Sweet Orange

We’ve had a stealth event concerning the housing industry happen in Irvine a few weeks ago. What I am writing about is the mysterious sell out of the phase three Ivy homes that went on sale recently.

There has been a lot of buzz around the quick sell out of the Ivy home offered for sale in phase one and two. Ivy is the new construction development that is in the process of being built in Irvine’s Woodbury East community. These homes will not be available for move-in until sometime next year; however, both phase one and phase two sold out within 15 minutes of going on sale (July 11th and August 1st respectively). The Irvine Company announced that phase three homes would go on the market in 3 to 5 weeks of the phase two date. So I have been watching for an announcement of the exact date.

Phase 1 and 2 came out with a lot of fanfare: newspaper ads, e-mail announcements, Google banner ads on numerous blogs, and newspaper articles. Not so with phase three. I saw no mention of the phase three opening date until  I got an e-mail  on Wednesday of last week (September 23rd) from the Irvine Company that said:

“Homebuyers are continuing to prove that Woodbury East is Irvine’s most popular new address. Our first neighborhood, Ivy, continues to be a huge success and has sold out its first three phases. With pricing beginning in the mid $300,000s, Woodbury East has made its debut as a great place to buy now and enjoy for years to come.”

Apparently the phase three sale date has come and gone with hardly a word. It must be all a part of the marketing plan.

Tomorrow’s post: a look at the current prices for the Ivy homes. Hint: Prices have increased with each new sales phase.

Related posts:

• Deja Vu in Woodbury East! Phase Two of Irvine’s Ivy Housing Development Sells Out in 15 Minutes-Prices Increased
• New Construction Housing Development Sells Out in 15 Minutes
• Ivy. an Irvine Woodbury East Development, Opens with Smaller, More Affordable Housing Options
• Pros and Cons of New Irvine Development: Ivy, a Woodbury East Neighborhood

Note: For phase three information and updated pricing information, click here. sw 10-5-09

Phase 2 of the new construction Ivy development in Irvine’s Woodbury East was a repeat performance of phase 1. Both phase 1 and phase 2 sold out all available housing units within 15 minutes of the time that these homes went on sale (July 11th and August 1st respectively).

Thirteen homes were available in phase 1, and eight homes were available in phase 2. The main difference between these two phases: prices were increased by $5,000 to $12,000 in phase 2. The main question now is how much William Lyons will increase the price for phase 3, which is currently set for three to five weeks from now. Any guesses?

If you are interested in buying one of these homes you should get yourself prequalified by William Lyons Mortgage, the homebuilder’s preferred lender. The hopeful homebuyers with this prequalification were the only ones that William Lyon, the Ivy developer, considered.

Erica Chavez at the Irvine Homes blog interviewed one of the buyers from the July 11th sale (and provided the numbers below). They were a family with two young children who were interested in living in Irvine but not sure that they could afford it.

I don’t know who the other buyers were, but this gives us some indication who the buyers might be: Families with young children attracted by the price that a smaller home made possible, along with the attraction of Irvine schools, a nearby shopping mall (Woodbury Village) and many parks, play areas and a pool that make up for a small yard. Except for the small home and small price features, these are some of the features that make Irvine what it is.

Tomorrow: a closer look at what makes Irvine Irvine.

Phase 1, July 11 prices:

• Residence A: Two bedrooms, 2.5 baths and a 2-car garage; 1,180 square feet, priced from $349,990
• Residence B: Three bedrooms, 2.5 baths and a 2-car garage, 1,394 square feet, priced from $389,990
• Residence C: Three bedrooms, 2.5 baths and a 2-car garage, 1,500 square feet, priced from $427,990
• Residence D: Three bedrooms, 2.5 baths and a 2-car garage, 1,503 square feet, priced from $422,990

Phase 2, August 1 prices:

• Residence A: Two bedrooms, 2.5 baths, 1,180 square feet, priced from $354,990
• Residence B: Three bedrooms, 2.5 baths, 1,394 square feet, priced from $394,990
• Residence C: Three bedrooms, 2.5 baths, 1,500 square feet, priced from $439,990
• Residence D: Three bedrooms, 2.5 baths, 1,503 square feet, NOT AVAILABLE

Phase 3 prices in 3 to 5 weeks : Any guesses?

Related posts:

• New Construction Housing Development Sells Out in 15 Minutes
• Ivy. an Irvine Woodbury East Development, Opens with Smaller, More Affordable Housing Options
• Pros and Cons of New Irvine Development: Ivy, a Woodbury East Neighborhood

PHOTO COURTESY THE IRVINE COMPANY