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March 24, 1985

Standard practice in the residential construction industry these days is to build in phases but when the Wolf Homes division of W. Wolf Properties Inc. realized that the first two phases of a conventionally planned three-phase project were approaching a sellout--from blueprints!--the company decided to build and sell all 108 units at once.

The development is Fairway Heights in Bernardo Heights, reached from the Bernardo Center Drive exit of Interstate 15. Base prices range from $124,900 to $158,900 for two- and three-bedroom homes in 1,353 to 1,853 square feet. Wolf has begun site work for Fairway Heights II, an additional 102 homes. Models will open later this month.

The generally assumed relationship between home prices and home sales--prices fall/sales rise, and vice versa--becomes a bit tenuous in view of a quarterly housing report issued by Costa Mesa-based Market Profiles. The research firm said that reported sales in eastern Riverside County more than doubled, from 219 to 582, during the fourth quarter of 1984 despite a 32.3% rise in the average selling price of a new house.

What the marketing profession calls "absorption" was reported at 82.5% there, concentrated in the Palm Springs, Palm Desert and Indio areas and consisting of attached homes between $100,000 and $125,000 (31.3%) and $150,000 to $200,000 (24.4%). The number of attached homes sold during the fourth quarter rose from 86 to 480; detached home sales fell from 133 to 102.

The 20-home Phase 3 of Southview in Rancho Penasquitos has been sold out, bringing to 70 the number of homes sold to date in that development, which has posted sales totaling almost $9 million, according to Wesley E. Mudge, a partner in Westana Builders/Developers. The homes are offered in four floor plans, three and four bedrooms, 1,296 to 1,954 square feet, priced from $112,450 to $140,450. Four models are open daily from 10 a.m. to 5 p.m. at Black Mountain Road and Pimpernel Drive.

Thirty-eight homes were sold in the first two weeks at Summerhill Rialto, a project of Friedman Homes Inc. that offers one- and two-story, three- and four-bedroom homes with 1,288 to 1,779 square feet of space priced from $83,990 to $96,990. Minimum lot size is 8,400 square feet. Furnished models are open daily from 11 a.m. to dusk at 790 N. Glenwood Ave., near Larch Avenue.

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