Warmington Residential set up its stellar growth in 2012 by believing in the impending recovery as early as 2010. The Warmington Group division backed that bet by becoming aggressive. The Costa Mesa, Calif.-based builder hired additional staff for its land acquisition team and made improvements in operations, design, and sales. The company closed out unprofitable legacy deals made before and during the recession. While the downturn zapped access to capital for many businesses, Warmington strengthened its long-term relationships with equity investors and lenders, enabling the company to finance many deals that other private companies could not.
Next was remaking product. Warmington focused on creating communities that were special and different from anything found in the market. Among those offerings were single-story homes and predominantly single-story living—a product that is scarce in the market today. Warmington also married its floor plans with true indoor-outdoor living, customizable options for some locations, and features reflecting tomorrow’s market trends. One such product, the Plan 1 luxury home for the Legacy Collection in Covenant Hills in Ladera Ranch, Calif., was a Golden Nugget Award of Merit winner for the Single Family Detached Home Over 4,000 Square Feet category. At least 18 of the million dollar-plus homes in the Legacy Collection have sold since debuting in November 2012.
Warmington also integrated upgrades and designer selections throughout its Chateau Interiors & Design division. The company considered extensive research and planning to enhance designs for communities that were better suited for their targeted buyer groups.
Revenue last year for Warmington Group—which also includes Warmington Properties Inc., a full-service real estate company, and its interior design firm—soared 94.2 percent to $121 million with Warmington Residential posting 296 closings. The builder expects a 25-percent increase in 2013.
“We have largely done the work necessary to reach these goals in 2013,” said Jim Warmington Jr., president and CEO. “We own and are building the communities, or have entitled the properties we may sell, plus we have hired the necessary staff. To reach our goals for 2014, we are continuing with more of the same. Specifically, adding staff where necessary, aggressively focusing on land acquisition, and creating special and different communities and home designs.”
Warmington builds single-family homes and multifamily houses and apartments and is most active in California and Nevada.