June 16, 1989 |
Newport Beach home builder J.M. Peters Co. Inc., which rode a hot real estate market to record earnings last year, on Thursday reported that its revenue plunged 36% and earnings fell 31% during the three months ended May 31. Peters said that revenue for the first quarter of its 1990 fiscal year dropped to $57.5 million from $89.6 million during the same period a year ago. Earnings fell to $5 million from $7.3 million. A prepared release issued by the company did not discuss reasons for the decline, but home sales in Southern California have fallen significantly in recent months in response to rising interest rates and higher prices.
April 27, 1989 |
Eleven of the 25 biggest real estate deals in Southern California last year occurred in Orange County, according to a San Diego market-research firm. The number of local deals, led by the $83-million sale of two Newport Center office buildings, exceeded by three the eight sales in Los Angeles County, COMPS Inc. reported. But the Los Angeles deals involved more money. The Orange County sales added up to $511 million, or 36% of the $1.4-billion total, COMPS said. The eight Los Angeles deals totaled $656 million, or 46%. The Orange County transactions included four office and retail projects, four land parcels and three apartment complexes.
August 2, 1997 |
One of Orange County's pioneer developers of planned communities, the Mission Viejo Co., will be sold to J.F. Shea Co., an expanding Southern California building firm, it was announced Friday. The deal is expected to fetch more than $400 million, although terms were not disclosed by Philip Morris Cos. Inc., which has owned the Mission Viejo Co. since 1972. Shea will acquire about 900 acres of undeveloped land in Mission Viejo and Aliso Viejo, and 3,600 acres in Colorado.