WCI Communities develops luxury residential communities and homes in Florida. Founded in 1946, it caters primarily to retirement and second-home buyers, offering single-family homes, vacation homes, villas, and high-rise condominiums ranging in price from the mid $100,000s to nearly $1 million. WCI's 10 master-planned communities typically offer such amenities as golf courses, tennis courts, dining and entertainment facilities, and nature trails. The company also offers architectural and design services as well as financing and title services. Its real estate brokerage, Prudential Florida Realty, boasts 40-plus locations and more than 1,700 real estate sales associates that serve 18 Florida counties.
WCI Communities focuses its business in Florida, where it counts more than 150,000 residents across its master-planned communities. Its realty arm serves 18 counties across Florida.
Aside from its residential development operations, WCI Communities offers customers financing options through its Florida Home Finance Group, an affilate of Wells Fargo Home Mortgage, as well as titles processing through its Florida Title & Guarantee unit. The company's Prudential Florida Realty real estate firm ranks as Prudential's top affiliate in Florida and the #5 affiliate across North America.
In recent years, the company has been divesting noncore assets (mostly located outside of Florida) to more quickly rebound from the stale Florida real estate market of late. The effort has allowed WCI Communities to recover and pay off debt. WCI sold land and golf courses in 2010 valued at $9 million.
Having slowed down its new development activities, as well, a leaner and more positive WCI Communities in 2011 struck out on a five-year plan to build 1,200 homes a year and earn $450 million in home-building revenues. To this end, the company has opened or reopened several communities for new sales.
WCI Communities exited a year-long stint in bankruptcy in 2009. The company fell into unmanageable debt during the US recession that hit Florida's real estate market particularly hard. Under the firm's reorganization plan, creditors took control of the formerly public WCI, eliminating more than $2 billion in debt and liabilities. – less