Daily Business Report-Friday, Feb. 11, 2022
Cornerstone Communities reports that it sold almost every home in its portfolio in 2021, clearing the way for new residential communities that will supply at least 630 new homes in San Diego County.
The La Jolla-based homebuilder closed escrow on 306 single-family and townhomes last year and closed out eight communities in San Diego and the Inland Empire for a total gross revenue in excess of $206 million. Company officials credit their entire office, field and sales teams.
The momentum will continue into 2022 when Cornerstone opens Laurel Heights with 80 new single-family townhomes in Santee, and Summit Estates with 30 high-end view-oriented estate homes in La Mesa. Another community set to break ground this year is a 450-home master plan with four distinct neighborhoods in South San Diego. Cornerstone has several other projects in their pipeline which include new communities in Poway, Sorrento Mesa, and San Marcos.
The number of San Diego County homes for sale hit one of its lowest points in decades and housing experts say there are few signs that the shortage will abate in 2022.