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Monday, Dec 5, 2022

Strong Local Sales for Landsea Homes

Selling Out Projects In SJC, Lake Forest

Shortly after launching sales, the first phase of Landsea Home Corp.’s 132-home project in San Juan Capistrano is almost sold out.

The Newport Beach homebuilder (Nasdaq: LSEA) last month kicked off sales for Petra, a collection of single-family homes and townhomes with prices starting in the low $1 millions. Model homes are now under construction and expected to deliver late this month. It’s one of just a few larger housing developments to be built in the city in recent years.

That first phase of Petra, totaling 43 homes, is nearly sold out, according to Patrick Higgins, vice president of sales and marketing for Landsea Homes’ Southern California division.

“We had a robust interest list, and several buyers were ready to make a buying decision before model homes were completed and sales officially launched to the public,” Higgins told the Business Journal via email.

The homes count two different two-story floor plans that range from 1,759 to 1,964 square feet with three to four bedrooms and two-and-a-half bathrooms. Amenities include an outdoor fitness circuit, a “tot lot,” parks, horseshoe courts and access to the San Juan Creek Trail.

Avelina Underway

The second phase of the development, Avelina, will begin sales this month. That community is a collection of 89 townhomes ranging from 1,141 to 1,743 square feet.

The two new neighborhoods are east of the San Diego (5) Freeway, on a 13-acre plot of land near the city’s 24 Hour Fitness gym.

“This community boasts a prime location within walking and biking distance to lively downtown San Juan Capistrano and one of the region’s most beautiful beaches,” Higgins said.

Landsea paid $30.1 million for the land last year, or about $228,000 per home lot.

All of the homes will include Landsea’s High Performance Home features, which, through a partnership with Apple, enables home automation through a mobile app. Those features include entry door locks, thermostat control, garage door opener control and doorbell camera pre-wire.

OC Projects

Along with San Juan Capistrano, Landsea is also in the sales process for a townhome project underway in Anaheim called Nolin. Homes there are expected to start around $600,000.

In Placentia, Landsea is building 139 new homes for a townhome community called Hudson.

There are three floor plans ranging between 775 and 1,368 square feet with one to three bedrooms.

Landsea this year sold out homes at its first big project in OC, Lake Forest’s IronRidge community.

Florida Next

Outside of Orange County, Landsea is ramping up its foothold in Florida.

The firm in June closed on 103 homesites in Kissimmee, for its 23rd active neighborhood in the state.

Homes there will range from 1,635 to 3,200 square feet, on 60-foot lots. Sales are set to launch next spring.

That deal came less than a month after the builder closed on 149 homesites in Sanford, Fla., for a new community called Kentucky Square.

Landsea is the most valuable publicly traded homebuilder with headquarters in Orange County; it counts a market cap of about $200 million.

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