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Following Unprecendented New Homes Sales Success, Irvine Company to Open Two New Villages

• More Than 1,200 New Homes Sold Since Grand Opening Last Year
• “The Most Successful New Home Developments in the U.S.,” says expert
• 87 $1-Million-Plus Homes Sold
• Thousands of Construction Jobs Created
• “The Irvine Pacific Collection” to Debut in Stonegate, Laguna Altura

Newport Beach, Calif. (February 22, 2011) – Irvine Company officials have announced plans to open the new villages of Stonegate and Laguna Altura in 2011. The announcement came after the company disclosed that 1,259 new homes have been sold since the debut of “The 2010 New Home Collection” in January 2010.

Upon completion, the Village of Stonegate will include approximately 2,000 homes and the Village of Laguna Altura approximately 596 homes – the two largest villages to open in Orange County, California since the award-winning Village of Portola Springs in July 2006.

“The extraordinary response by homebuyers – more than 1,200 new home sales including almost all of our $1 million plus inventory – demonstrates that although the housing market may not have turned nationally, it has unquestionably returned in Irvine,” said Daniel Young, president of Irvine Company Community Development. “When you combine the outstanding, unique lifestyle found in Irvine with the fact that we have gone almost four years with no home building, you understand how these new villages will help meet a looming housing shortage.”

Continued low interest rates, attractive pricing, innovative new floor plans and designs and the opportunity to purchase high-quality homes helped fuel the large number of new home sales in 2010. To put the 1,259 new home sales into perspective, homebuilders across all of Orange County sold about 1,500 homes in 2009.

“Last year, we optimistically believed that it would take two calendar years to complete sales,” explained Young. “In June, after we more than doubled the number of sales initially expected for the entire calendar year 2010, we knew that Irvine was experiencing a dearth in supply.”

Four neighborhoods introduced in January, 2010, – Coronado (KB Home), Montecito (Brookfield Homes), Monterey (Brookfield Homes) and Santa Rosa (Van Daele Homes) – sold out all available homes within six months of grand opening. Sonoma (TRI-Pointe) also sold out and Carmel (New Home Company) – comprised of $1-million-plus homes – added additional inventory, with only three homes remaining. The continued strong demand caused homebuilders to accelerate the release of multiple phases of homes.

Over the holidays — a time not traditionally known for homebuying — new home sales surged. Between November 15 and January 2, 105 new homes were sold in the Irvine villages of Woodbury, Woodbury East, Portola Springs and Stonegate East. In addition, more than 10 percent of those new homes sold for more than $1 million.

“In terms of price and absorption, the Irvine Company introduced the most successful new home developments in the United States last year,” said Mark Boud, principal and founder of Real Estate Economics. “Access to major employment, shopping and service centers combined with outstanding community design and recreational amenities, and access to some of the highest quality schools in California draw a wide market audience. The Villages of Irvine are ideally situated to take advantage of strong new home demand and little competitive supply in Central Orange County.”

In addition to providing much needed housing supply to Irvine, the new villages have provided an important economic boost to the city of Irvine over the last year, benefits that will continue with the new homes constructed in the villages of Stonegate and Laguna Altura.

“These new home sales have been an important catalyst for Irvine’s economy over the last year, and that will continue with the villages of Stonegate and Laguna Altura,” said Tallia Hart, president and CEO of the Irvine Chamber of Commerce. “Creating much-needed construction jobs, expanding the city’s property tax base, providing infrastructure improvements and generating students for the school district in a budget-constrained year are great benefits to the city.”

As was the case for the past year, the villages of Stonegate and Laguna Altura will generate important construction jobs for the region. The California Building Industry Association estimates that three new jobs are created with each new home constructed, which translates into more than 8,100 jobs created by these two new large villages.

Money spent on new housing multiplies through the economy at a rate of about 2-to-1, economists say, as materials are purchased and workers spend their pay. The multiplier grows another ½ percent when furniture and other purchases are factored in.

“The villages of Stonegate and Laguna Altura are just the latest examples of the bold leadership demonstrated by the Irvine Company,” said Lucy Dunn, president and CEO of the Orange County Business Council. “Last year they truly implemented their own ‘local stimulus package’ and literally jump-started our construction economy by bringing much-needed jobs to our county. Their leadership and unprecedented success convinced other developers to get off the sidelines and restart construction in our county and that means more jobs too. The Irvine Company ignored the naysayers a year ago, and the results have been simply astounding.”

“The Irvine Pacific Collection” includes homes in the villages of Laguna Altura, Stonegate, Stonegate East and Woodbury, and information is available at www.IrvinePacific.com. The collection is defined by innovative design, timeless architecture, and inviting indoor-outdoor living spaces combined with entertainment-oriented kitchens, Great Rooms and California Rooms.

“The Irvine Pacific Collection provides homebuyers with an array of new home opportunities, whether they are looking to purchase their first home or take advantage of the opportunity to move up to a larger residence,” explained Young.

“The homes within The Irvine Pacific Collection are more than a home; they represent a ‘way of life’ that is uniquely attuned to the hopes, dreams, needs and goals of today’s homebuyer in Irvine,” Young added. “These homes are distinctively designed according to research, with a clear understanding of the needs and desires of today’s families.”

