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Villages of Irvine Eclipse 500 New Home Sales Since January – More Than Double The Amount Originally Projected

The Irvine Company announced that 519 new homes have sold in the Villages of Woodbury and Woodbury East since the grand opening of “The 2010 New Home Collection” — the largest number of new home sales in a four-month time period in Orange County since 2005.

“The response to the new homes in Woodbury and Woodbury East continues to astound,” said Daniel Young, president of Irvine Company Community Development. “We have more than doubled the number of sales we initially expected for the entire calendar year 2010.”

Four neighborhoods – Coronado (KB Home), Montecito (Brookfield), Monterey (Brookfield) and Santa Rosa (Van Daele) – have already sold out all available homes, including models. Carmel (New Home Company) and Sonoma (TRI-Pointe) are expected to sell out very soon. The continued strong demand has caused homebuilders to accelerate the release of multiple phases of homes in their respective neighborhoods.

“The new floor plans and designs we introduced have proven very popular, but this is also testimony to the unmatched lifestyle found in Irvine,” continued Young.

“Irvine recently earned its sixth straight safest city award; Irvine Unified continues to top the county’s 27 school districts in standard test scores; residents enjoy abundant amounts of open space and recreational amenities, and the master plan provides jobs close to their homes.

“The success of these new homes is a tribute to the appeal of living and raising a family in Irvine.”

New home sales this year in the Villages of Woodbury and Woodbury East have far outpaced the sales rate experienced last year by local homebuilders in all of Orange County. In 2009, they sold about 1,500 homes for the year, an average of about 125 per month. New home sales for Woodbury and Woodbury East eclipsed the 125 mark just two weeks after the grand opening. The industry last recorded this strong a sales pace in this portion of Orange County in the first quarter of 2005.

Coronado, by KB Home, was one of the first neighborhoods to completely sell out. The three- and four-bedroom single-family homes ranged from 1,715 to 1,950 square feet. Originally priced in the mid-$500,000s, the last phase sold out with prices starting in the high-$500,000s.

“Coronado is our most successful community in the U.S.,” said Steve Ruffner, president of KB Home’s Southern California Division. “This is our best-selling community and the tremendous success demonstrates that today’s homebuyer is drawn to innovative floorplans, attractive options and the opportunity to live in one of the most highly desirable locations in the region – Irvine.”

Last October, the Irvine Company announced that it would debut a series of 25 floor plans from six different builders located throughout eight neighborhoods in the award-winning Village of Woodbury and Woodbury East, two of the Irvine Company’s acclaimed neighborhoods in north Irvine.

The homes in Woodbury and Woodbury East feature a broad price range – from the low $300,000s to the low $900,000s – designed to appeal to a wide range of homebuyers, from first-time buyers to those looking to move up. These homes are eligible for FHA financing, making them affordable to a wide range of buyers.

As demand for new homes continues in Irvine, the Irvine Company is moving forward with new-home construction in Woodbury and Woodbury East, the existing Village of Portola Springs and the emerging Village of Stonegate East.

Santa Barbara at Woodbury offers new townhomes and flats that grand opened on June 19. Available in both single level and two-story interior options, they range from approximately 1,165 to 1,820 square feet with up to three bedrooms, a loft and three and a half bathrooms in some models. Prices begin in the high-$300,000s.

Since its first models opened in 2006, the Village of Portola Springs has appealed to families drawn to its more rural character, which is marked by rolling hills, abundant trails and open spaces, all set against the backdrop of scenic Lomas Ridge.

Construction is also underway on models in two additional neighborhoods in Portola Springs: At San Carlos Court, William Lyon Homes is building 90 townhomes and flats ranging in size from approximately 1,126 to 1,901 square feet. And KB Home is building 130 single-family homes at the Primrose neighborhood that will range in size from approximately 1,739 to 2,056 square feet. Pricing for San Carlos Court is from the low $300,000s and Primrose is from the high $500,000s.

Ivy, a collection of townhomes by William Lyon Homes in Woodbury East, are also available. Priced from the high-$300,000s, the two- and three-bedroom townhomes range from 1,180 to 1,500 square feet.

All of the homes have been 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 incorporate a wide range of materials, finishes, appliances and energy systems that exceed California building and energy code requirements.

Over the last two years, the Irvine Company conducted extensive research to see if consumers’ tastes had changed when it came to what they were looking for in the ideal house. Equipped with this information from consumers, the Irvine Company’s planning and design team took an entirely fresh approach to the collection’s floorplans. From a “Great Room” that fosters family togetherness, to a “California Room” that takes advantage of Orange County’s temperate climate, the new floorplans help give the homes in Woodbury and Woodbury East a distinctive edge.

“Consumers have really responded to the new floorplans and designs. It is clear that the new home theme is family togetherness – or the feeling of Thanksgiving,” explained Young. “Family life today can be very hectic, so making time to be together becomes a crucial part of a healthy family. These new floorplans spotlight features like flexible spaces that provide for casual living and entertaining – and allow families to preserve and enjoy the time they spend together.”

A few of the new design highlights 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 new 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.

The Priority Registration List continues to demonstrate strong demand, with more than 1,000 potential homeshoppers pre-approved for mortgage loans. In addition, the general interest list has topped 15,000 and continues to grow.

Prospective homebuyers interested in the Villages of Woodbury, Woodbury East and Portola Springs can visit www.VillagesofIrvine.com for more information, or contact a Villages of Irvine New Home Consultant at (888) 820-0721.