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Real Estate Industry Orange County

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BUSINESS
February 27, 1992 | JOHN O'DELL, TIMES STAFF WRITER
Escalating the weaponry in the builders' battle for home buyers, Presley of Southern California on Wednesday launched a five-year warranty plan covering all of its new houses. The firm, the largest of the Presley Cos.' five home-building divisions, said it also will provide all home buyers with a mortgage payment insurance plan--something several other Orange County builders recently began offering. The five-year warranty, however, appears to be rare. Bob Albertson Jr.
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BUSINESS
July 23, 2001 | KAREN ALEXANDER, TIMES STAFF WRITER
The technology slump and a glut of office space in south Orange County are taking a toll on University Research Park, an ambitious $300-million effort led by Irvine Co. to grow a campus for high-tech firms on 185 acres next to UC Irvine. Cisco Systems, which became an anchor tenant after moving a research team into the park, scrapped plans to lease a second building. Star recruit Conexant Systems Inc.
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BUSINESS
August 26, 1992 | JOHN O'DELL, TIMES STAFF WRITER
The economy hasn't changed much in the past few months. Home sales are still way down, drywall workers still are striking, and consumers remain unimpressed with presidential candidates' recipes for fixing the economy. So why are the men and women who work at the elegantly appointed Warmington Homes headquarters building here smiling? Lead cheerleader Timothy P.
BUSINESS
June 22, 2001 | DARYL STRICKLAND, TIMES STAFF WRITER
Moving to allay growing complaints from tenants, the Irvine Co. is poised to limit rent hikes for its long-term residents. The step by Orange County's largest landlord would be short of rent control but it comes as apartment dwellers in Irvine and elsewhere are starting to organize in response to skyrocketing rents. In recent weeks, renters in Huntington Beach have picketed outside an apartment complex and others in Costa Mesa have met with church groups about their housing worries.
BUSINESS
June 17, 1991 | Chris Woodyard, Times staff writer
Many people stumble around a little before finding their life's work. Not Nuby H. Sears. He was born to sell real estate. Sears started in the residential real estate business at age 19. He switched to selling commercial properties at age 24. And today, at 32, Sears operates his own firm, HMS Equities, from a swank office building in Newport Beach, just a few miles from his home. HMS, he explains, stands for his real name, Hal Marshall Sears. Nuby is a nickname.
BUSINESS
September 17, 1992 | JOHN O'DELL, TIMES STAFF WRITER
Officials of financially ailing Covington Development Group Inc. said Wednesday that the residential building company has run out of cash and is unable to meet a scheduled debt payment. If the debt holders now exercise their right to demand full payment, the action could drive Covington into bankruptcy. Earlier this year, Covington announced that it was in default on $7.3 million in bank loans and $6.7 million in other debt.
NEWS
March 11, 1996 | DEBORA VRANA, TIMES STAFF WRITER
The kingdom of Donald Leroy Bren gleams in the winter sunlight shimmering off the Pacific Ocean. The last of California's land barons, he glances down from his corporate tower at the shopping mecca, the Newport Beach office building, the thousands of beige homes. "Problem with a day like this--the sun comes in every direction," says Bren, referring to one of the few things in his empire that he doesn't control.
NEWS
December 8, 1991 | DAVID WILLMAN and JEFFREY A. PERLMAN, TIMES STAFF WRITERS
They've formed a financial backbone for California's suburban sprawl--helping for nearly a decade to buy new streets, schools, fire stations and libraries in dozens of emerging communities. Called Mello-Roos revenue bonds, they've been a $3.4-billion boon for local governments and developers, whose ability to pay for expansion was otherwise constrained by California's anti-tax revolt.
BUSINESS
August 6, 1998
The Irvine Co. said Wednesday said it may buy as many as 500,000 additional shares of common stock of its affiliate, Irvine Apartment Communities Inc., in the open market or through other transactions. The purchases would occur over an indefinite period of time and depend on market conditions and other factors, said Michael McKee, Irvine Co.'s executive vice president and chief financial officer.
BUSINESS
December 23, 1997 | Russ Stanton
The Irvine Co. said Monday that real estate marketing whiz Donald Moe is returning to the giant land developer after a 12-year hiatus. Moe, 55, of Dana Point, will become senior vice president for residential marketing in the Irvine Co.'s residential division. He held a similar post at Santa Margarita Co. until resigning to become a consultant in 1995. Moe first joined the Irvine Co. in 1972 as a marketing director for the then-budding Fashion Island shopping and office complex.
