Talk about absorption rate. Shea Homes is having a veritable field day at its Dunes On Monterey Bay community in Marina, California. The Monterey Herald reports:
The first phase of The Dunes On Monterey Bay’s housing component in Marina has sold one to two homes a week since sales started a year and a half ago, says Josh Miller, Shea Homes community representative. That is 140 units of the 332 that will comprise phase one upon completion.
Prices currently range from about $560,000 for a two-bedroom, 2½-bathroom, 1,523-square-foot home to $827,000 for a four-bedroom with loft, three-bathroom, 2,430-square-foot home. “The Sea House (design) has gotten a lot of local buyers,” Miller said of the two-bedroom model. “It’s our entry-level house … a lot of Pacific Grove renters are buying.”
Miller reports that many government workers and professionals from the area are purchasing homes at the Shea Homes development. He estimates that 50 percent of the buyers are locals already living in the area — Monterey, Pacific Grove, Seaside and Marina — 40 percent are from Silicon Valley and the San Francisco Bay Area and 10 percent are a mix of others, including some from Southern California.
Doug Yount, project director for Shea Homes, said the housing component is part of the first phase of a three-phase development that will include 1,237 homes, apartments, health care, retail stores, restaurants, hotels, offices, parks and more.