According to the Sacramento Business Journal, New Home Co. is set to mark its return to Sacramento by being the inaugural homebuilder for the Panhandle region in North Natomas. This move follows their last project, McKinley Village in East Sacramento, which was completed approximately five years ago.
The company plans to start grading this summer on the Panhandle site, aiming to develop 343 homes. Model homes are expected to emerge by summer 2025. New Home Co. acquired the lots for this project last month through a purchase by TPG Angelo Gordon, a company that typically buys land entitled for homes and resells it to builders in smaller segments.
The upcoming homes will be available in three distinct styles: villas, cottages, and bungalows. Villas will vary from about 1,700 to 2,100 square feet, cottages from approximately 2,450 to 2,650 square feet, and bungalows from around 2,000 to 3,200 square feet. Pricing for these homes has not yet been established as it is deemed too premature, with Carson noting that future pricing will depend significantly on market conditions at the time, despite recent unexpected decreases in lumber prices.
While the actual sale of these homes in the Panhandle might not commence for over a year, the current market conditions remain positive. Despite some buyer hesitancy due to interest rates and a slight increase in existing home inventory, demand for New Home Co.’s offerings has not waned. Additionally, Sacramento is in the process of approving building plans for over 800 homes in the same vicinity where New Home Co. acquired its lots. Marketing efforts for another batch of lots in that area are expected to start soon, with the land now owned by Seven West Capital in Los Gatos.