The Village of Stonegate is located on Irvine Boulevard between Sand Canyon Avenue and Jeffrey Road, and includes the new, state-of-the-art Stonegate Elementary, part of the award-winning Irvine Unified School District. Four neighborhoods include inward-oriented enclaves that allow residents to take advantage of unmatched recreational amenities, including the Jeffrey Open Space Trail. Anticipated to open in Spring 2011, four new neighborhoods include:

• Santa Clara by Irvine Pacific – Townhomes from approximately 1,129 to 1,322 square feet; anticipated pricing from the mid $300,000s.

• San Mateo by Irvine Pacific – Single-family homes from approximately 1,636 to 1,818 square feet; anticipated pricing from the mid $500,000s.

• San Marcos by Irvine Pacific – Single-family homes from approximately 1,824 to 2,066 square feet; anticipated pricing from the mid $600,000s.

• Maricopa by Irvine Pacific – Single-family homes from approximately 2,262 to 2,974 square feet; anticipated pricing from the high $700,000s.

The Village of Laguna Altura is located off of Laguna Canyon Road, within a long-treasured coastal canyon environment, on the doorstep of Laguna Coast Wilderness Park. An intimate enclave of four neighborhoods includes approximately 596 extraordinary residences, just seven minutes from Laguna Beach and close to entertainment, shopping and dining destinations at Irvine Spectrum Center.

Anticipated to open in Spring 2011, four new neighborhoods include:

• Siena by Irvine Pacific – Single-family homes from approximately 1,618 to 1,788 square feet; anticipated pricing from the low $600,000s.

• San Remo by Irvine Pacific – Single-family homes from approximately 1,881 to 2,094 square feet; anticipated pricing from the high $600,000s.

• Cortona by Irvine Pacific – Single-family homes from approximately 2,380 to 2,962 square feet; anticipated pricing from the mid $900,000s.

• Toscana by Irvine Pacific – Single-family homes from approximately 2,806 to 3,133 square feet; anticipated pricing from the low $1millions.

All of the homes in The Irvine Pacific Collection will be designed and built according to standards established by Build It Green, a non-profit organization in California that promotes healthy, energy and resource-efficient homes throughout the state. The homes will incorporate a wide range of materials, finishes, appliances and energy systems that exceed California building and energy code requirements.

Popular design highlights found within “The Irvine Pacific Collection” include:

• The Great Room
This spacious yet purposeful room is the focus of the home – a large room that responds to what consumers had to say about how their lifestyles have evolved. It is an inviting space where everyone can converge in a single large area; an expansive, central room that is ideal for family gatherings and entertaining guests. The Great Room blends the functions of the traditional family and dining rooms into a unified space that is open to the kitchen.

• Spacious Kitchens
In the new collection, Great Rooms flow into kitchens designed not just for cooking but also for congregation. The connection between these two areas enables an entire family to gather in one area, yet allows each member to enjoy different things, whether it’s cooking, eating, doing homework, watching TV or playing games. The kitchens are comfortable and spacious, with large center islands, plenty of cabinetry and high-quality appliances.

• The California Room
The Great Room is connected not only to the kitchen, but also to a new outdoor space called the California Room that takes advantage of Southern California’s ideal climate and responds to consumers’ desire for more of a connection between the indoor and outdoor living environment. Open on three sides with a roof, the room is designed to bring privacy to an outdoor living space, and offers the flexibility to be used as an outdoor kitchen, eating area or play area. A bonus of the California Room is that it allows natural light into the home, as natural light is essential to the warmth of a home.

• Other Notable Features
The home designs also pay special attention to the need for ample room for storage, which was at the top of the “wish list” of consumers who participated in the research. Space for storage has been incorporated wherever possible, including off of the laundry room – complete with shelving – and walk-in pantries. The new homes include roomy master suites and larger-than-usual bedrooms to accommodate a modern lifestyle and contemporary furniture.  Prospective homebuyers interested in The Irvine Pacific Collection can visit www.VillagesofIrvine.com or www.IrvinePacific.com for more information, or contact a New Home Consultant at (888) 820-0721.

About the Irvine Company
Founded in 1864, the Irvine Company is an internationally renowned real estate development company known for its award-winning master-planned communities, its vast portfolio of high-quality investment properties, and its leadership in conservation and natural resource management. The growing real estate portfolio encompasses office, apartment, retail and resort holdings located throughout California’s premier markets, including assets in San Diego, Orange and Los Angeles Counties, holdings in Norther California and homebuilding through an affiliate, Irvine Pacific. As a steward of some of America’s most beautiful and scientifically important open space and parklands, the company has donated to Orange County more than half of the historic 93,000-acre Irvine Ranch – 50,000 acres – to permanently preserve these lands. The U.S. Department of Interior and the State of California have designated these parklands as “Natural Landmarks,” one of the most prestigious land preservation designations. The privately held, diversified company traces its roots to the 1860s with the formation of The Irvine Ranch from Mexican and Spanish land grants.