REAL ESTATE : Big-Name Builders Show Interest in Newest Irvine Community
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At least 12 big-name home builders--including the Presley Cos., Costain Homes and Kaufman & Broad--are reportedly bidding to buy a portion of 100 acres that make up the first phase of Northwood Point, the Irvine Co.’s newest planned community in Irvine.
There will be about 700 single-family detached homes in the first phase of Northwood, which will be north of Interstate 5 at Culver Drive just north of Irvine Boulevard, an Irvine Co. spokeswoman said.
“It’s a very favorable location, especially with the opening of the Foothill corridor toll road. This will continue to push real estate values upward in all the areas that it serves,” said Robert McFarland, senior vice president with Market Profiles, a real estate consulting firm in Costa Mesa.
The Irvine Co. is reviewing the offers and is expected to announce the winning bidders this week.
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