Newport Beach/Irvine Submarket Leads Orange County in New Home Sales

NEWS Contact: Russell T. Valone II 619-233-3781 x15

FOR IMMEDIATE RELEASE

Orange County, California- Southern/coastal Orange County outpaced northern/inland Orange County in new home sales volume during the fourth quarter of 2006, with southern/coastal seeing an increase of 102 percent from last quarter, while northern/inland saw a decrease of 47 percent. The Newport Beach/Irvine submarket emerged as the sales volume leader, capturing 32 percent of total sales this quarter. This submarket was the leader for detached home sales, with a 37 percent capture rate, and was tied with Garden Grove/Santa Ana for the top spot in attached home sales, with each submarket capturing 27 percent. “In the detached sector, Newport Beach/Irvine had a four percent price appreciation, while all other submarkets saw price declines from 10 to 28 percent,” said Russell T. Valone II, president of MarketPointe Realty Advisors, the real estate database and consulting organization that publishes ResidentialTrends. In the attached submarket, Garden Grove/Santa Ana had the largest price appreciation this quarter, increasing by more than 29 percent. Compared to one year ago, the only submarkets with price increases for attached homes are Mission Viejo/Aliso Viejo at nearly five percent and Newport Beach/Irvine at nearly 12 percent. According to MarketPointe Realty Advisor’s ResidentialTrends report, attached home sales ranged from a low this quarter of $209,900 for a conversion in Santa Ana up to a high of $2,500,000 for a condominium in a mid-rise in Irvine. Detached home sales in the fourth quarter ranged from a low of $545,990 for a cluster detached home in the City of Orange to $7,441,000 for a 7,499 square foot home on the Newport Coast. Cambridge Lane at Columbus Square in Tustin by William Lyon Homes led the attached market with an average of 4.6 sales per week. Lincoln Square in Cypress by Nevis Homes as well as Canyon Point by CRS and Canyon Villas Condos by Regis Homes, both in Aliso Viejo, also sold over three homes per week. The top selling detached home project during the fourth quarter of 2006 was Thistlewood at Riverbend in Orange by Centex Homes, which sold an average of eight homes per week. Camillia in Tustin from Lennar Homes also had a good quarter, selling an average of 4.16 homes per week. Both projects were new to the market during the fourth quarter. In addition to MarketPointe’s quarterly surveys of Orange County, new home sales reports are published for Kern, Imperial, Greater Los Angeles, Ventura, West Riverside, Santa Clarita-Antelope Valleys, East Riverside, San Bernardino and San Diego Counties. MarketPointe Realty Advisors provides comprehensive real estate databases and consulting services. The offices are located in San Diego and Orange County, with representation throughout California. Phone San Diego at 619-233-3781, Orange County at 714-528-2554, website is www.marketpointe.com. # # #

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