Baldwin Co. Reports 42% Increase in Third-Quarter Home Sales Revenue

NEWPORT BEACH — Home builder Baldwin Co. said Thursday that its revenue from home sales jumped 42% for the third quarter.

The privately held company, based in Newport Beach, said unaudited results indicate that it sold 153 homes during the three months ended Sept. 30, bringing in revenue of $31.9 million. That compared to $18.5 million in revenue from the sale of 82 homes for the same period a year earlier.

The average selling price, however, declined to $208,000 from $226,000, mostly because a larger proportion of the sales for the latest quarter were of more modestly priced townhomes.

Baldwin Co. also had revenue of $29.2 million from land and model-home sales for the latest quarter, boosting its total to $61.1 million. That compared to total revenue of $21.1 million for the same period last year.

For the first nine months of 1994, the company said, it has sold 389 homes for revenue of $94.9 million. That compares to 316 homes sold for revenue of $65 million for the same period last year.

Baldwin, which sold $155 million in bonds to investors last year, now owns about 2,700 lots on which it can build houses and an additional 3,200 lots for which it has not yet acquired permits to begin construction.

Founded in 1956, Baldwin Co. has built more than 15,000 homes in Southern California.