Thread: CA. Irvine Co. reports sale of 1,200 homes

Irvine Co. reports sale of 1,200 homes

February 17th, 2011, 5:47 pm
Jeff Collins

Just over a year ago, the Irvine Co. tested the waters with a tentative homebuilding project in its Woodbury developments, setting a modest goal of selling 700 units in two years.

But demand for the homes — featuring revamped designs for homes in the highly rated Irvine school district — went wildly beyond the company’s expectations.

This week, the Irvine Co. reported that it has signed 1,234 buyers since the debut of the 2010 New Home Collection 13 months ago. That includes units both in the original seven-project New Home Collection and in an additional five programs in Woodbury and nearby Stonegate East that were added later.

“Although the housing market may not have turned nationally, it has unquestionably returned in Irvine,â€

Published: Feb. 17, 2011
Updated: Feb. 18, 2011 7:40 a.m.

Irvine Co. unveils new homes

By JEFF COLLINS
THE ORANGE COUNTY REGISTERStory Highlights

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Graphics Building on its blockbuster success selling homes last year, the Irvine Co. is launching another round of developments in Irvine this spring.
Orange County's most prominent real estate developer stuck its neck out 13 months ago when it unveiled its 2010 New Home Collection. In a departure from its normal business pattern, the firm footed the construction bill itself, hiring homebuilding firms as contractors.

Work continues development on the Irvine Co.'s Village at Stonegate. The projects are being built by Irvine Co. affiliate Irvine Pacific and will feature nearly 2,600 new homes. The homes, in Irvine, will range in price from the low $300,000s to $1.25 million for singe-family housing.

About 10,000 people turned out for the grand opening, and the projects sold out in less than half the time expected. By year's end, more than 1,200 units had been sold -- nearly as many sold by all builders countywide in 2009, company officials said.

"Based upon our success of 2010, we have made the decision -- and are well under way -- with opening up two new villages in Irvine," said Dan Young, the Irvine Co.'s homebuilding chief.

"We have been very pleasantly surprised with the robustness of the new home market in Irvine."

Irvine Co. officials estimate that the two developments will generate about 7,800 jobs.

The homes are being built in two new developments: Stonegate, located in north Irvine northeast of Woodbury; and Laguna Altura, formerly known as Laguna Crossing, located in south Irvine on Laguna Canyon Road. (Map)

The new homes will range from less than $400,000 to more than $1 million. (More details on the neighborhoods of Stonegate and Laguna Altura here.)

Stonegate will have a mix of townhomes and houses, ranging from 1,100 to 3,000 square feet. The first phase of the development will include 650 homes.

The pricier Laguna Altura will be a gated enclave of 596 houses ranging from 1,600 to 3,100 square feet.

As with last year's developments, the projects will have revamped designs featuring large open "great rooms" and an indoor-outdoor area called a California room, as well as other innovations.

Some designs have been refined based on feedback from last year's buyers, Young said. For example, buyers said they'd pay more for some of the attached home models if they were offered as detached houses.

In addition, the developer will open a 6,700-square-foot design center in March where buyers will choose options such as carpeting, cabinets and countertops. And lenders from Wells Fargo and Bank of America will be embedded in sales offices to smooth over the loan-approval process.
Young said homebuyers were excited about buying a new home, but stressed out by the buying process.

"That's allowed us to shorten the process and make it a positive instead of a negative experience," Young said. The design center will make picking out options like flooring "a fantastic retail experience."

Unlike last year's developments, construction will be handled directly by Irvine Pacific Homes, company Chairman Don Bren's homebuilding brand that's been dormant for 18 years. Irvine Pacific came out of mothballs last year to build about 230 homes in three projects.

The company chose to use Irvine Pacific instead of hiring builders this time because it will be "more efficient," Young said.

Another departure from last year: Sales will occur without federal tax incentives that goosed home sales during the first half of the year. But Young said that won't be a concern.

"We did almost as well in the second half of '10 as in the first half of '10," he said. "We didn't miss a beat."

Contact the writer: 714-796-7734 or jcollins@ocregister.com

http://www.ocregister.com/articles/irvi ... r-new.html