From John Burns Real Estate Consulting (hello Ken!):
- The Irvine Ranch in Orange County, California retains the second spot in our ranking with 1,444 net new home sales—- consistent with last year’s strong showing. Buoyed by strong local economies and a great exchange rate, Asian buyers (excluding East Indian) comprised 53% of new home sales in Irvine. Schools were the number one attraction.
- Irvine Ranch isn’t the only Orange County masterplan that merits mention in 2013. Pete Reeb, Senior Vice President in San Diego, notes that Rancho Mission Viejo in San Juan Capistrano is uniquely incorporating both primary home and age-qualified villages into one cohesive community. Both villages offer multiple product lines including attached and detached for-sale programs, and the community offers extensive recreational opportunities. Both villages share a common recreation center, while the age-qualified village has a second exclusive clubhouse facility just for AQ residents. Even with higher HOA dues and higher prices than the primary housing, the age-qualified projects are selling out every phase release off of long waiting lists (the primary housing is selling quite well, too). Careful market segmentation by density / lot size, home size, and life stage has translated into maximization of sales there.