Building Industry Orange County

Home builder Western Pacific Housing, trying to expand its presence in Orange County, said Monday that it has purchased 45 home sites in Coto de Caza. The property, one of the last remaining tracts in the gated community, was purchased from Lennar Communities for an undisclosed sum. Western Pacific of El Segundo plans to build estate homes on the properties. "The market is almost insatiable while the supply of new homes is shrinking," said Craig Manchester, the company's president.

Here are building permits valued at $350,000 and up filed recently in Orange County. SANTA ANA * Project: Tenant improvement Address: 3651 W. Sunflower Ave. Value: $704,000 Owner: Carr America WESTMINSTER * Project: Attached townhomes Address: 7862 14th St. Value: $587,000 Owner: Gostasb Dashtaki * Project: Tenant improvement Address: 14799 Chestnut Value: $2.5 million Owner: Southern California Edison YORBA LINDA * Project: Commercial shell building Address: 23060 Eastpark Drive Value: $1.

This is what new-home seekers can expect to find this year: a diminishing number of Orange County homes to choose from, a rising number of other bidders for those houses, and a higher selection of single-family homes costing far less in Corona and the Inland Empire. Like other analysts, John Burns of the Meyers Group, an Irvine real estate research firm, expects prices to rise in Orange County, but at a slower pace this year than the record rate last year.

The Olson Co., a privately held builder of affordable housing, has sold a minority stake to three investors for an undisclosed price. The joint stock purchase was made recently by Allstate Insurance Co. of Illinois, Wells Fargo Bank of Minnesota and the California Public Employees' Retirement System pension fund (CalPers). Bolstered by the cash infusion, the Seal Beach home builder said it will expand its senior housing construction and build homes near transit lines in densely populated areas.