With Housing Inventory Lower Than It Has Been in Decades, Residential Builders Anticipate Another Seller’s Market This Year
LA JOLLA, Calif. – February 9, 2022 – Cornerstone Communities sold almost every home in its portfolio in 2021, clearing the way for several new residential communities that eventually will supply at least 630 more homes for sale in San Diego County.
The La Jolla-based homebuilder closed escrow on 306 single-family and townhomes last year and closed out eight communities in San Diego and the Inland Empire for a total gross revenue in excess of $206 million. Company officials credit their entire office, field and sales teams for working so efficiently together. Exampled by their in-house sales team, who used creative techniques to attract homebuyers, as well as eager home seekers who were ready to commit.
“2021 was defined as a year of decision-making for new home buyers in San Diego,” said Ure Kretowicz, CEO and chairman of the board at Cornerstone Communities. “Leading up to COVID many potential Millennial homebuyers were on the fence regarding their timing for purchasing a new home. Given the heightened importance that “Home” came to be defined as, the pandemic brought to light that now was the time to take action, jump off of the fence, and to purchase a home.”
The momentum will continue into 2022 when Cornerstone opens Laurel Heights with 80 new single-family townhomes in Santee and Summit Estates with 30 high-end view-oriented estate homes in La Mesa. Another community set to break ground this year is a 450-home master plan with four distinct neighborhoods in South San Diego. Cornerstone has several other projects in their pipeline which include new communities in Poway, Sorrento Mesa, and San Marcos.
The number of homes for sale in San Diego County hit one of its lowest points in decades last year and housing experts say there are few signs that the shortage will abate in 2022. Even over the past few winter months, which are typically slow, demand for homes remained high.
“People are so motivated to find a new home they even stop by our construction sites to ask superintendents when they will be released for sale and leave their contact information,” said Michael Sabourin, President & COO of Cornerstone Communities.
Like other builders, Cornerstone had to change the way it sells new homes. For example, in 2020 most builders in Southern California stopped holding open houses and limited home tours to serious buyers on an appointment only basis. That approach worked well for Cornerstone, which has no plans to go back to the old ways.
“It’s more efficient for our sales managers, who can qualify buyers in advance and spend quality time with them in the models, which makes the whole experience better for everyone,” Sabourin said. Cornerstone continues to respond to market preferences in home design with multi-use spaces and flexible floor plans.
“We know how important it is for homeowners to have a private outdoor space,” he said. “We design all our homes with fenced yards, including our townhomes.”
This is a breakdown of Cornerstone’s recent communities and their status:
1. Vista del Sur
a. Tesoro – Closed Out in 2021 (134 Townhomes)
b. Esperanza – Closed Out in 2021 (100 Townhomes)
c. Maravilla – Closed Out in 2019 (129 Townhomes)
2. Otay Ranch
a. Monterra – Closed Out in 2020 (36 Townhomes)
b. Cambria – Closed Out in 2020 (60 Single Family Detached)
c. Aventine – Closed Out in 2021 (100 Single Family Detached)
d. Estancia – Sold Out. Expected Close Out Feb. 2022 (37 Single Family Detached)
3. The Preserve
a. Agave – Closed Out in 2020 (88 Townhomes)
b. Cypress – Closed Out in 2021 (56 Single Family Detached)
c. Acacia – Closed Out in 2021 (48 Duplex)
d. Blue Sage – Closed Out in 2022 (102 Townhomes)
4. Pacific Ridge
a. Altura – Closed Out in 2021 (72 Single Family Detached)
b. Lucero – Sold Out. Expected Close Out Q1 2022 (125 Townhomes)
c. Brisas – Final Release of Six Homes. Expected Close Out Q2 2022 (117 Townhomes)
5. Promontory
a. Brighton – Closed Out in 2021 (59 Single Family Detached)
b. Calistoga – Sold Out. Expected Close Out Q2 2022. (115 Single Family Detached)
c. Bellevue – Sold Out. Expected Close Out Q2 2022 (94 Single Family Detached)
About Cornerstone Communities
The management team at Cornerstone Communities is comprised of a seasoned group of development and building professionals possessing over 150 years of combined experience in the homebuilding field having developed, mapped, and/or constructed over 17,000 homes in over 70 developments throughout California and Nevada. Professional Builder magazine heralded the group as one of the nation’s Building Giants. Cornerstone has been consistently ranked as one of San Diego’s top privately held residential homebuilders by the San Diego Business Journal and was recently recognized as one of the Top 500 Privately-Held Businesses in the U.S. by DiversityBusiness.com. CornerstoneCommunities.com
