Irvine Company Community Development announced today that 553 new homes have sold in 2012 and that four neighborhoods and two villages are completely sold out, as the Villages of Irvine continue to set the bar for new homes sales in Southern California.
“At the heart of the spring home buying season, the Villages of Irvine are seeing a torrid sales pace unmatched in the region,” said Tom Veal, Vice President of Residential Sales and Marketing for Irvine Company Community Development. “We continue to build on the success of the past two years, as homebuyers take advantage of low interest rates and attractive pricing, recognize there is reduced new home inventory and desire the opportunity to enjoy the unique lifestyle found in Irvine.”
The strong sales reflect the appeal of new homes at the Villages of Irvine, as well as a compelling housing market where there are fewer existing and distressed homes for sale and the cost to finance a new Irvine home is at all-time lows.
“Homebuyers are realizing that now is the time to buy,” said Mark Boud, principal and founder of Irvine-based Real Estate Economics, a leading provider of data on the housing market. “Interest rates are at historic lows and have nowhere to go but up. Resale inventory in Irvine is being depleted and is at its lowest point in more than a year, while distressed sales represent a smaller percentage of total home sales. New homebuyers are definitely taking advantage of the current affordability before it disappears.
Average interest rates on 30- and 15-year fixed mortgages continue to break records. According to Freddie Mac, the average interest rate on a 30-year loan has fallen to 3.67%, the lowest since long-term mortgages began in the 1950s. The average interest rate on a 15-year mortgage is 2.94%, also the lowest in history.
The savings for new homebuyers is significant. For a $650,000 home with a 20% down payment, buyers today are looking at a monthly principal and interest payment of $2,445, versus $3,160 for the same home in 2006.
At the same time, the number of existing homes for sale in Irvine has drawn down to about a one-month supply, the lowest level in more than a year. Among existing homes for sale, the number of distressed properties continues to decline and now is at 12.6%, down from 25% a year earlier, according to Steven Thomas of Irvine-based market research firm Reports On Housing.
The advanced stages of Irvine’s recovering housing market is adding momentum to what already is the strongest new-home sales story in Southern California.
Strong demand for new homes in Irvine is depleting available inventory across the Villages of Irvine. The Villages of Stonegate East (which opened in 2010) and Woodbury East (opened in 2009) have sold all of their available new homes. Only two neighborhoods remain — Esplanade and San Marino — in the award-winning Village of Woodbury. The Villages of Stonegate and Laguna Altura, which grand opened in April 2011, have accelerated the pace of various phased releases to meet market demand.
In all, an astounding 16 neighborhoods have sold out across the Villages of Irvine since January 2010. They include: Carmel, Sonoma, Montecito and Santa Barbara in the Village of Woodbury; Coronado, Monterey, Santa Cruz and Santa Rosa in the Village of Woodbury East; Los Arboles, Manzanita, Paloma and Serra in the Village of Portola Springs; and Los Altos, Capistrano and Santa Rosa in the Village of Stonegate East.
“All of the neighborhoods we opened in January 2010 are now completely sold out,” Veal said. “The strong sales pace has continued over the past two years, and our challenge now is to continue to meet that demand.”
“The Irvine Company demonstrated very bold leadership when they began construction in 2010,” said Lucy Dunn, president and CEO of the Orange County Business Council. “Their sustained and unprecedented success over the past two years is simply remarkable and has served as the catalyst for other developers to get off the sidelines and restart their own plans. The Irvine Company’s success has literally jump-started our construction economy and provided much-needed jobs to our county.”
While a majority of communities have sold out, opportunity remains for new homebuyers at the Villages of Irvine.
At the award-winning Village of Woodbury, two neighborhoods remain:
- Esplanade by Taylor Morrison Homes. 1,298 to 2,074 square feet with 2 to 3 bedrooms and 2 to 3.5 bathrooms. Priced from the low $400,000s.
- San Marino by Irvine Pacific. 2,808 to 3,761 square feet with 4 to 5 bedrooms and 3 to 3.5 bathrooms. Priced from the high $900,000s.
The Village of Woodbury was inspired by classic American small towns and villages of the past. Residents can play, relax and socialize at The Commons, an incredible 30-acre central park in the heart of the village. The private recreation center has a clubhouse, multipurpose rooms, fireplace and more.
Homeowners of all ages can enjoy a lagoon pool, wading pools, two Junior Olympic pools and spa, resort pool and spa with cabanas, children’s water garden, volleyball court and tennis and basketball courts.
