The New Home Company Continues Sacramento Region Expansion with Return to Granite Bay

Rhea-AI Summary

The New Home Company (NWHM) is set to expand in Granite Bay, acquiring over 20 acres for its new community, Eureka Grove, with 72 residences. Situated in Placer County, sales are expected to begin in Q3 at prices starting in the $600,000s. The Sacramento region has been identified as the top housing market of 2021, and NWHM anticipates strong demand due to remote working trends.

Eureka Grove will include two distinct home collections and comes standard with smart-home technology. The company aims to make quality living accessible with homes under $1 million.

Positive

• Acquisition of over 20 acres in Granite Bay for new community Eureka Grove.
• Eureka Grove will feature 72 residences in a top housing market.
• Sales expected to start in Q3 with prices from the $600,000s.
• Strong demand anticipated due to remote work trends.
• Standard offering of smart-home technology in all homes.

Negative

• None.

As part of its strategic expansion in the Sacramento region, The New Home Company (NEW HOME, NYSE: NWHM) has announced its return to Granite Bay with the acquisition of more than 20 acres of land in the highly desirable Placer County community.

Eureka Grove, which marks NEW HOME’s fourth community in Granite Bay, will feature a total of 72 residences. It is now taking shape at Sierra College Boulevard and Eureka Road in a scenic location between the city of Roseville and Folsom Lake.

NEW HOME anticipates debuting model homes and commencing sales at Eureka Grove in the third quarter of this year. With prices expected to start in the $600,000s, NEW HOME is confident in the timing for Eureka Grove. The greater Sacramento region was recently named as the top housing market in the nation for 2021 by Realtor.com and with the continuing trend of people leaving the Bay Area for bedroom communities like Granite Bay, industry experts expect the interest in new construction to remain strong.

“Now that working remotely has become widely accepted and appears to be the norm for some time, communities like Granite Bay with a great quality of life should continue to thrive,” said Kevin Carson, President, Northern California for NEW HOME. “We’re excited to be back in Granite Bay. Eureka Grove will offer a rare opportunity to purchase a new home for under $1 million while enjoying a beautiful natural setting, excellent schools and a location that is just two hours from the Bay Area for those who may have a professional need to go there from time to time.”

Eureka Grove will offer two distinct residential collections—both designed by the acclaimed architectural firm of Bassenian Lagoni—within a gated enclave dotted with oak groves and surrounded by open space. The 44 paired “duet” townhomes will feature two multi-story floorplans with three to five bedrooms, and optional bonus room, ranging from 2,248 to 2,684 square feet. The 28 single-family detached homes will showcase two single-story floorplans with three to five bedrooms and multigenerational living spaces, ranging from 2,552 to 2,854 square feet.

All of the homes at Eureka Grove will come standard with NEW HOME’s EVO Home Tech package, allowing homeowners to personalize their residences with progressive smart-home solutions.

“Leading design is one of the core pillars of the NEW HOME credo,” said Carson. “For us, it starts with the careful selection of the land we purchase. Then we partner with the nation’s leading architects and design firms to create the most thoughtful homes for each community we build. This has led to an award-winning record of earning more than 300 design awards in the past eight years, including dozens of Community of the Year awards. We’ve brought this passion for design to Eureka Grove and look forward to unveiling it in the coming months.”

Eureka Grove will join NEW HOME’s portfolio of actively selling communities in the Sacramento region. It offers homes for a range of buyers and lifestyles needs at Russell Ranch in Folsom, Whitney Ranch in Rocklin, The Cannery in Davis, Brighton Landing in Vacaville and NUVO Artisan Square in Natomas.

An interest list for Eureka Grove is now forming at www.eurekagrovenwhm.com.

About The New Home Company

NEW HOME is a publicly traded company listed on the New York Stock Exchange under the symbol “NWHM.” It is a new generation homebuilder focused on the design, construction and sale of innovative and consumer-driven homes in major metropolitan areas within select growth markets in California and Arizona, including coastal Southern California, the San Francisco Bay area, metro Sacramento and Phoenix. NEW HOME was named 2019 Builder of the Year by Professional Builder and is a multi-year recipient of “The Eliant” for providing the Best Overall Customer Experience in North America in the Eliant Homebuyers’ Choice Awards. NEW HOME has won hundreds of awards in the homebuilding industry for its design and planning excellence, dozens of “Community of the Year” awards, and was recognized five straight years for creating the best community or master plan in all the United States. For more information, visit NWHM.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204005450/en/

FAQ

What is the significance of The New Home Company's acquisition in Granite Bay?

The New Home Company's acquisition of over 20 acres in Granite Bay is crucial as it marks their return to the region and establishes the new community Eureka Grove, expected to appeal to homebuyers.

When will sales for Eureka Grove start?

Sales for Eureka Grove are expected to commence in the third quarter of the year.

What is the expected price range for homes in Eureka Grove?

Homes in Eureka Grove are expected to start in the $600,000s.

How many homes will Eureka Grove feature?

Eureka Grove will feature a total of 72 residences.

What is the impact of remote working on housing demand in Granite Bay?

The trend of remote working is expected to increase housing demand in Granite Bay, as people seek quality living environments away from major urban centers.