homebuilding; Irvine builder bets on Colorado market
Homebuilding has become a game of lots.
Take builder New Home Co. in Irvine. It just bought Epic Homes of Denver, making a diversification bet on a new market outside California and Arizona. Epic founder Chris Presley will remain to head up the new Colorado operations.
Epic owns what has become the industry’s hot property: ready-to-go land. The company owns 294 lots — plus 102 unfilled sales contracts worth, on average, $1 million each — to add to New Home’s 2,000 lots.
The homebuilding industry is playing catch-up amid a pandemic-fueled homebuying binge. Low mortgage rates and desires for larger living spaces have ballooned home sales and quickly changed the plans of many building executive...