Sweet Orange

I wrote a post recently stating that small homes sell, and the reason they sell is because they are usually more affordable than larger homes. I also wrote that the housing development dynamics in Orange County has lead to a housing market with few of these smaller and, therefore, more affordable options. Well, homebuilder William Lyon Homes is following the “Small is Beautiful” theory with the opening (July 11) of the Ivy tract homes in Irvine. Ivy, which will be the first neighborhood in Irvine’s Woodbury East development, will consist of townhomes with 1180 to 1500 square feet, two  to three bedrooms and two-car garages.

However, a small home (at least small in  comparison to what homebuilders were building in our recent past) is advantageous only if the price tag is likewise small. The exact price of these attached homes in the Ivy development is somewhat of a mystery. Originally, I saw the price listed as starting at $399,000. However, most ads now list the price as starting in the high $300,000s (I guess $399,00 would qualify for that. Barely. But qualifies). However, an ad that I saw today stated the price is in the mid $300,000s. Time will tell what the market says the price for these homes should be.

Tomorrow: some pros and cons of the Ivy development in Irvine’s Woodbury East

Update: The Ivy homes that were available during the July 11 grand opening sold out within an hour. So apparently the market is saying that these homes are priced right. For more details, see this post. SW 7-12-09

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

PHOTO OF THE IVY DEVELOPMENT COURTESY PRLog