Real Estate Round Up

January 27, 2000

February 3, 2000

February 10, 2000

Real Estate Roundup

Four master-planned communities across San Diego County reported a busy 1999 sales season, and prospects for those developments and a new one opening this year are bright.

Torrey Hills

Terrabrook's 600-acre, mixed-use Torrey Hills community was busy in 1999 with the opening of five new neighborhoods. For last year, there were a total of 341 homes sold at seven neighborhoods.

At Torrey Hills overlooking the Carmel Valley, Christopher Homes opened Montecito and St. Augustine, SeaCountry Homes inaugurated SeaCountry Torrey Hills and Archstore held a grand opening for its Archstone Torrey Hills Apartments. Rents range from $1,175 a month.

Sellouts at Torrey Hills were recorded at Presley Homes' The Sands and Shea Homes' Torrey Point.

Standard Pacific Homes also announced a new neighborhood, the 183-home Sansonnet, where prices will range from the low $400,000s to the $500,000s.

The top seller of 1999 at Torrey Hills was The Cove by Presley Homes with 71 sales. The Cove will build out at 108 homes. Floor plans range from 2,164 to 2,589 square feet. Prices start in the low $400,000s.

The Shores, another Presley project, had 59 sales. The 111 planned homes offer four and five bedrooms in floor plans from 2,444 to 2,765 square feet. Prices start in the mid-$400,000s.

SeaCountry Homes had 26 sales since it opened in the spring of 1999. The planned 53 homes range from 3,090 to 4,204 square feet with four to six bedrooms. Prices start in the mid-$600,000s.

Christopher Homes debuted its 81-home Montecito neighborhood in July 1999 and reported 37 sales. The three- and four-bedroom homes offer floor plans from 2,717 to 3,233 square feet. Prices start in the mid-$400,000s. At its 107-home St. Augustine, Christopher Homes reports 17 sales since its November opening. The three- and four-bedroom floor plans range from 1,786 to 2,703 square feet. Prices start in the low $400,000s.

At Torrey Hills, 1,980 homes have been proposed for the north city area.

Bill Meyer, vice president and general manager of Terrabrook, the developer, said "1999 was a great year for Torrey Hills."

"We predict that sales ... will only grow in 2000," he added.

McMillin Lomas Verdes

The Corky McMillin Cos. reports the five open neighborhoods in the 300-acre, 1,500-home first phase of McMillin Lomas Verdes sold a combined 156 homes in 1999 after opening in June. Twenty-six of those sales came on the grand opening day at the first four neighborhoods.

By the end of the year, all the open neighborhoods averaged at least five home sales per month.

The top-selling neighborhood last year was McMillin Homes' Veranda with 40 sales. Close behind were Diego by Shea Homes and Capri by Cornerstone Communities, both with 38 sales. Alcala by McMillin Homes had 31 sales, followed by nine sales at Cornerstone's Montecito neighborhood, which opened in November 1999.

The five new-home neighborhoods now open at McMillin Lomas Verdes at Otay Ranch in Chula Vista are priced from the high $100,000s to the mid-$300,000s.

"McMillin Lomas Verdes has had quite a busy year," said Sandra Perlatti, senior vice president of marketing for The Corky McMillin Cos. "We have a lot to look forward to in 2000, including the addition of three more neighborhoods."

Rancho Carrillo

Since its February 1999 grand opening, Continental Homes, a D.R. Horton company, reports more than 300 homes have been released for sale in eight neighborhoods at Rancho Carrillo in Carlsbad, and that 80 percent have been sold.

The 690-acre master-planned development will build out at about 1,800 homes.

The homebuilders include Shea Homes with 169-home Valencia and Benicia, Continental Homes' Ventana and Quintana, D.R. Horton San Diego's Brasado, Monarch Communities' Estancia, and Toll Brothers' The Estates.

