SOURCE: Brandywine Homes

Brandywine Homes

March 04, 2014 16:25 ET

Brandywine Homes Sells Seven of Nine Homes Released at Waverly Grand Opening in West Covina

700 People Visit New Development, the First of Its Kind in Decades

WEST COVINA, CA--(Marketwired - Mar 4, 2014) - Brandywine Homes announced today that it sold seven of the nine homes released during a recent grand opening event at Waverly, a 2.3-acre gated community of 19 single-family homes in West Covina, 18 miles east of Los Angeles. The grand opening attracted 700 visitors to the new San Gabriel Valley community, which is offering the first new detached homes to be built in the area for several years.

"This was the first grand opening of detached houses in West Covina for a long time," said Dave Barisic, vice president of sales and marketing at Brandywine Homes, a pioneer of infill development in Southern California. "We had 700 people come through and only 19 houses available. Demand doesn't get much more significant than that."

Based on the grand opening's success, Brandywine Homes has started construction on the community's second phase, which will add eight more houses. Barisic expects those homes to be released for sale within the next month.

"We sold almost half of the homes in our inventory in the first weekend," Barisic said. "This has certainly exceeded our expectations and the average rate of absorption for a new home community."

Barisic had predicted the homes at Valinda and S. Glendora Avenues, the site of a former school, would be in demand because they bring a fresh look to an area that has been dominated for many years by homes that are more than 60 years old.

"There is really nothing like this in the whole San Gabriel Valley," he said.

Designed in partnership with architect Dave Maldonado of D33 Architecture, the three- and four-bedroom homes at Waverly range from approximately 2,150 square feet to 2,400 square feet. A mix of French and Spanish design, they have stainless steel appliances, two-tone paint and great-room style floor plans. Eco-friendly features include tankless water heaters, low-E glass windows and night setback thermostats. The larger of the two plans offers a downstairs bedroom and large loft upstairs.

Common amenities include a tot lot and barbecue area. The community is close to local schools, the GO WEST bus shuttle and public parks, and it's right down the street from the Westfield Mall.

"It's a great neighborhood," Barisic said. "The addition of mid-priced homes should bring in families with disposable income. So, in addition to the money being spent in the local community, the city will benefit from an increased property tax base."

According to the National Association of Home Builders' formula to determine the local impact of single-family housing in typical metro areas, adding 19 single-family homes will generate $589,000 in local income, $141,000 in taxes and other revenue for local governments, and 10 local jobs.

About Brandywine
Brandywine Homes is a residential homebuilder based in Irvine, Calif., that specializes in challenging infill development. Founded in 1994, the family-owned and operated company has built or developed almost 1,200 homes in 36 small- and mid-sized infill communities, revitalizing some of Southern California's oldest and most established neighborhoods. Brandywine builds homes that respect and complement the heritage, values and architectural integrity of existing neighborhoods and the people who live there -- making a positive contribution to the community. www.brandywine-homes.com.