Real Estate Round Up

November 4, 1999

November 11, 1999

December 2, 1999

Real Estate Roundup

A pair of housing developers with ties to San Diego report heightened activity throughout the third quarter.

Newport Beach-based The Fieldstone Group of Companies, with a regional office in San Diego County, had sales of 167 homes in Southern California and Salt Lake City, Utah. The sales were valued at $43.6 million, bringing 1999's year-to-date total to 433 homes sold and $115.9 million in revenues. This year's revenues represent a 35 percent gain over 1998's first nine months, and the company is projecting $163 million for 1999.

Newland Communities, a San Diego-based community developer with no projects in the county, reported sales of homes at its developments topped $50 million in the third quarter, as 223 homes were sold at an average price of almost $250,000.

"Interest in new homes remains very strong in all parts of California and revenues were well ahead of expectations in spite of higher mortgage rates and higher prices in the quarter," LaDonna Monsees, president of Newland, said.

Keith A. Johnson, CEO of Fieldstone Communities, the group's major homebuilding arm, noted that "not only did we see an increase in sales for the first three quarters of this year over the same period in 1998, but we gained momentum each quarter and have forecasted outstanding year-end results."

Fieldstone Communities recorded 126 sales for $36.1 million in revenues for the third quarter in Southern California. Contributing strongly with 70 sales was the Horizons neighborhood at master-planned Sunbow in Chula Vista. At Horizons, the 12-home 11th phase has opened for sale, priced from the mid-$200,000s. Floor plans range from 1,923 to 2,872 square feet with three to five bedrooms.

In Utah, the division had 41 sales for third quarter revenues of $7.47 million.

Newland Communities reports that at its 820-acre Pasel del Sol in Riverside County's Temecula, 428 homes have been sold so far this year, for an average of more than one sale a day. And since the beginning of the year, prices have risen 16 to 18 percent. Paseo del Sol will total approximately 3,000 homes. Homebuilders include Continental Homes, Buie Communities, Fieldstone Communities, Warmington Homes, Trimark Ventures and Woodside Homes of California.

At master-planned, 1,067-acre Whitney Oaks in Rocklin near Sacramento, Newland reports sales on a similar pace. Newland is in a partnership there with the California Public Employees' Retirement System (CalPERS) and Live Oak Enterprises of Granite Bay, Calif. Whitney Oaks will build out to 2,400 residential units. Builders include Pulte Home Corp., Centex Homes, Meritage (Sterling Homes), Renaissance (Lennar) and U.S. Home Corp.

At 58-acre Storke Ranch in Goleta near Santa Barbara, Newland is in a partnership with CalPERS and Bermant Development Co., which is building the homes. Storke Ranch opened in late 1998 and has sold 86 of its projected 239 homes at prices from $375,000 to $520,000 for detached homes and $265,000 to $370,000 for townhomes.

Shea Homes San Diego is releasing 15 homes Sunday as phase 4A of its 94-home Summerfield neighborhood at Otay Ranch (see related South San Diego County story, Page 1B). The homes are priced from the mid-$200,000s to the low $300,000s. Summerfield's five one- and two-story floor plans range from 2,388 to 2,989 square feet with three to five bedrooms.

Reynolds Communities 80 percent of the planned 70 homes at its Sun River development in Alpine have been sold. Four two-story floor plans range from 1,565 to 1,938 square feet with three to five bedrooms. Prices start in the low $200,000s.

Gateway Elit? Associates Inc. and Greater Centurion report sales of Casablanca in Mira Mesa have reached 160 of the 181 homes planned. The two-story floor plans range from 1,410 to 1,901 square feet with three and four bedrooms. Prices range from $229,990 to $258,990.

McMillin Homes is releasing on Saturday four models at The Masters in its Temeku Hills Golf and Country Club in Temecula. Prices range from the mid-$300,000s to the low $400,000s. The Masters' four one- and two-story floor plans range from 2,515 to 3,557 square feet with three to five bedrooms.

Gateway Elit? Associates reports the four homes for sale are under construction in the final phase of its Gateway Collections at Meadowview in Temecula. The two floor plans are 2,781 and 4,139 square feet priced from $322,990 to $434,990.

Trans West Housing has nine homes remaining at its Augusta at PGA in La Quinta. Three floor plans range from 2,205 to 3,013 square feet with three and four bedrooms. Prices start in the $330,000s.

Ryland Homes has placed the models on the market at its Malaguena neighborhood at California Oaks in Murrieta. The prices range from $195,990 to $235,990. Two-story Malaguena floor plans range from 1,783 to 2,646 square feet with three to five bedrooms.

November 4, 1999

November 11, 1999

December 2, 1999