O.C. builder plans $600 million in land buys | Irvine Real Estate | Irvine Homes for Sale

by Robert Mack on February 7, 2011

in Buyers, Latest News, Sellers

In all, the firm said in its fourth-quarter conference call with market analysts that it will spend “in the neighborhood of $600 million” this year buying land.

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“We’re going to load up on land during the downturn,” said company President and CEO Ken Campbell. “We see lots of opportunities to buy good properties.”

The company reported that it spent $315 million on land purchases in 2010, plus $81 more in land development costs. Nearly two-thirds of the land was purchased in California, with 63% — $277 million — being purchased from other developers. Banks were the sellers in just 20% of the deals, or $87 million.

The company recently restructured its debt to increase its ability to devote more money to land acquisition this year, Campbell said.

Buying more land = building more homes! What do the builders know that we don’t? To get more information on new homes in Irvine contact Robert @ robertmack10@gmail.com or call directly!

Posted on Irvine Orange County Real Estate Market News

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