Cornerstone Communities Refilling Its Pipeline for a Hot Market in 2022
Housing Inventory Lower Than It Has Been in Decades
LA JOLLA, Calif., Feb. 10, 2022 /PRNewswire/ -- Cornerstone Communities sold almost every home in its portfolio in 2021, clearing the way for new residential communities that will supply at least 630 new homes 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.
"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 San Diego County homes for sale hit one of its lowest points in decades and housing experts say there are few signs that the shortage will abate in 2022.
"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 Southern California builders stopped holding open houses and limited tours to by appointment only. That approach worked well for Cornerstone, with 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."
About Cornerstone Communities
Cornerstone Communities is comprised of a seasoned group of development and building professionals possessing over 150 years of combined experience in the homebuilding field. Together they have delivered more than 17,000 homes in over 70 developments throughout California and Nevada. CornerstoneCommunities.com
Contact:
Laura Borgschatz
949-230-3859
[email protected]
SOURCE Cornerstone Communities
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