Dream Finders Homes, the Jacksonville-based homebuilder led by Tampa Bay Rays owner Patrick Zalupski, reported record first-quarter net sales as the company expands in Tampa Bay while the Rays continue work toward a proposed $2.3 billion stadium and mixed-use district in Tampa.
The publicly traded company reported 2,408 net sales for the quarter ended March 31, up 19% from a year earlier. Homebuilding revenue fell to $837 million from $970 million, while net income attributable to Dream Finders declined to $13 million, or 11 cents per basic share, from $55 million, or 55 cents per share.
Zalupski, Dream Finders’ chairman and CEO, said elevated mortgage rates and broader economic uncertainty continue to affect affordability and consumer confidence across the company’s markets.
“Despite these headwinds, I believe the team did an admirable job showing our ability to adapt pricing and incentive strategies to align with current market conditions,” Zalupski said.
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The quarter reflects a mixed operating picture. Dream Finders increased sales and improved its cancellation rate, which fell to 7.5% from 11.7%, but margins narrowed as incentives, land costs and financing costs weighed on profitability.
Home closings declined to 1,870 from 1,925. The average sales price of homes closed fell to $447,753 from $498,284. Homebuilding gross margin dropped to 14.5% from 19.2%, while adjusted homebuilding gross margin fell to 24.3% from 27.8%.
Dream Finders ended the quarter with a controlled lot pipeline of 60,629 and total liquidity of $661 million. The company maintained full-year guidance of about 9,250 home closings.
The results come as Dream Finders expands its role in Tampa Bay through both development activity and its ties to the Rays.
The results come as Dream Finders expands its footprint in Tampa Bay. In February, the company purchased a 20-acre parcel at Saddlebrook Resort in Wesley Chapel for $8.5 million, where it plans to build 118 townhomes and a one-acre commercial component.
Dream Finders entered the Tampa Bay market in January 2024 with its first community at Seaire in Manatee County and has continued to add land positions as population growth and new infrastructure drive development north of Tampa.
Zalupski became the Rays’ principal owner after an ownership group he led closed on the purchase of the franchise from Stuart Sternberg on Sept. 30. The group also acquired the Tampa Bay Rowdies.
The Rays, Hillsborough County and the City of Tampa are working toward final agreements for a proposed ballpark at Hillsborough Community College’s Dale Mabry campus. The current framework calls for the Rays to contribute at least $1.235 billion toward the project, with public participation capped at $1.065 billion.
Several issues remain unresolved, including the structure of public funding, the timing of contributions and verification of the team’s financial capacity. Tampa City Council is scheduled to review the proposal at a May 5 workshop, the city’s first formal public review ahead of a future vote.
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