Ivy, New-Construction Housing Development in Irvine, Sells Out in 15 Minutes
Note: For updated pricing information, click here. sw 9-29-09
Small Homes Sell: Case in Point, the Ivy neighborhood in Irvine’s Woodbury East Development
In the current housing market, developers have difficulty selling their new constructions. So the quick sell out of the 13 available homes in Ivy, a neighborhood in the Woodbury East development in Irvine, might provide insight on a way forward for the building industry. The Ivy homes sold out within approximately 15 minutes of the July 11th grand opening. The key is that these Irvine Company homes (built by William Lyons Homes) fill a need and desire for smaller and, therefore, more affordable homes.
Developers in Orange County have largely neglected building the homes that fit this smaller model. For example, a few years back John Laing Homes (now bankrupt) built the first Woodbury East homes in the Celadon neighborhood. Only 8 of the larger Celadon homes (1594-1782 square feet) were built, and they remain unsold. When the Caledon homes went on sale in 2007, the asking price was in the mid-$500,000.
Perhaps the building industry is taking note of the Ivy-Caledon example and is including this information in their upcoming business models.
More Ivy development details: Current plans call for the Ivy development to eventually consist of 58 homes that range in size from 1180 square feet to 1503 square feet. Prices will range from $349,990 to $423,990. The next round of sales will be in four to six weeks. In addition to the principal, interest and property taxes, home ownership costs will consists of approximately $3,971 in Mello Roos fees, $134 for the monthly master association fee, and $175 for the monthly sub-association fee. Homes will be ready for move-in some time in 2010.
Additional posts on the Ivy development: