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Tuesday, Oct 3, 2023

Irvine Housing Developments See Strong 2020 Sales

Irvine Co.’s Irvine Ranch and FivePoint Holdings LLC’s (NYSE: FPH) Great Park Neighborhoods once again made the John Burns Real Estate Consulting list of the 50 most successful master-planned communities in 2020, ranked by sales.

Communities on The Irvine Ranch sold 800 homes last year, earning it the No. 14 spot on the list.

Sales on the ranch, where Orchard Hills and Portola Springs are currently its bestsellers, are down 6% from 2019 and 20% from 2018 when the community had 1,000 sales, ranking No. 5 on that year’s list.

The Irvine Ranch has been the bestselling master-planned community on the West Coast over the past decade, but was eclipsed last year by Ontario Ranch, the 8,200-acre community led by DR Horton and Brookfield.

That project, featuring more affordable homes than along the coast, sold 1,292 homes in 2019, up 71% from 2018.

Great Park

Great Park Neighborhoods, which has a number of active sales communities, saw a sales boost in 2020.

The 2,100-acre master-planned development came in at No. 31 on this year’s list with 580 net sales, up 5% from 2019 and 21% from 2018.

FivePoint is roughly 60% through the selling of home lots to builders at Great Park Neighborhoods, where more than 4,200 homes have been built to date.

Last year saw a first for the developer, which entered into a fee building arrangement with Irvine-based New Home Co. (NYSE: NWHM) for a 38-unit collection of single-family homes at its Rise community, a 700-home development in Irvine which opened early last year.

More fee building could take place at the Great Park Neighborhoods and other FivePoint projects going forward, officials say.

The collection of homes at Rise, called Atlas, will be the 10th and final neighborhood to open at that community, with prices starting around $1.5 million.

New Home said it expects to deliver the homes by the start of this year.

It’s the first venture between FivePoint and New Home, which has extensive experience as a fee builder in Orange County, having long served in a similar manner for Irvine Co.’s in-house homebuilder, Irvine Pacific.

New Home earned 25% of its revenue from its Irvine Pacific arrangement in 2017; that figure fell to 14% in 2019, and the partnership ended last year.

Record Year

Rancho Mission Viejo was not included on this year’s list; it was No. 33 in 2019 with 445 net sales.

The nearly 14,000-home development is expected to have its next big collection of homes open for sale next year.

Each community included on the John Burns Real Estate Consulting’s list sold at least 437 homes each last year, which the Irvine-based organization said was the highest threshold in the survey’s 10-year history.

The 50 developments on the list sold more than 37,000 new homes, a 31% jump from 2019 and a new combined sales record.

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