What's WCI worth?

If the stock price of Bonita Springs-based developer and homebuilder WCI Communities is any indication, investors appear bullish on Florida real estate.

Even as WCI's large shareholders prepared to sell a portion of their stock for $22.75 a share, investors have shown a willingness to pay more.

According to filings with the Securities and Exchange Commission, two large shareholders of WCI plan to sell 3.25 million shares of WCI. After the stock sale, the shareholders, Monarch Alternative Capital and Stonehill Institutional Partners, will remain significant shareholders in WCI, with 20.4% and 18.8% ownership of shares outstanding, respectively.

The secondary offering's $22.75 price was disclosed in a filing after the market's close April 13. The price of WCI shares earlier that day closed higher at $23.73 and fell 4% the following day to $22.78, closer to the secondary offering price.

But investors remain optimistic about the company's prospects of developing land and building homes in Florida. The stock has since rebounded to about $24 a share. It trades on the New York Stock Exchange under the symbol WCIC.