Homebuilder Taylor Morrison will hold a ceremonial groundbreaking on Wednesday, Sept. 13, for the new 70-home Cove neighborhood within the Pacifica San Juan community.
The project includes two-story townhomes ranging from from 1,836 to 2,068 square feet in space; three or four bedrooms; three bathrooms and two-car garages. Prices start “from the low $700,000s.” Model homes could be ready by November.
Taylor Morrison in 2015 bought the unsold parts of the Pacifica San Juan community. The land was once part of a partnership with local developer SunCal and Wall Street’s Lehman Brothers that collapsed during the real estate downturn.
The builder opened two Pacifica San Juan neighborhoods in 2016, which are nearly sold out, and a third one earlier this year. Splashes, Pacifica San Juan’s swim club, opens this month.
Overall, San Juan Capistrano homebuying was recently flat vs. 2016 activity, looking at data from ReportsOnHousing.
August Sales: 39 sold vs. 40 a year ago.
Average sales price: $904,525 — that ranked 15 out of 46 Orange County markets tracked.
Compared to list: Sellers got 97.6 percent of what they typically asked for, No. 35 of the 46 markets.
Range: August’s high sale of $2,150,000 vs. $205,000 low.
Sizing: $365 per square foot on average 2,478 square-foot residence.
Market speed: Estimated 117 days, listing to escrow, vs. 91 days a year ago and 134 days two years ago.