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TOP 50 PERFORMERS IN NEW HOME SALES ANNOUNCED

 NEWPORT BEACH, Calif., Dec. 22 /PRNewswire/ -- The performance of the top 50 actively selling projects in Southern California provides ample evidence that sales opportunities do exist in residential housing in Los Angeles, Orange County, Inland Empire and San Diego County market areas, according to a new report just published by The Meyers Group, an independent marketing research and consulting firm. "Despite the job losses of the past two years and the continuing regional and national economic downturn, sales recorded indicate a continuing demand for housing," commented Peter Dennehy, a senior consultant with The Meyers Group, "particularly when it is affordable and within an easy commute to major employment concentrations."
 All six of the counties in Southern California are represented on the top 50 best selling list, with Los Angeles County having the greatest number (13 projects), followed by Riverside County (12 projects), San Diego County (nine projects), San Bernardino County (eight projects), Orange County (seven projects) and Ventura County with only one.
 Sales at the top 50 projects ranged from 22 sales on the low end to a high of 221 sales, and averaged 36 per project during the third quarter of 1992 (down slightly from the 37.3 sales per project during the second quarter). On a weekly basis (13 weeks in the quarter), the third quarter 1992 weekly sales rate for the top 50 best selling projects was 2.8 units per week.
 The top 50 projects recorded a total of 1,842 sales, which represented 22.2 percent of the 8,304 units sold in Southern California during the third quarter. However, the top 50 projects represent only 2.7 percent of the 1,830 actively selling projects in Southern California. This indicates that a small number of projects are capturing a larger share of the market, Dennehy said. The top 50 best selling projects averaged 2.8 units per week vs. 0.35 units per week for all the projects in Southern California. The average price of the units sold in the top 50 projects was $165,435 for a 1,550-square-foot unit, with an average per-square-foot value of $110.
 Demonstrating the success of "niche" housing for atypical market segments, the detached product line at Del Webb Corporations age- restricted Sun City Palm Springs took the top position on the list of 50 best-selling projects in Southern California with 221 sales. Including their attached product, total sales for the quarter were 257. Located north of the I-10 freeway at Washington Street in the Coachella Valley, the project offers an array of relatively affordable golf-oriented housing products to active adult buyers (55+). In addition to golf, the community offers extensive recreational facilities and activities. With three distinct detached product lines and one attached project offered, Del Webb has attracted enormous interest, with the majority of the buyers (80 percent) from Southern California. "People are surprised by just how large this market is," commented Bruce Bonafede, spokesman for Sun City Palm Springs. "Folks who wish to retire want to remain close to family and friends, within a two-to-two-an-half-hour drive. Within this range there are over 1 million age and income qualified households for the Del Webb community."
 The Meyers Group is an independent marketing research and consulting firm which serves the real estate industry in the western United States. The Best Selling Projects of Southern California is a quarterly publication.
 -0- 12/22/92
 /CONTACT: Peter Dennehy or Mary Cameron of The Meyers Group, 818-501-8905/


CO: ST: California IN: SU:

BP-JB -- LA019 -- 9237 12/22/92 15:37 EST
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Date:Dec 22, 1992
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