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Thursday, Aug 11, 2022
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Landsea Projects Sell All Homes

The ships have sailed for prospective homeowners seeking to purchase a Landsea Homes residence in Chatsworth and Simi Valley.Landsea Homes Southern California Division President Tom Baine, who came to the Newport Beach company in July 2018, said that he arrived at the beginning of Landsea’s most exciting chapter as the company ramped up to build and sell homes at its two prime San Fernando Valley projects: The Crestley at Deerlake Ranch in Chatsworth; and The Westerly in Simi Valley.The Chatsworth complex has 31 single-family homes with three different floor plans, costing between $1 million and $1.5 million apiece. They sold out in March, with the last home due to close escrow by late August.The Simi Valley development has 211 attached homes, featuring six floor plans selling between $500,000 and $600,000 and the last three homes are currently due to close escrow by June.Only a couple of months ago, the company went public on the Nasdaq.“It’s super exciting being a part of Landsea, being part of something new,” Baine said as he looks forward to growing the business nationwide.“It took us three years,” Baine said. “Definitely the sales in 2020 was the best year for sales and (the Westerly) was smooth sailing.”Early on, the pandemic really hurt sales, Baine said, before explaining how by the end of the summer, sales at both sites “gained some momentum and we had really good sales rates after that.”While the Crestley “shut down slightly” during that March-through-May period, the lower-priced Westerly kept selling into 2021.“We sold 98 homes last year,” Baine said. “And it was selling well before the pandemic.”So far this year, 35 homes have closed at the Westerly and another 13 at Crestley.“The Valley has been a great market,” Baine said, promising to find more residential opportunities in the years to come. “It’s a great place for people to live.”

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.
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