The Irvine Company took a riskand it paied off very well. If you will recall the Irvine Company too the risk of funding the projects and paying the builder to build the homes. It worked out well, so well they are now going to build 125 more homes.
The Irvine Company sold the homes in new neighborhoods in Irvine's Woodbury. Now it will launch a new 125 homes.
California Pacific Homes controlled by the Irvine Company will build the Santa Barbara project of townhomes this is another time where they will take a risk on the market.
318 buyer contracts for homes being built have been signed. The Irvine Company is beginning to start an interest list for the new Santa Barbara project at Woodbury.
These homes will be from 1155 to 1775 square feet, they are 2 and 3 bedroom models with 3.5 baths. They took the risk and now they will continue to build.