Strong Homebuyer Demand Fuels Robust Opening Sales of 'The 2010 New Home Collection'

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The Irvine Company announced that the grand opening of "The 2010 New Home Collection" resulted in an astounding 70 home sales -- the largest number of new home sales on The Irvine Ranch since 2006.

These new floorplans spotlight features like flexible spaces that provide for casual living and entertaining - and allow families to preserve and enjoy the time they spend together.

The Irvine Company announced that the grand opening of "The 2010 New Home Collection" resulted in an astounding 70 home sales -- the largest number of new home sales on The Irvine Ranch since 2006.

More than 10,000 visitors toured the highly anticipated 2010 New Home Collection - a series of 25 consumer-inspired floorplans by many of California's most-respected homebuilders - located throughout eight neighborhoods in the acclaimed Villages of Woodbury and Woodbury East. The new homes reflect innovative designs and floorplans that resulted from nearly two years of extensive consumer research.

"The overwhelmingly enthusiastic response to The 2010 New Home Collection has been tremendous," said Daniel Young, president of Irvine Company Community Development. "We devoted a tremendous amount of time and resources to our research over the last two years, and our goal was to meet what we believed was the next market for new-home buying," continued Young. "These opening sales demonstrate that homebuyers have been waiting for the right opportunity to purchase a new home in Irvine, and this innovative collection of floorplans and new designs provided just that."

Overwhelming demand from pre-approved homebuyers on the Priority Registration List led to the sale of 70 of the initial 71 homes available during grand opening weekend. In response to the strong demand, an additional 56 homes have been made available to homeshoppers.

"The fantastic consumer reaction to The 2010 New Home Collection is yet another example of the Irvine Company's bold leadership in Orange County," said Lucy Dunn, president and CEO of the Orange County Business Council. "In addition to implementing its own local stimulus program by bringing much-needed jobs to our area with the construction of these homes, the company also clearly recognized the demand was strong for new homes in Irvine and the results speak for themselves."

The California Building Industry Association estimates that each new home that is constructed as part of The 2010 New Home Collection creates three permanent jobs, or over 2,000 jobs in this phase alone.

Money spent on new housing multiplies through the economy at a rate of about 2-to-1, economists say, as materials are purchased and workers spend their pay. The multiplier grows another ½ percent when furniture and other purchases are factored in.

"The reality is that if the Irvine Company did not take this leadership role, we would not see new home construction in Irvine before 2011," continued Dunn. "New home construction creates billions of dollars for California's economy and supports hundreds of thousands of jobs. The two-year construction and sales life of The 2010 New Home Collection translates into thousands of jobs for Orange County."

Over the last two years, the Irvine Company conducted extensive research to see if consumers' tastes had changed when it came to what they were looking for in the ideal house. Equipped with this information from consumers, the Irvine Company's planning and design team for The 2010 New Home Collection took an entirely fresh approach to the collection's floorplans. From a "Great Room" that fosters family togetherness, to a "California Room" that takes advantage of Orange County's temperate climate, the new floorplans help give The 2010 New Home Collection a distinctive edge.

"These new designs are a direct result of the extensive consumer research we conducted over the last two years," explained Young. "Consumers have made it clear that the new home theme is family togetherness - or the feeling of Thanksgiving."

"Family life today can be very hectic, so making time to be together becomes a crucial part of a healthy family," Young added. "These new floorplans spotlight features like flexible spaces that provide for casual living and entertaining - and allow families to preserve and enjoy the time they spend together."

A few of the new design highlights found in "The 2010 New Home Collection" include:

  • The Great Room

This spacious yet purposeful room is the focus of the home - a large room that responds to what consumers had to say about how their lifestyles have evolved. It is an inviting space where everyone can converge in a single large area; an expansive, central room that is ideal for family gatherings and entertaining guests. The Great Room blends the functions of the traditional family and dining rooms into a unified space that is open to the kitchen.

