southoctracker_IHB
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Someone commented on Lansner's blog about how Lennar is halting Central Park West. The OC Business Journal story online is subscriber only, but here are the key points:
<strong>Lennar Halts Condo Construction, Sales
By Mark Mueller
</strong>"Home sales at Lennar Corp.’s Central Park West development in Irvine are being halted until the housing and mortgage markets show signs of recovery. And new construction at the 1,500-home project is being delayed, the Miami-based company said.
"The shift at Central Park West, one of the few big projects to go forward amid the downturn, is the latest sign of the tough environment facing builders in Orange County.
"Home sales here in September were down by nearly 40% from a year earlier, and builder concessions are knocking down new home prices by up to 20% in some cases.
"It’s also a quick change in plans for Lennar—currently the county’s most active builder. Central Park West is the largest mixed-use development being built on former commercial space in Irvine near John Wayne Airport.
"Some 40 projects on the board for the Irvine Business Complex would bring nearly 14,000 homes to the area.
"Officials at Lennar’s Aliso Viejo office—where most of the company’s day-to-day operations are run—haven’t determined when sales will resume for these homes.
"The sales pullback also applies for Astoria, the two condominium towers being built on the site by Lennar and Canada’s Intergulf Development Group. Those towers total about 240 homes."
<strong>Lennar Halts Condo Construction, Sales
By Mark Mueller
</strong>"Home sales at Lennar Corp.’s Central Park West development in Irvine are being halted until the housing and mortgage markets show signs of recovery. And new construction at the 1,500-home project is being delayed, the Miami-based company said.
"The shift at Central Park West, one of the few big projects to go forward amid the downturn, is the latest sign of the tough environment facing builders in Orange County.
"Home sales here in September were down by nearly 40% from a year earlier, and builder concessions are knocking down new home prices by up to 20% in some cases.
"It’s also a quick change in plans for Lennar—currently the county’s most active builder. Central Park West is the largest mixed-use development being built on former commercial space in Irvine near John Wayne Airport.
"Some 40 projects on the board for the Irvine Business Complex would bring nearly 14,000 homes to the area.
"Officials at Lennar’s Aliso Viejo office—where most of the company’s day-to-day operations are run—haven’t determined when sales will resume for these homes.
"The sales pullback also applies for Astoria, the two condominium towers being built on the site by Lennar and Canada’s Intergulf Development Group. Those towers total about 240 homes."
