Acute Housing Need Means Brisk New Home Sales
Landsea Homes’ rapid sales are a response to Northern California’s high demand for quality housing with a desired price point in this growth area of the state.
SUNNYVALE, CA—Three of Landsea Homes’ master-planned communities have sold out in the Bay Area: The Vale in Sunnyvale, Siena in Milpitas and Stoneyridge in Walnut Creek. All three communities sold out in less than 30 months.
“Although we are thrilled by the sellouts of these communities, we are not surprised,” said Josh Santos, Northern California division president of Landsea Homes. “Since Landsea Homes first opened its modern townhome communities of The Vale, Stoneyridge and Siena, homebuyers’ interest was strong and sales were brisk.”
The Vale and Siena are located amid key tech industry employers including Apple, Alphabet/Google and Facebook. The area is also the headquarters for non-tech industry employers such as Wells Fargo, Visa Inc. and Chevron.
The Vale, a community of 314 townhomes in Sunnyvale includes two distinct neighborhoods (Echo and Nexus) and closed in January 2020 after the first sales release in 2017. Each neighborhood showcases unique plans in three- to four-bedroom 2,000-square-foot layouts and special features including private decks, garages, European-style kitchens with islands, and master suites with large walk-in closets.
The community has its own park as well as the Nucleus community meeting room for gathering and celebrations, and is also located near major Silicon Valley employers and schools.
Siena’s 73 townhomes opened in March 2018 and sold out by December 2019. The townhomes feature several floorplan options for the three- to four-bedroom homes with 1,622 to 1,988 square feet, including open concepts, flexible space and a bonus room. The community is within walking distance of the Great Mall, the largest enclosed shopping mall in Northern California, and sits between Interstate 680 and 880 freeways. It is also close to the Ed R. Levin County Park and Monument Peak, which rises from the eastern foothills and is visible from most of the city.
Stoneyridge consists of 30 two- and three-bedroom homes ranging from 1,378 to 2,253 square feet, with features such as stainless steel Bertazzoni appliances, energy efficiency and smart home features. The community is located just east of downtown Walnut Creek, with access to Interstate 680 and State Route 24. Walnut Creek boasts more open space per capita than any other city in California, but is easily accessible to San Francisco and Oakland via BART.
“We finished the calendar year with great results and momentum, and expect strong sales to continue throughout 2020,” added Santos. “We are continuing to extend our commitment to offer high-quality homes in some of the Bay Area’s most highly desirable locations.”
Landsea Homes specializes in creating master-planned communities in prime locations. The rapid sales of these Northern California homes are a response to the region’s high demand for quality housing with desired price points.
The success of these communities bodes well for three more Northern California communities Landsea is currently selling including Abigail Place in Danville, Skylark at Sanctuary Village in Newark and Catalina in Santa Clara.
“The sellout of these three communities really speaks to the health of the residential real estate market right now,” Santos tells GlobeSt.com. “The Vale, Siena and Stoneyridge all addressed a quality of life need for homebuyers based on location, proximity to the workplace as well as dining and shopping.”
The two most expensive housing markets in a National Association of Realtors’ 2019 report were the San Jose-Sunnyvale-Santa Clara, CA metro area, where the median existing single-family price was $1.33 million, and San Francisco-Oakland-Hayward, CA, where the median price was $1.05 million.