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Irvine's Great Park to Welcome New Community of Single-Family Homes

Thursday, July 30, 2020

Main News Photo

(Orange County Register)

Irvine’s Great Park residential community will get 38 new houses with starting prices planned in the mid-$1 million range.

The New Home Co. will build the Atlas community — single-family homes ranging from 3,360 to 3,647 square feet with up to five bedrooms and five bathrooms — at the Rise neighborhood at the Great Park Neighborhoods.

Sales are expected to begin in early 2021.

The home building industry has been adapting to rapidly changing homebuyer tastes. In recent years, a preference for smaller, more-affordable housing nudged many developers to create smaller residences. But the ongoing pandemic that forced many families to spend more time at home may have revived desires for larger spaces.

“We’re thrilled to be back in Irvine,” said Joan Webb, New Homes’ chief marketing officer. “Atlas will be the ideal setting for growing families looking for more square footage.”

Coronavirus has made selling homes a challenge due to stay-at-home business limitations. In Orange County, 608 new home sales closed in the second quarter, down 28% in a year, according to DQ News. Resales of existing homes fell 36% in the three-month period.

The Atlas homes will be created as part of a unique partnership that sees New Home creating and marketing the new residences on land owned by the Great Park developer, Five Point Holdings.

At Great Park Neighborhoods, built on an old military base, builders had 242 sales contracts signed in the first half, down 11% in a year, according to RCLCO, a real estate advisory firm.


Photo: New Home Co. will build 38 homes in Irvine in the Atlas community. The residences will range from 3,360-to-3,647 square feet with up to five bedrooms. Projected pricing is “in the mid-$1 millions.” (Source: New Home Co.)

 

Category: Economic Development, Housing, Great Park Neighborhoods