  • Spacious Kitchens

In the new collection, Great Rooms flow into kitchens designed not just for cooking but also for congregation. The connection between these two areas enables an entire family to gather in one area, yet allows each member to enjoy different things, whether it's cooking, eating, doing homework, watching TV or playing games. The kitchens are comfortable and spacious, with large center islands, plenty of cabinetry and high-quality appliances.

  • The California Room

The Great Room is connected not only to the kitchen, but also to a new outdoor space called the California Room that takes advantage of Southern California's ideal climate and responds to consumers' desire for more of a connection between the indoor and outdoor living environment. Open on three sides with a roof, the room is designed to bring privacy to an outdoor living space, and offers the flexibility to be used as an outdoor kitchen, eating area or play area. A bonus of the California Room is that it allows natural light into the home, as natural light is essential to the warmth of a home.

  • Other Notable Features

The new home designs also pay special attention to the need for ample room for storage, which was at the top of the "wish list" of consumers who participated in the research. Space for storage has been incorporated wherever possible, including off of the laundry room - complete with shelving - and walk-in pantries. The new homes include roomy master suites and larger-than-usual bedrooms to accommodate a modern lifestyle and contemporary furniture.

The homes in The 2010 New Home Collection feature a broad price range - from the low $300,000s to the low $900,000s - designed to appeal to a wide range of homebuyers, from first-time buyers to those looking to move up. These homes are eligible for FHA financing, making them affordable to a wide range of buyers.

"The 2010 New Home Collection offers a number of attractive options for homeshoppers throughout the region, as evidenced by these opening sales," said Kristine Thalman, CEO of the Building Industry Association of Orange County. "Innovative floorplans, a variety of price points, low interest rates, the homebuyer tax credit and the opportunity to own a brand new home in one of the most highly desirable locations in the region - Irvine - where new home purchases maintain their long-term value, all add up to a smashing success, a success that can not be found anywhere else in the country. These homes truly fit the contemporary lifestyles and everyday needs of today's homeowners."

All of the homes in the collection will be designed and built according to standards established by Build It Green, a non-profit organization in California that promotes healthy, energy and resource-efficient homes throughout the state. The homes will incorporate a wide range of materials, finishes, appliances and energy systems that exceed California building and energy code requirements.

The 2010 New Home Collection includes more than 20 models in these new neighborhoods:

The Village of Woodbury

  • Montecito by Brookfield Homes. Three- and four-bedroom single-family homes from 2,155 to 2,475 square feet; from the low $700,000s.
  • Sonoma by TRI Pointe Homes. Three- to five-bedroom single-family homes from 2,345 to 2,785 square feet; from the high $700,000s.
  • Carmel by The New Home Company. Four- and five-bedroom single-family homes from 2,625 to 3,250 square feet; from the low $900,000s.
  • La Casella by Lennar Homes. Three- and four-bedroom townhomes from 1,650 to 2,640 square feet; from the low $600,000s.

The Village of Woodbury East

  • Santa Rosa by Van Daele Homes. One- and two-bedroom townhomes and flats from 1,060 to 1,430 square feet; from the low $300,000s.
  • Monterey by Brookfield Homes. Two- and three-bedroom townhomes and flats from 1,685 to 1,875 square feet; from the high $400,000s.
  • Coronado by KB Home. Three- and four-bedroom single-family homes from 1,715 to 1,950 square feet; from the low $600,000s.
  • Santa Cruz by Van Daele Homes. Three-bedroom single-family homes from 2,025 to 2,450 square feet; from the mid $600,000s.

Ivy, a collection of townhomes by William Lyon Homes in Woodbury East, are also available. Priced from the high $300,000s, the two- and three-bedroom townhomes range from 1,180 to 1,500 square feet.

Prospective homebuyers interested in The 2010 New Home Collection can visit http://www.VillagesofIrvine.com/NewHomeCollection/main.aspx for more information, or contact a Villages of Irvine New Home Consultant at (888) 820-0721.

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John Christensen
Irvine Company
949-720-2587
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