Irvine Co. builds its own homes

The giant land developer figures it's in a financially better position than many homebuilders. OC old-timers might recall that the company used to handle its own construction, but for the last two decades it's been selling lots to builders who then do the work. The economy has been slowing down that process. From the OC Register:

Then this year Irvine Co. began enjoying success that surprised even the most optimistic people in real estate: Rapid sales in north Irvine communities where Irvine Co. essentially played banker for builders. Now comes the next turn in the recovery strategy: Irvine Pacific [an Irvine Co. affiliate] building 248 homes in Stonegate East -- just north of the fast-selling Woodbury East neighborhood near the Foothill-Eastern Toll Road. Trucks are already moving dirt and the homes -- primarily value-priced townhouses "from the low $300,000s" -- could be for sale by November.

From the press release:

Although the 'Great Recession' is behind us, the capital markets have not returned to a level that will allow our homebuilders to attain the funding needed to meet the increasing demand for new homes in Irvine," said Daniel Young, president of Irvine Company Community Development, who will also serve as president of Irvine Pacific.