigan: That’s correct. Those are the sales that the builders themselves are reporting. They bought the land and they’re reporting those sales on their financials.
Myron Kaplan: Oh, I see. So you’ve previously sold them the land.
Dan Hedigan: Yes. We give that guidance, Myron, so that people can understand the pace of sales of homes because that indicates when they’ll need more land in the future.
Myron Kaplan: Right. So then you said you’re releasing some more tranches, so that you’ll be able to put more revenue. Well, I guess that’s pretty much what I — thank you for taking the questions. And my — it seems like you’re doing pretty well in a very tough environment.
Dan Hedigan: Myron, thank you.
Operator: Our next question comes from the line of Ben Fader-Rattner with Space Summit Capital. Please proceed with your question.
Ben Fader-Rattner: Hi. Just going back to the Valencia sale, unless I’m doing the math wrong, it looks like it was over $400,000 per home site. And I think in the past you talked about an average more in the 200s. Was this sale above expectations? I wasn’t clear from the answer to the previous question or you know if this was more of an expected outlier or there’s some other read through on this sale.
Dan Hedigan: No thanks you know it is not an outlier it really is you know the different most of the homes in our initial phase, we have two phases we talk about. The kind of initial first phase is about 1,200 homes. And then we have another phase which has about 800 homes. And so as part of that overall land plan that was put in place. There are always larger lots in a certain area that actually by zoning are supposed to be lower density. So they were zoned to be lower density and it would have been produced. So all we’re really seeing is that we’re actually finally getting to them. You know, the infrastructure’s kind of caught up to them. It’s kind of followed to them. And so we’ve had some traditional SFD lots in the market before, but not a whole lot of them.
And in particular, toll had a project up there that’s selling right now and selling very well. And they basically saw an opportunity to kind of continue that program through lots that were coming available in the due course based on our development course that is a larger traditional SFD. So it’s kind of all due course. It’s just how the land and when we get to the land, how it’s been flowing.
Ben Fader-Rattner: Well, can you Give a sense for if you look across the land bank in Valencia, what sales price per home site you would expect or maybe a range? And is this, am I correct in thinking that this is consistent with your expectations? Is this just a higher value entitlement as compared to perhaps some other acreage that you have in the portfolio?
Dan Hedigan : So I think the best way to answer that, consistent with this density and product type, that is definitely kind of in the ballpark of what we’d expect. On the other hand, as we look at what’s coming up in the market, I don’t think I have anything else that’s additional SFDs, and part of it’s just where we’re at, kind of in the land plan that’s out there. So most of them are going to be either detached condominiums or attached, and all of those have higher density, and they will definitely have a lower price per unit. And so it really is very product specific, and this product is what’s driving those numbers you’re looking at.