NEWS
June 19, 2001 | DARYL STRICKLAND, TIMES STAFF WRITER
Typical home prices in Orange and Los Angeles counties set record highs last month, the latest indication that the region's housing market is barreling ahead despite the sluggish national economy. In May, the median price of new and existing homes sold in Orange County rose nearly 11% from a year earlier to $297,000, according to a report released Monday by DataQuick Information Systems.
BUSINESS
May 23, 2001 | DARYL STRICKLAND, TIMES STAFF WRITER
Grappling with rising vacancies and slowing demand from new tenants, Orange County's largest commercial property owner has slashed rents for some offices by as much as 20%. The price cuts by Irvine Co. reflect growing weakness in the region's once-booming commercial real estate market and are expected to push other property owners to lower their rents. Irvine Co. is a bellwether for the commercial market in Orange County, one of the strongest office markets in the state.
BUSINESS
May 15, 2001 | DARYL STRICKLAND, TIMES STAFF WRITER
Boosted by entry-level and move-up buyers, home prices last month rose more than 10% in Orange and Los Angeles counties as the bellwether market for higher-end housing started to soften a bit. Analysts have been watching for signs of weakness in a surging home market that has defied a national economy soured by layoffs, poor corporate financial results and lagging stock prices. But housing overall has remained largely oblivious to the economic slowdown.
BUSINESS
May 14, 2001 | E. SCOTT RECKARD, TIMES STAFF WRITER
High in Black Star Canyon between Irvine and Corona, Hidden Ranch's streams, oak groves and brush-covered hills look much as they did centuries ago when Juaneno Indians ground acorns at the remote site, carving deep holes that remain in the bedrock. The mostly pristine area could be a developer's dream: a site for an enclave of small ranches, perhaps.
CALIFORNIA | LOCAL
March 25, 2001 | MIKE ANTON, TIMES STAFF WRITER
He is among the last of his breed, a survivor who has hung on to a slice of Orange County's past even as bulldozers have carved the future out from under him. He looks out at what he has now, 500 acres of leased land, an island of rolling green hills amid a sea of rooftops less than a mile from a county landfill. "You've got to be crazy or a . . . fool to do this," said Fred Love, one of Orange County's last ranchers. "But it's something that just gets in your blood."
BUSINESS
March 15, 2001 | DARYL STRICKLAND, TIMES STAFF WRITER
The region's housing market paused last month as home sales in Los Angeles and Orange counties declined from year-earlier levels, according to a report Wednesday. But prices of all kinds of homes grew robustly in February, and analysts generally viewed the drop-off in sales--7% in Los Angeles County and 21% in Orange County--as a one-month blip partly attributed to low inventories.
BUSINESS
July 10, 1992 | Susan Christian, Times staff writer
Real estate developer Igor M. Olencoff wants it known that although one of his companies, Pru Group Properties Inc., filed last month for protection under Chapter 11 of the U.S. Bankruptcy Code, his other companies are doing just fine. "Olen Capital's substantial loan portfolio is experiencing no defaults. Olen Realty's apartment portfolio of 8,000 units are over 95% occupied," Olencoff wrote in a recent newsletter. Pru Group's major creditor, Prudential Insurance Co. of America in Newark, N.J.
BUSINESS
August 21, 1992 | SUSAN CHRISTIAN, TIMES STAFF WRITER
News that a respected escrow company in Fountain Valley mysteriously closed Monday then, two days later, was seized by government regulators has left hundreds of customers worried about whether they will ever see their money again. "Our phone . . . has been ringing off the hook," said Sgt. Darryl Nance, spokesman for the Fountain Valley Police Department, which is investigating the case involving Huntington Escrow Service Inc.
BUSINESS
March 3, 2001 | DARYL STRICKLAND, TIMES STAFF WRITER
Real estate investment trust Pacific Gulf Properties Inc., spurred by its low stock price to sell its properties, said Friday that it has agreed to be acquired by an affiliate of Prudential Insurance Co. of America for $78 million in cash. The Newport Beach company, which has been selling its holdings since early last summer, said Prudential's FountainGlen Properties also will assume $65 million in Pacific Gulf debts.
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