by Kristena Hansen, Phoenix Business Journal
August 23, 2012
Shea Homes is slated to kick off construction on two Phoenix-area communities by year’s end,
eventually delivering almost 250 new homes to the market at a time when demand for such new product
is on the rise nationwide.
The Ridgeview and Hideaway neighborhoods — both located in the Johnson Ranch master community in
the southeast Valley’s San Tan Valley — will be the sixth and seventh new communities that the
Walnut, Calif.-based home builder has opened in metro Phoenix this year, according to a statement
Thursday by Shea Homes.
The home-building industry has recently been resuscitated largely due to the nation’s shrinking
inventory of existing homes, especially in Phoenix, which industry experts say has forced frustrated
home buyers to the new-home market.
According to the latest U.S. Census Bureau figures, which were also released Thursday, new-home
sales nationwide in July climbed 3.6 percent from the previous month and surged about 25 percent
from a year ago to a seasonally adjusted annual rate of 370,000 units. New-home inventory, on the
other hand, fell to 142,000 units in July — the lowest-ever on record, according to the federal
In response, Shea is among many other home builders — such as New Jersey-based Hovnanian
Enterprises Inc. and Maracay Homes in Scottsdale — that have recently been ramping up construction
in high-demand areas, including Arizona, which comes after several years of being crippled by the
As for Shea’s Johnson Ranch communities, the Ridgeview neighborhood will eventually deliver 113 new
homes to the market and Hideaway will offer 135 homes.
Both neighborhoods will offer a variety of six floor plans — ranging from 1,500 to 2,468 square
feet in Ridgeview and 1,831 to 2,690 square feet in Hideaway — although pricing has yet to be
determined, Shea representatives said.
“As other builders are closing out, we are excited to be opening up in Johnson Ranch,” Ken
Peterson, vice president of sales and marketing for Shea Homes, said in the statement. “Our
communities are located near the beautiful Indigo Sky recreation center and we look forward to
bringing some of our most popular home designs to the Southeast Valley.”
Johnson Ranch is a 2,000-acre master-planned community developed by Sunbelt Holdings that includes
retail, office and commercial components as well as an 18-hole championship golf course. Calex
Homes, Centex Homes, Continental Homes and Richmond American Homes are among the other home builders
involved in Johnson Ranch’s residential component, which calls for roughly 6,100 homes.