147 Residential Lots Sold by Baldwin Co. : Housing: Newport builder gets $14.9 million for San Diego property. It also reports 29% quarterly increase in home sales.

Home builder Baldwin Co. said Thursday that it has sold 147 housing lots in San Diego to Standard Pacific Corp., a Costa Mesa builder, for $14.9 million. Baldwin also reported a 29% increase in second-quarter revenue from home sales.

The company, based in Newport Beach, said revenue for the three months ended June 30 was $35.1 million, an increase from $27.2 million for the same period a year earlier. For the first half, revenue jumped to $63 million from $46.5 million.

The privately held company did not report its earnings.

The company said it sold 245 homes for the latest six months, a slight increase from the 234 units sold in the same period last year. But prices for those properties jumped in the second quarter to an average of $251,000, compared to $197,000 for the first quarter this year.

The 147 home lots, all in the Carmel Valley area of northwest San Diego, were sold for an average of more than $101,000, which “seems like a reasonable price for that area,” said Peter Reeb, president of Meyers Group, a Newport Beach real estate consulting firm. He said the deal is the fourth recent land transaction in San Diego in which lots have sold for $100,000 or more.

Al Baldwin, the company’s president, said, “We have received a lot of interest from home builders looking to purchase lots.” The Standard Pacific sale, he said, will “substantially enhance” Baldwin Co.’s liquidity.

The land sale comes just in time for an $8.5-million bond interest payment due Monday as part of the company’s $155-million privately placed junk bond offering, sold a year ago.

“We will make our bond payment on time, with or without a land sale,” Baldwin said Thursday.

In addition, the company said it has sold 49 model homes for a total of $7.7 million and has arranged to lease them back.