Builder Acquiring Irvine Land for Upscale Homes

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Builder Acquiring Irvine Land for Upscale Homes

New Home Co., a startup homebuilder run by prominent local industry executives, is buying 50 acres in north Irvine with plans to build an upscale, gated housing project.

The Aliso Viejo-based company, headed by former John Laing Homes chief executive Larry Webb, is buying Lambert Ranch, a family tract of raw and farm land in the Portola Springs area near the former El Toro Marine base.

New Home made a non-refundable deposit on the land last week and has until the end of the year to close on the buy, according to Webb, the company?s chief executive.

Terms of the deal weren?t disclosed. Smaller parcels in the area for homes have been selling for $1 million to $2 million an acre.

If the buy closes, it would be the largest housing land sale seen in Orange County in several years.
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Lambert Ranch is being planned as Irvine?s most expensive housing area after Shady Canyon
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More expensive than the Turtles, wow, so $3+ million homes right next to PS.
 
test said:
Lambert Ranch is being planned as Irvine?s most expensive housing area after Shady Canyon
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More expensive than the Turtles, wow, so $3+ million homes right next to PS.
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Not sure if there is any market for homes in the $3M+range. Isn't there a lot of unsold inventory in Shady already?
 
What's the appeal for this parcel of land that makes it comparable to shady?  Seems like huge wad of over confidence if they expect $2M+ homes to fly off the shelf.  Just look at all the unsold $2M+ homes in CdM and Newport.  This is going to fuel TIC to say, hah, OH is better than that we should price it at $3M. 
 
It's Irvine land, but is it Irvine School District or unincorporated / Lake Forest? Curious to see when the map comes out. Perhaps it's Portola Springs v 2.0 since it borders that community.

My .02c

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