Shea Homes on Saturday will release the 15-home second half of the second phase of Valencia. Prices will start in the high $170,000s. Shea reports 33 homes have been sold in advance of the model homes grand opening. Five floor plans range from 1,123 to 1,445 square feet.

More than 300 families have moved in and are now calling Rancho Carrillo home.

"We are very pleased with the pace at which Rancho Carrillo is selling," said Tom Newell, vice president of sales and marketing for Continental.

Calavera Hills

McMillin Homes reports that more than 30 homes have been sold at its 87-unit Capistrano neighborhood since it opened in June 1999, and that more than 25 homes were sold at the 149-home Nantucket project since its opening in August 1999.

Capistrano offers a trio or two-story floor plans from 2,726 to 3,190 square feet with three to five bedrooms. The eight-home first half of the fourth phase will be released for sale Saturday from the mid- to high $300,000s.

Nantucket has four one- and two-story floor plans from 2,050 to 2,944 square feet with three to five bedrooms. The seven-home second increment of the third phase was released last weekend priced from the low- to mid-$300,000s.

Calavera Hills is a 589-acre community being developed in Carlsbad by The Corky McMillin Cos. and Brookfield Homes. About 1,100 homes have been built and another 1,100 are planned.

"Both Capistrano and Nantucket had a very prosperous 1999," said Rick Jarrett, sales vice president for McMillin Homes.

San Elijo Hills

Western Pacific Housing and Shea Homes San Diego recently closed escrow on the first two neighborhoods at master-planned, 1,920-acre San Elijo Hills in San Marcos.

Western Pacific Housing will build Sagewood, a 171-home neighborhood with four one- and two-story floor plans from 2,326 to 3,220 square feet and three to five bedrooms. Prices will range from approximately the low to mid-$300,000s.

Shea Homes will build 103-home Acacia in four floor plans from 1,684 to 2,164 square feet. Prices are estimated to range from the low to mid-$200,000s.

Shea Homes San Diego has purchased a 16-acre parcel off Hillsdale Road in El Cajon and plans to add the property to the Hillsdale Ranch neighborhood it is planning on adjacent land. The expanded neighborhood will now total 126 homes on 83 acres.

The trio of two-story floor plans will range from 2,646 to 3,088 square feet with four and five bedrooms. Prices will start in the mid-$300,000s.

Fieldstone Communities reports it has taken seven deposits on the 16 homes released in the first two phases of its Monterey Ridge neighborhood at EastLake Trails in Chula Vista.

The neighborhood offers three floor plans from 2356 to 2,872 square feet with three to five bedrooms. Pricing for the currently available homes ranges from $252,490 to $284,990.

Pardee Homes has started construction of a new 262-unit luxury apartment complex, called Signature Point, in Carmel Valley at Del Mar Heights Road and El Camino Real.

The mix will consist of two- and three-bedroom units (and a one-bedroom plus den). Size will range from 998 to 1,214 square feet for the one-bedroom/den and two-bedroom units, and from 1,279 to 1,353 square feet for the three-bedroom apartments.

Presley Homes reports it has sold all 113 production homes and one of the three decorated models at its Allegra community in San Diego. The remaining models are price from $279,900 to $290,900. One model has two bedrooms plus a loft in a 1,405 square foot floor plan. The other has a 1,497-square-foot floor plan with three bedrooms.

Ryland Homes reports four homes remain at its 72-home Riverglen neighborhood in Santa Ana. The two floor plans are priced from $381,215 to $414,990. One floor plan has 2,769 square feet with three bedrooms and a loft. The other has three to five bedrooms in a 3,315-square-foot plan.

Innovative Resort Communities of San Diego reports seven home were sold in January at its The Masters at PGA West in La Quinta. Sales for January exceeded $8 million. Thirteen homes have been sold since the opening of the models in November 1999. Four floor plans are offered from 3,579 to 4,621 square feet. Prices range from $673,000 to $1.26 million.

January 27, 2000

February 3, 2000

February 10, 2000