Officials say that buyers have signed up to purchase 21 units in Irvine’s new Central Park West project, which holds it grand opening this weekend — 2 1/2 years after the housing slump forced the firm to halt sales.
That’s half of the 42 units included in the first release of homes being sold, according to John Baayoun, the Lennar Corp. division president who oversees Orange County operations. Those first homes will be ready for occupancy in late June to early July. (Click on images above for larger views!)
Photos by Mindy Schauer -- click to enlarge
Those first 42 units are part of the 496 homes Lennar is now being finished at Central Park West, located at Jamboree Road and the 405 freeway in Irvine.
But Baayoun believes that the 21 pre-sales are a good start for the mothballed project.
“We’re really pleased with what has sold,” Baayoun said following a recent media tour of the project. Baayoun said his goal for 2010 is to sell 20 units a month.
The grand opening will be from 10 a.m. to 4 p.m. Saturday. Festivities include music, food and tours of 24 furnished models, Lennar officials said. Events include a display of BMWs, food and drinks in all six buildings, a “chill lounge” at the Astoria towers and a DJ and barbecue at the clubhouse pool. The cuisine includes “designer hot dogs,” one official said.
Billed as an urban, master-planned development, Central Park West ultimately will consist of 1,380 homes in eight architecturally distinct buildings arrayed around a central park and an 8,000-square-foot community clubhouse.
Most of the units are in four-story complexes, with 240 located in two 14-story, luxury high-rise buildings at the north end, closest to the freeway.
Sales halted abruptly in November 2007, however, to avoid having to sell the condos at severe discounts, the company said. Only five of the planned low-rise buildings have been built. Despite efforts to avoid price discounts, the starting prices for Central Park West units now are about 25% below their 2007 levels.
In addition to the 24 pre-sales in the low-rises, seven other units sold in Astoria, the project’s 14-story high-rise condo building, which have been available for sale since December. One of those units sold in the past month, Baayoun said. Six others have been occupied since February.
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