Two years after closing on its first land deal in San Jose, the New Home Co. is bringing its first homes to market, with a little help from feng shui.
The Aliso Viejo-based company on Wednesday opened a sales center at Orchard Park, a 239-unit community on 16 acres in North San Jose. The project, currently under construction, is located on about 16 acres at Old Oakland and East Brokaw roads in the city's Berryessa district. Sales will begin in earnest this summer.
It's the first project here from the New Home Co., which went public Jan. 31, but likely won't be the last. Builders of for-sale homes have been snapping up entitled land up and down Silicon Valley — if they can find it. Recently, I've written about buys from KB Home in Fremont, D.R. Horton in Santa Clara and Standard Pacific Homes in Gilroy.
At Orchard Park, prices will be more modest than in some other Bay Area projects. The company says it is pricing from the $700,000s, with attached homes ranging from 1,600 to 2,15 square feet. Product types include flats, courtyard-style units and townhomes.
Also of note: the New Home Co. brought in a feng shui expert "to consult on the land plan to make sure the site was maximized for true-north orientation principals," a spokesman tells me. The project will include a one-acre park and a two-acre walking path.
The financial backer of the project is Hillwood, a real estate investment company based in Dallas that is controlled by Ross Perot Jr.
Read more about The New Home Co.'s San Jose project here.
http://www.bizjournals.com/sanjose/news/2014/04/24/new-home-co-opens-239-unit-san-jose-community.html?s=image_gallery
