Washington Homes

Hundreds of homebuyers, stranded by the demise of Regency Homes Inc., may have gotten a glimmer of hope when Washington Homes Inc. of Landover yesterday announced it had entered into a preliminary agreement to purchase certain assets -- including contract rights -- of the bankrupt builder.The tentative agreement for $25.5 million made between Zvi Guttman, the trustee appointed to the Regency case by the U.S. Bankruptcy Court, and Washington Homes is subject to the reaching of a definitive agreement, a review of all contracts and bankruptcy court approval.

Washington Homes Inc. is selling finished building lots in 20 of its Baltimore/Washington area communities through a sealed bid process.The program, called "Builder-OPP '96," is geared toward small- and medium-volume builders.Geaton DeCesaris Jr., the company's president, said the lots are in subdivisions where Washington Homes had sold nearly all the houses, but had some parcels left.Catalogs have been compiled describing each of the properties. MNC Mortgage and Key Federal Savings Bank have committed funds for acquisition and construction financing, according to Jeff Ludwig of the Michael Companies, which is handling the sale.

Washington Homes Inc. yesterday reported profits rose for both its fiscal third quarter and nine-month periods that ended April 30, despite the continuing weakness of the District of Columbia's housing market.The Landover-based homebuilder generated net income of $1.3 million, or 16 cents per share, a fifteen-fold increase from earnings of $78,000, or 1 cent per share, in the comparable period last year.Revenue also increased significantly, to $39.8 million, a 64 percent jump from the same three months in 1994.

Landmark Homes is again flirting with going public.The 7-year-old Towson-based company, which now builds more than 300 homes a year, is looking to expand by buying several builders in Frederick County, the Delaware Valley and Northern Virginia over the next three years.After that, the company might try to raise money by selling stock in the company, according to the co-owners, Richard S. Yaffe and Gary S. Houston.The strategy is sound, according to Liam Burke, an analyst at Ferris Baker Watts Inc. who follows the building industry.

Washington Homes' acquisitionLandover-based Washington Homes Inc. announced a $15 million acquisition yesterday of the homebuilding division of Westminster Homes Inc., a North Carolina single-family home builder.The purchase gives Washington Homes control of more than 1,300 building lots and a contract backlog of 79 sold homes, said President Geaton A. DeCesaris Jr. Westminster, a subsidiary of Weyerhaeuser Real Estate Co. of Tacoma, Wash., built 309 homes in North Carolina last year.Times Mirror stock dropsStock of Times Mirror Co. fell sharply yesterday, losing nearly all the gains it made on Friday when the company announced an agreement to sell its cable television interests to Cox Enterprises Inc. for $2.3 billion.

Stone Ridge1. Nestled between Green Spring and Worthington valleys on a 50-acre site in Baltimore County will be 25 large homes in a new community called Stone Ridge.On Ridge Road between Falls Road and Greenspring Avenue, the development just opened a model, which is open Tuesday to Saturday, noon to 4 p.m., and Sunday, noon to 5 p.m.Of the four models offered, three are traditional with one contemporary style.Made of brick with cedar siding, the exterior design features large windows to let in natural light and has varying roof lines.

WASHINGTON -- Petr Korda is making himself at home at the William H. G. FitzGerald Tennis Center.Korda, 25, from Prague, Czech Republic, flew in from Davis Cup competition in Europe this week to defend his title at the Newsweek Tennis Classic.Yesterday, he advanced to today's quarterfinal round by defeating Jakob Hlasek, 7-6 (7-3), 7-6 (7-3), after fighting off five set points in the first set."That made me feel good to win them in a match like that," said Korda, the No. 2 seed this year.

* Craig Robinson of New Freedom, Pa., was named a Maryland-area dealer for Wilderness Log Homes, based in Plymouth, Wis.* John McDonough Builders Inc. in Columbia introduced new home designs called "The Classic Collection." House prices start around $250,000 and are being sold in Catonsville. Life Long Home, a volunteer project to provide barrier-free and user-friendly home designs for people who are handicapped, is providing home improvements for Mrs. Mary Kirby in Canton. Mrs. Kirby has health problems that limit her mobility.

WASHINGTON -- Washington Homes Inc. could raise a maximum of about $20 million by selling common shares to the public.The Landover-based company, taken private in a management-led buyout in 1988, filed with the Securities and Exchange Commission Tuesday to sell 1.6 million common shares. After the sale, the public would hold almost a 30 percent stake in the company, while company officers and directors would control more than 70 percent of outstanding common shares.A group including PaineWebber; Dean Witter Reynolds and Ferris, Baker Watts will underwrite the sale, according to the SEC filing.

The Baltimore-Washington region ranks fourth nationally in the number of Fortune 500 service company headquarters, according to a survey released today by a regional economic development group.Twenty-one service companies on the Fortune 500 list, including Marriott Corp. and USF&G Corp., are based here, the study by the Washington/Baltimore Regional Association found. Those companies have combined assets of more than $316 billion.That places the Baltimore-Washington region behind only the New York City, Los Angeles and Chicago metropolitan areas.