Only a handful of new home communities are planned for development in Southern California in 2010. One of the largest is being undertaken by the privately-held Irvine Company, the “oligarch of Irvine.” Six well-respected home builders will collaborate to build 685 new homes in eight neighborhoods collectively known as the “Villages” of Woodbury and Woodbury East. The entire project is designed and financed by the Irvine Company, to the tune of about a quarter-billion dollars.
The Irvine Company is the original owner (successor) of the 93,000-acre “Irvine Ranch”, which comprises the central one-fifth of Orange County. Their sprawling land holdings include the City of Irvine and parts of Newport Beach, Laguna Beach, Tustin, Orange and Anaheim. The Irvine Company has developed master-planned communities and infrastructure on the Ranch since the 1960’s. But rather than sell large parcels to other developers or builders, the Irvine Company has always been the master planner. This makes them practically unique among real estate companies in the United States. Their vision has succeeded in maintaining a cohesive flow and balance between residential, commercial, and recreational environments in the heart of Orange County.
After conducting extensive market research, the Irvine Company is now betting big on high demand for “affordable” entry-level homes in Orange County. The new Woodbury and Woodbury East homes will include a mix of “flats”, townhomes, and single-family houses, all designed with maximum efficiency.
Price is a driving factor in today’s marketplace, so the plan is to provide maximum convenience in modest house sizes, while keeping prices as low as possible. The contrast from recent years is clear. For example, in San Diego Lennar recently completed Edgewater at the Lakes, an upscale community of 3,840-4,570 square foot homes. Currently, Lennar is offering the Edgewater homes for sale in San Diego at prices ranging from $1,149,000 to $1,249,000. At Woodbury, Lennar is building townhouses that are half the size and half the price.
Woodbury and Woodbury East homes will start in the low $300,000’s for 1-bedroom flats. The largest homes will start in the high $800,000’s for 4-bedroom houses with up to 3,046 square feet. Contact the author for information about registering as a prospective buyer at Woodbury. The prospective buyer list will be distributed to the builders before the end of the year. The builders will then create waiting lists for homes that will be released for sale in early 2010.
Many Woodbury homes have “Great Rooms”
Woodbury East:
Santa Rosa (by Van Daele Homes): 1-2 bedroom, 1.5 – 2.5 bathroom “Flats” with 1,040 – 1,433 square feet, Starting in the low $300,000’s.
Monterey (by Brookfield Homes): 2-3 bedroom, 2-2.5 bathroom townhomes and carriage houses with 1,685 – 1,878 square feet, Starting in the high $400,000’s.
Coronado (by KB Homes): 3-4 bedroom, 2.5-3 bathroom single-family houses with 1,715 – 1,947 square feet, Starting from the mid $500,000’s.
Santa Cruz (by Van Daele Homes): 3 bedrooms, 2.5 bathroom single-family houses with 2,027-2,283 square feet, Starting from the low $600,000’s.
Townhomes at La Casella built by Lennar at Woodbury
Woodbury:
La Casella (by Lennar): 3-4 bedroom townhomes with 1,656 – 2,643 square feet, Starting in the low $600,000’s.
Montecito (by Brookfield Homes): 3-4 bedroom, 2.5-3 bathroom houses with 2,156-2,336 square feet, Starting in the high $600,000’s.
Sonoma (by TRI Pointe Homes): 3-5 bedroom, 2.5-3 bathroom houses with 2,350-2,622 square feet, Starting in the high $700,000’s.
Carmel (by the New Home Company): 4 bedroom, 4 bathroom houses with 2,616 – 3,046 square feet, Starting in the high $800,000’s.
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Sounds like these developers really have their ducks in a row and know what they are doing! Also sounds like a great community that they are about to undertake.
Sounds like a good project. It’s good to see Cali housing prices come back down to a more realistic and attainable price range.
I think Matt is right, these prices seem much more realistic. Seems like a nice development.