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Tri Pointe Homes Building in North, South County Areas

REAL ESTATE: Homes in New Communities Priced Below Market

SAN DIEGO COUNTY – Tri Pointe Homes has opened new communities in Otay Mesa and Fallbrook in a housing market where high interest rates and a low inventory of existing homes have limited options for potential home buyers.

Agualuna in Otay Mesa is a townhome neighborhood targeting mostly first-time buyers, and Tangelo, a single-family development in Fallbrook, is attracting a mix of first-time buyers and move-up buyers, according to Tri Pointe.

Francine Wallace
VP, Community Experience
Tri Pointe Homes

Homes in the two developments are priced below the median sales price for resale homes and townhomes, as reported by the Greater San Diego Association of Realtors.
As an added incentive, Tri Pointe will buy down the interest rates and, in some cases, help with closing costs – practices that other new home developers have also used to entice buyers.

South County Townhomes Priced to Sell

Agualuna, near the intersection of Interstates 905, Ocean View Hill Parkway and Otay Mesa Road, has 79 townhomes ranging from 1,321 square feet to 1,875 square feet in five floorplans with up to 3.5 bathrooms and two to four bedrooms.

“It’s really the location of the community and where it’s situated near the freeways that is what’s attractive about the community,” said Francine Wallace, Tri Pointe vice president of community experience.

The townhomes are priced from $542,907 to $674,051, according to Tri Pointe’s website for Agualuna.

By comparison, the median price of resale townhomes and condominiums in San Diego County, according to the Association of Realtors, was $662,000 in February, the most recent month for which figures are available.

Tri Pointe is offering financing at Agualuna at an interest rate of 5.5%, Wallace said.
As of March 21, the average mortgage rate in the U.S. was 6.87%, according to Freddie Mac.

“The product sells extremely well due to its affordability and us being able to buy down that interest rate to get our first-time homeowners into a home,” Wallace said.

North County Single-Family Homes

Tangelo, in Fallbrook, is part of the master-planned community of Citro with 126 single-family homes, about 60 of which have been sold, Wallace said.

The homes range from 2,418 square feet to 2,886 square feet in three floor plans with four to five bedrooms and 2.5 to three bathrooms and are priced from $848,390 to $874,390, according to Tri Pointe’s website.

The median sales price of an existing single-family home in February was $1,043,900, according to the Association of Realtors.

As with Agualuna, Tri Pointe is offering to buy down interest rates as an incentive.
“Right now, we’re offering a 5.99% interest rate,” Wallace said.

Tri Pointe Homes
FOUNDED: 2009
HEADQUARTERS: Irvine
CEO: Douglas Bauer
BUSINESS: housing developer
EMPLOYEES: 1,438 in 2023
WEBSITE: tripointehomes.com
CONTACT: 858-329-0723
NOTABLE: The company builds housing developments in 10 states and the District of Columbia.

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