The Village of Laguna Altura includes the following single-family residences:
- Siena by Irvine Pacific. 1,618 to 1,788 square feet with 3 bedrooms and 2.5 bathrooms. Priced from the high $500,000s.
- San Remo by Irvine Pacific. 1,830 to 2,129 square feet with 3 to 4 bedrooms and 2.5 to 3.5 bathrooms. Priced from the mid $600,000s.
- Cortona by Irvine Pacific. 2,380 to 2,951 square feet with 3 to 5 bedrooms and 3 to 4 bathrooms. Priced from the mid $800,000s.
- Toscana by Irvine Pacific. 2,806 to 3,123 square feet with 4 to 5 bedrooms and 3 to 4.5 bathrooms. Priced from the low $1,000,000s.
Since grand opening over one year ago, the Village of Laguna Altura has become one of Orange County’s most popular new home communities and prestigious addresses. Located near many coastal destinations and next to world-class entertainment, dining, shopping and employment centers, Laguna Altura is a luxurious gated community with a lifestyle unmatched in the region.
The Village of Stonegate includes the following home opportunities:
- Santa Clara by Irvine Pacific. Three flats with home designs ranging from 1,129 to 1,322 square feet, with 1 to 2 bedrooms and 1.5 to 2 bathrooms. Priced from the mid $300,000s.
- Santa Maria by Irvine Pacific. Three townhome and flats with home designs ranging from 1,386 to 1,614 square feet, with 2 to 3 bedrooms and 2 to 3 bathrooms. Priced from the low $400,000s.
- San Mateo by Irvine Pacific. Three single-family detached home designs range from 1,636 to 1,818 square feet, with 3 bedrooms and 2.5 bathrooms. Priced from the high $500,000s.
- San Marcos by Irvine Pacific. Three single-family detached home designs range from 1,824 to 2,141 square feet, with 3 to 4 bedrooms and 2.5 to 3.5 bathrooms. Priced from the low $600,000s.
- Maricopa by Irvine Pacific. Three luxurious single-family detached home designs range from 2,262 to 2,974 square feet, with 3 to 5 bedrooms and 3 to 4 bathrooms. Priced from the high $700,000s.
The Village of Stonegate is distinctive and charming, offering five neighborhoods within inward-oriented enclaves that allow residents to take advantage of unmatched recreational amenities — including four new Village parks and the Jeffrey Open Space Trail. Residents are within walking distance of state-of-the-art Stonegate Elementary School — a California Distinguished School — and Woodbury Town Center, and are also close to Cypress Village Shopping Center, Orchard Hills Village Center, The Market Place and Irvine Spectrum Center.
At the Village of Portola Springs, seven neighborhoods are available:
- San Carlos Court by William Lyon Homes. Townhomes and flats approximately 1,126 to 1,901 square feet, with 1 to 3 bedrooms and 1.5 to 3 bathrooms. Only one home remaining!
- Primrose by KB Home. Single-family, solar-powered homes 1,739 to 2,056 square feet, with 3 to 4 bedrooms and 2.5 to 3 bathrooms. Priced from the mid $500,000s.
- Ironwood by KB Home. Townhomes 1,953 to 2,423 square feet, with 3 to 5 bedrooms and 2.5 bathrooms. Priced from the mid-$500,000s.
- Sevilla by VanDaele Homes. Single-family homes 1,660 to 2,077 square feet, with 3 to 4 bedrooms and 2.5 to 3 bathrooms. Priced from the mid $600,000s.
- Casero by Standard Pacific Homes. Single-family homes 1,909 to 2,330 square feet, with 3 to 4 bedrooms and 2.5 to 3.5 bathrooms. Priced from the low $600,000s.
- Las Ventanas by Taylor Morrison Homes. Single-family homes 1,871 to 2,304 square feet, with 3 to 5 bedrooms and 2.5 to 3 bathrooms. Priced from the low $600,000s.
- Las Colinas by Taylor Morrison Homes. Single-family homes 2,988 to 3,383 square feet, with 3 to 5 bedrooms and 3.5 to 5.5 bathrooms. Priced from the low $1,000,000s.
Neighborhoods within the Village of Portola Springs showcase beautiful new homes in Monterey, Spanish Colonial, Santa Barbara, Tuscan, Northern Italian and Provencal architectural styles.
Prospective homebuyers interested in any of these neighborhoods, or for driving directions, can visit www.VillagesofIrvine.com or contact a Villages of Irvine New Home Consultant at (866) 627-6150.