Following up on plans that were originally expressed last October, the Irvine Company has stated their intention to have Irvine new homes built in Woodbury and Woodbury East neighborhoods, just west of the former El Toro Marine base in Irvine, CA. The intention is to eventually have around 700 new homes in the community, and they’ve already gotten the approval for 400 qualified buyers, which is amazing.
They’ve already had 21 model homes built, with 4 more models to go to show off the 25 different floor plans from 6 home builders: Van Daele Homes; Brookfield Homes; KB Home; TRI Pointe Homes; Lennar Homes; and The New Home Co. Some new concept they’re hoping to exhibit is something known as a “California room”, which is a new concept in sunrooms, a roof-covered patio where families can dine in fair weather. 
The designs will also have large kitchens and great rooms being blended into home entertainment centers. Homes will range from between $300,000 to $850,000. There will be 8 different developments for a little bit of segregation, with names like Montecito, Sonoma and Carmel.
It’s all being managed by The Irvine Co, which initially tried to create the same concept in 2004 but, because of problems with the housing industry, had failed until now. They’re calling this rollout the 2010 New Home Collection, and believe that it signals that the time has come for the housing industry to recover from past bad times. What’s happening this time around is that The Irving Co. will have all the homes built and will be the owner of record until homes are sold.
The Irvine Company is launching its first big new housing project since what it calls “The Great Recession” hit, all but killing new home sales. Called the 2010 New Home Collection, the company has hired six home building firms to build and sell the homes. They’re working with the home development arm of the company known as the Irvine Community Development Co., which is led by former Santa Ana mayor Dan Young, who was quoted as saying “If we didn’t think the Great Recession was over, we wouldn’t build these homes.”
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Mitch writes on real estate, finance, and many other things.