Condo Comeback? Woodside Plans New Units

TEMECULA, CA-Woodside Homes has acquired 210 condo sites here and plans to build units priced from the high $100,000 range beginning next year, according toWoodside. The company bought the sites, which consist of 102 finished lots and 108 partially improved lots, from American Property Enterprises of San Diego.

Woodside plans to build units of between 1,124 and 1,753 square feet at the project, which is known as Maravilla. It is near the intersection of Rancho California Road and Ynez Road just off the I-15 Freeway, within walking distance of work, shopping, dining and entertainment. The development will also feature a community recreation center with a pool, spa and park along with a covered outdoor barbecue area and observation gazebo.

Tim McGinnis, president of Woodside Homes of California Inc., which is a division of Salt Lake City-based Woodside Group LLC, notes that the development site is close to Old Town Temecula and the Temecula wine country. It is the first in a series of new land acquisitions the company is looking forward to completing, McGinnis says.

McGinnis notes that Woodside has built more than 1,700 homes in Temecula and is the co-developer of the master-planned community of Wolf Creek, where it has three active selling communities: Ironwood, Sycamore and Tamarack. Ironwood and Sycamore are Woodside Solar Advantage communities, “the only solar-powered, highly energy efficient homes in southwest Riverside county,” according to McGinnis.

In addition to the Temecula acquisition, for which it paid $7.2 million, Woodside Homes has recently completed the acquisition of finished lots in the master-planned community of Summerlin, a town home project in Mesa, AZ, and a single-family-detached finished lot acquisition in Utah. Woodisde also has several other properties in escrow that it plans to close this year, subject to due diligence. The company is seeking land buying opportunities is all of its western markets and Texas.