Record Home Sales at Estrella: Five More Goodyear Communities on the Way
Sales are heating up at Estrella, a 21,000-acre master-planned community being developed by San Diego-based Newland Communities in Goodyear.
In 2020, a record 645 new homes sold, a 45% increase from 2019 when 425 homes were sold. So far this year, 80 homes have sold.
The 645 homes sold in 2020 — even amid a pandemic — represents the greatest number of homes sold within Estrella since its inception, said Bill Olson, senior vice president of Newland Communities.
“The West Valley is coming of age,” he said.
Homebuilders are working on plans to open five new neighborhoods at Estrella, including Horsham, Pennsylvania-based Toll Brothers Inc. (NYSE: TOL) and Newport Beach, California-based Landsea Homes (Nasdaq: LSEA), which are making their debut at Estrella, Olson said.
Toll Brothers plans to build 129 homes ranging from 1,672 to 2,623 square feet in its new community called Beacon in Estrella. Homes will feature 10-foot ceilings and 8-foot doors on the first floor or in the single-story homes, along with multislide doors and enhanced architecture, said Bob Flaherty, Arizona division president of Toll Brothers.
Meanwhile, Landsea Homes will build 92 homes in its community called Vidrio at Estrella. Homes will range from 1,886 square feet to 3,040 square feet.
Future growth plans
Other builders bringing new neighborhoods to Estrella this year include LGI Terrata Homes, Beazer Homes and William Ryan Homes — all of which already have been building homes there.
With home prices averaging $368,203 so far this year, builders have raised their prices anywhere from 11% to 30% since January 2020, Olson said.
Click through the gallery below for a look at the Estrella community:
Located about 17 miles west of Phoenix, Estrella represents 18% of Goodyear’s land area and currently has about 22,000 residents living in 7,100 homes.
Of all of the buyers in Estrella so far, 56% are from the Phoenix metro area, followed by California (17%); Washington (6%); Colorado (4%) and Illinois (3%).
Newland acquired the property in various phases beginning in 2005 after Charles Keating‘s American Continental Corp. had started the project in 1986 and later lost it through the Resolution Trust Corp. during the savings and loans financial crisis.
Sintra Hoffman, president and CEO of Westmarc, said the West Valley will gain 50% of Maricopa County’s future growth, adding to the current population of 1.7 million residents over the next two decades.
“With these projections and a strong workforce in place, the West Valley has the est value proposition for new businesses, homebuilders and investors,” Sintra said. “Furthermore, our quality of life, entertainment amenities and open spaces are attracting younger workers and families.”
A silver lining in the pandemic has been a solid demonstration of the wealth in the West Valley that was evident as our cities saw increases in sale tax revenues due to remote workers spending locally — advanced business workers, she said.
“The West Valley continues to attract California residents who bring tech skills and other advanced skills,” Sintra said. “We’re closer to California for return visits to family.”