Real Estate Round Up

March 9, 2000

March 16, 2000

March 23, 2000

Real Estate Roundup

The Corky McMillin Cos. of National City posted the best year ever in 1999. It was the third consecutive record-breaking year for the commercial developer, home builder, realty and mortgage company.

Last year's gross revenues were $507.1 million, up 14 percent from $445.3 million in 1998.

McMillin Homes, the home-building unit, recorded 677 sales in 1999, more homes than in any previous year, and up from 525 in 1998. The company's previous best year was 1978 with 569 homes sold.

The company was founded by Corky McMillin in 1960 as a one-man home-building company. He is still CEO of the family-owned and -operated enterprise.

The record $507.1 million in gross revenues included $83.3 million in land sales to guest builders by McMillin Land Development at its six master-planned communities. Last year, McMillin Land opened a pair of master-planned communities in San Diego: McMillin Lomas Verdes in Chula Vista, planned for 5,100 homes, and Calavera Hills in Carlsbad, planned for 1,100 homes.

Planning also began for a new community in San Diego called Sycamore Estates.

The 677 new homes sold represent a volume of $204 million for McMillin Homes, up from $141.1 million in 1998.

The top neighborhood last year was Willows in Scripps Ranch Villages. A total of 80 home sales closed escrow priced from the low $400,000s.

McMillin Commercial reported $13.7 million in land sales in 1999, up from $7.8 million the year before, a 76 percent increase.

Last year, the commercial unit completed two research and development facilities totaling more than 244,000 square feet. Both were in the Parkway Business Centre in Poway. McMillin Commercial also began construction on a 29,000-square-foot second phase at Scripps Ranch Marketplace in San Diego.

Construction is also under way on the 58,000-square-foot Thornmint Corporate Centre in the 4S Business Park west of Rancho Bernardo.

McMillin Realty, the home resale arm of Corky McMillin Cos., is the largest independently owned brokerage in the county. It showed a nearly 10 percent increase in business last year with $694 million in sales volume. In 1998, the sales volume was $638 million. The number of sales transactions over the same period rose to 2,959 from 2,900.

The fifth arm of McMillin, McMillin Mortgage, reported funding 1,404 loans last year, representing a volume of $260 million.

The company said it looks at being selected last year to enter into an exclusive negotiating agreement with the city of San Diego to redevelop the 430-acre Naval Training Center as the beginning of a new avenue for McMillin.

"San Diego County is reaching maturity and has grown into a thriving metropolitan city," said Corky McMillin. "Every 150 to 200 years, a community reinvents itself and we believe that San Diego is at that point right now. It is time to look at the city from the inside out to recreate and upgrade it for the future."

Centex Homes on Saturday will release 10 homes as the fourth phase at its Patina neighborhood at Bernardo Springs in San Diego. The homes will be priced from the high $400,000s. The project has seen 24 home sales in just less than five months. There are four floor plans from 2,716 to 3,634 square feet with three to six bedrooms.

Shea Homes San Diego on Saturday will begin pre-sales on Parkside in coastal Carlsbad. A total of 48 homes are planned. Four two-story floor plans range from 1,853 to 2,265 square feet with three to four bedrooms. Prices start in the high $200,000s.

Barratt American on Saturday will start preview sales at Country Glen in south Escondido. Prices for the planned 46 homes range from the high $500,000s to the $700,000s. Three floor plans range from 3,637 to 4,164 square feet with three to six bedrooms.

William Lyon Homes, formerly of Presley Homes, has released for sale three models at its Knollwood community at Castle Creek. The two-story models range from 1,902 to 2,337 square feet with three bedrooms.

Shea Homes San Diego has released nine homes as part of the second phase of the Monterey Collection at master-planned La Costa Valley. A release of 13 homes as the fifth phase of Benicia at Rancho Carrillo is also under way.

Monterey Collection second-phase homes are priced from $389,650 to $451,850. The 42-home neighborhood offers a trio of one- and two-story floor plans from 2,190 to 3,080 square feet with four and five bedrooms.

The Benicia release is priced from $324,900 to $380,900. The 100 one- and two-story homes offer floor plans from 2,203 to 2,700 square feet with three and four bedrooms.

Cornerstone Communities has release 18 homes as the fifth phase of its Capri townhome development at McMillin Lomas Verdes in Chula Vista. The first three phases of the 117-home neighborhood have sold out. Three floor plans are offered from 1,030 to 1,670 square feet with two to four bedrooms. Prices start in the mid-$100,000s.

Centex Homes has released five homes at part of the fourth phase at The Enclave neighborhood in La Costa Valley. The release is priced from the $400,000s. The 161-home project has four one- and two-story floor plans from 2,000 to 2,800 square feet with two to five bedrooms.

Barratt American reports 25 sales at its Sundance development in Rosamond in the northern Antelope Valley. The builder has opened sales on 13 homes as the sixth and seventh phases. The new release is priced from $125,990 to $167,990. The 87-home project has four floor plans from 1,586 to 2,529 square feet with three and four bedrooms.

Ryland Homes reports sales of 56 homes in three neighborhoods in less than two months since the grand opening of The Oasis in Minifee, a seniors development. Twenty-one additional homes have been released at two of the neighborhoods.

The 11-home phase two at The Aegeans is priced from $195,900 to $240,990. The 10-home The Antillies is priced from $209,990 to $295,990.

March 9, 2000

March 16, 2000

March 23, 2000