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REAL ESTATE—New Home Sales Are Still Running Hot Countywide



Pan Pacific Retai Properties Reports

Rise in Income

Rising interest rates on loans haven’t quelled the new home-ownership urge among local buyers, several developers said recently.

Cornerstone Communities reports the sell-out of Phase 1 and commencement of sales at Phase 2 at Sagewood in Eastlake Trails in South County. Of Sagewood’s 71 residences, 17 have sold to date, said Fred Cassle, a spokesman for the San Diego-based builder.

With the rapid sales pace expected to continue, the developer anticipates releasing Phase 3 at the subdivision soon, he said.

Dallas-headquartered Centex Homes released for sale Aug. 19 the second halves of Phase 1 at Wildhorse and The Hunt Club, its two new neighborhoods at the Seabreeze Farms community in Carmel Valley, said Klara Arter, a company spokeswoman.

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Shea Homes of Walnut Creek announced last week that previewing is now under way at Acacia at San Elijo Hills in San Marcos. Gayle Hughes, a sales representative, said Shea Homes is now forming a priority list for the new neighborhood.

Late last month, Shea Homes released for sale three model homes at the Diego neighborhood in Lomas Verdes near Chula Vista.

National City-based McMillin Homes said that successful grand openings at its Marigold and Primrose subdivisions in Lomas Verdes have prompted the company to get ready to release for sale early the second phases at the neighborhoods.

“With a combined 12 sales on opening day, it goes without saying that the recent grand openings at Marigold and Primrose were huge successes,” said Sandra Perlatti, senior vice president for the developer.

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Funds Increase: Pan Pacific Retail Properties Inc. of Vista, a strip shopping center owner and operator, reported earlier this month its per-share funds from operation at the end of the second quarter rose 7 percent above year-ago figures.

Funds from operation is a measure tracked by the real estate investment trust industry. The measure ignores depreciation and interest charges, among other items, said Carol Meriman, a company spokeswoman.

The company’s total revenues increased 12.4 percent to $27.4 million compared to total revenues of $24.3 million in the same period in 1999, she said.

During the second quarter, the company bought Encinitas Marketplace, a grocery store-anchored neighborhood shopping center in Encinitas, for approximately $11.8 million, she added.

The 118,500-square-foot shopping center is currently 100 percent leased and is anchored by a 58,000-square-foot Albertsons Supermarket and Drug. The acquisition was financed through a draw under the company’s unsecured line of credit, she said.

Bits And Pieces: The Irvine-based Meyers Group, a real estate information provider, is projecting that San Diego County new-home prices will appreciate 12.3 percent in the next 12 months. That’s second only to the San Francisco Bay area out of 75 metropolitan areas studied by the company. KMA Architecture and Engineering of San Diego has been selected to design an expansion for La Jolla Presbyterian Church. Ocean West Builders Inc. of San Diego has finished a 12,000-square-foot tenant improvement project for Stewart Title Insurance Co. in the Centerside I building at 3111 Camino del Rio North owned by Fifth Street Properties LLC of San Diego, said Kathy Oakley, a spokeswoman for the builder.

Send real estate and construction news to Arthur Grupe at agrupe@sdbj.com.

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