Annual revenue soared 33 percent to $4.1 billion, fueled by a 27 percent increase in new homes delivered and a 4 percent increase in the average price. It pared back sales incentives to home buyers amid strong demand.
Net income for the fiscal year rose to $679.1 million, or $3.11 a diluted share, after tax adjustments, from $92.2 million, or 48 cents a diluted share, the prior year.
Lennar started offering the multigenerational concept in Arizona and Nevada more than a year ago and has been rolling it out to more markets.
According to the U.S. Census Bureau, multigenerational households have been steadily on the rise for a variety of reasons. Its a popular lifestyle with many immigrants. It saves money a driving factor during the recent downturn. And many young people are marrying later in life.
According to a Census Bureau study issued last October, 5.6 percent of the 76 million U.S. households lived in multigenerational settings during 2009 through 2011.
In Miami-Dade County, the percentage was far higher 10.4 percent or more the census study said.
Some home buyers just like the flexibility of a home within a home. Jenny Diaz and her husband, Rolando, are planning to move next week from Hialeah to their new home in The Vineyards with their four kids ages 13, 9, 7 and 5.
Its perfect for us. You have options of what you are able to do with the space, said Jenny Diaz, who works in quality assurance at a doctors office.
Her family picked The Shiraz, which includes a 600-square-foot suite adjacent to the main home, a three-bedroom, 2 1/2-bath-room, two-story structure.
Its a very good way of being with the family, she added. Im going to use the whole house.