At December 31, 2007, the report of Ernst & Young, our Independent Registered Public Accounting Firm, accompanying our audited financial statements included a "going concern" paragraph. Due to the "going concern" paragraph, we were not able to comply with the requirement to submit annual consolidated financial statements accompanied by a report and opinion that was not subject to a "going concern", like qualification or exception under our Senior Secured Revolving Credit Agreement dated as of June 13, 2006, as amended (Revolving Credit Facility), Senior Term Loan Agreement dated as of December 23, 2005, as amended (Term Loan) and Third Consolidated Amended and Restated Revolving Construction Loan Agreement dated as of September 22, 2005, as amended (Tower Loan). The Company requested and obtained, on March 17, 2008, a waiver of this requirement from the Revolving Credit Facility, Term Loan and Tower Loan lenders. In addition to the waivers, the Tower Loan was amended on March 17, 2008 to provide for consistencies with the governing provisions of, as well as cross collateralization on a subordinate basis with, the Term Loan and Revolving Credit Facility. The amendment also limits the Tower Loan to one further advance, which is to be funded on March 31, 2008.

The above description of the waivers to the Revolving Credit Facility, Term Loan and Tower Loan (and amendment) is not complete and is qualified in its entirety by the complete text of the Senior Secured Revolving Credit Agreement Limited Waiver dated March 17, 2008, Senior Term Loan Agreement Limited Waiver dated March 17, 2008, and Second Amendment to Third Consolidated, Amended and Restated Revolving Credit Construction Loan Agreement and Waiver dated March 17, 2008; which are attached to this report as Exhibit 10.1, 10.2 and 10.3, respectively, and are incorporated herein by reference.

On March 17, 2008, WCI Communities, Inc. (the "Company") issued a press release setting forth the Company's fourth quarter and fiscal year 2007 financial results. The Company also hosted a conference call and webcast on March 17, 2008 during which the Company made a presentation in connection with its fourth quarter and fiscal year 2007 financial results. A copy of the press release is attached hereto as Exhibits 99.1 and is also available on the Company's website at www.wcicommunities.com.

(d) Exhibits.

Exhibit No.   Description

10.1          Senior Secured Revolving Credit Agreement Limited Waiver dated March 17,
              2008

10.2          Senior Term Loan Agreement Limited Waiver dated March 17, 2008

10.3          Second Amendment to Third Consolidated, Amended and Restated Revolving
              Credit Construction Loan Agreement and Waiver dated March 17, 2008

99.1          Press release, dated March 17, 2008, issued by WCI Communities, Inc.