REAL ESTATE

Condos to Appear: Over the next year, 1,500 new condominium units will pop up in Newport Beach, Tustin and Orange. But they weren’t born yesterday.

The six condo complexes were built by the Irvine Co. during the past two years, and most of the units have been rented out as apartments. Now the company has decided to take advantage of a real estate market short on affordable housing.

“In an essentially flat economy in which home builders have great difficulty getting financing for new construction, there is a strong demand for moderately priced homes,” Irvine Co. spokesman Larry Thomas said.

In three Tustin projects, 805 units, and in an Orange complex, 386 units, will be priced between $100,000 and $200,000. Another 306 units in two Newport Beach complexes will be more expensive--$200,000 to $500,000.

A third of the units, at the Shadow Canyon and Rancho Veracruz projects in Tustin, are still under construction and have never been rented.

In total, the Irvine Co. owns about 10,000 apartment units in Orange County and says it has no plans to convert them to condos. “Apartments are a very important part of our portfolio,” Thomas said. When the economy loosens up, he added, the company “will return to building more apartments” to replenish those units it is selling.

Current tenants will get first chance to buy their units, and the company will help pay relocation expenses of $500 to $1,000 for those who move out, Thomas said.

Real estate consultant Jeff Meyers, president of the Meyers Group in Corona, predicted that the condominiums will be a hit--with the possible exception of the one-bedroom units.

“A lot of tenants are looking to buy homes, and these condos will be in a good price range for first-time buyers,” he said.