Irvine Company Launches New Development

The Orange County Register has reported that the Irvine Company, the largest land developer in Orange County, California has announced plans to launch its first home building project in three years.  The village of Woodbury East, in the city of Irvine, will consist of 685 homes, ranging in price from the low $300,000’s to the $800,000’s, with the majority costing $600,000 or less.

During their presentation of the project to the Register, Irvine Company officials stated they believed the time was ripe to jump start the new-home market in Irvine. Mike LeBlanc, Irvine Company senior vice president proclaimed “recovery is under way” and Dan Young, who heads the Irvine Community Development Company said “prices will stabilize, if not begin to increase.”

More good news is that the new project will put six home building companies back to work. The sale of existing single family  Irvine homes has already seen a marked increase.

Can good times be far behind?

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