Greystone Homes. (Outlying).

Summary: While demand for homes soars in northern L.A. County, so does the price of land, creating a challenge for homebuilders and developers.

Greystone, part of the Lennar Corp. family of homebuilders, has one of the best land positions in the region, largely due to the 4,000-acre Stevenson Ranch project. Homes in two developments, Crescent Moon and Northstar, start in the $400,000 to $500,000 range.

With no-growth sentiment running high among existing residents, Greystone is not producing as much as it is capable of, said Jon Jaffe, regional president for Lennar Homes, Greystone's parent. "We clearly need to have the right balance between higher density and single-family communities and better planning that takes into account all these views," he said.

Greystone's lowest priced offerings are in the mid- to high-$400,000 range in Santa Clarita's Cheyenne at Stone Crest and Tapestry at Pacific Crest. The developments feature 2,835-to 3,233-square-foot homes.

Slightly larger homes are found at Saratoga, a golf course community in Glendora. Homes from 2,988 to 3,412 square feet start in the high $600,000 range.

In the first quarter, Greystone sold 70 homes at its local developments. McGuire attributes the sales in part to a program in which prospective buyers are given various options for wall and floor finishes, appliances and the like. "It's a real competitive advantage for them," said Pam McGuire, a broker with Realty Executives of Valencia.