As filed with the Securities and Exchange Commission on October 14, 1997
                                               Registration No. 333-____________


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                               ------------------

                                    FORM S-8
                          REGISTRATION STATEMENT UNDER
                           THE SECURITIES ACT OF 1933

                               ------------------

                           Monterey Homes Corporation
- --------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)

Maryland                                                     86-0611231
- --------------------------------------------------------------------------------
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                               Identification No.)

6613 North Scottsdale Road, Suite 200, Scottsdale, Arizona               85250
- --------------------------------------------------------------------------------
         (Address of Principal Executive Offices)                     (Zip Code)


                  Monterey Homes Corporation Stock Option Plan
- --------------------------------------------------------------------------------
                            (Full title of the plan)

                                  Larry W. Seay
                   Vice President and Chief Financial Officer
                           Monterey Homes Corporation
                      6613 North Scottsdale Road, Suite 200
                            Scottsdale, Arizona 85250
- --------------------------------------------------------------------------------
                     (Name and address of agent for service)

                                 (602) 998-8700
- --------------------------------------------------------------------------------
          (Telephone number, including area code, of agent for service)

                                  With copy to:
                                Steven D. Pidgeon
                              Snell & Wilmer L.L.P.
                               One Arizona Center
                           Phoenix, Arizona 85004-0001
                                 (602) 382-6000

                         CALCULATION OF REGISTRATION FEE


====================================================================================================================

                                                          Proposed                Proposed
        Title of                                          Maximum                 Maximum
       Securities                  Amount                 Offering               Aggregate               Amount of
          To Be                    To Be                   Price                  Offering             Registration
       Registered                Registered             Per Share                 Price                     Fee
       ----------                ----------             -----------               -------                   ---
                                   
Common Stock                      475,000                                                                  724.09*



- -------------------------

*    Based on 225,000  shares under the Stock Option Plan at $5.62 per share and
     250,000  shares under the  Hamberlin  Stock  Option  Agreement at $4.50 per
     share.

================================================================================

                                     PART I

              INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS


         The documents  containing the information  specified in Part I, Items 1
and 2, will be delivered to employees in accordance with Form S-8 and Securities
Act Rule 428.
                                        2

                                     PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT



Item 3.       Incorporation of Certain Documents by Reference.
              ------------------------------------------------

              The  following  documents  filed  by  Monterey  Homes  Corporation
("Monterey  Homes") are hereby  incorporated by reference into this Registration
Statement:  (a) Monterey  Homes'  Annual  Report on Form 10-K for the year ended
December  31,  1996,  as amended by its Form  10-K/A  Report for the fiscal year
ended December 31, 1996; (b) Monterey Homes' Quarterly  Reports on Form 10-Q for
the  quarters  ended March 31 and June 30, 1997;  (c)  Monterey  Homes' Form 8-K
Report  dated  December  31,  1996,  as amended by its Form 8-K/A1  Report dated
December  31, 1996 and its Form 8-K/A2  Report  dated  December  31,  1996;  (d)
Monterey Homes' Form 8-K Report dated June 9, 1997, as amended by its Form 8-K/A
Report dated June 18, 1997;  (e) Monterey  Homes' Form 8-K Report dated July 15,
1997, as amended by its Form 8-K/A Report dated  September 12, 1997; and (f) the
description  of  Monterey  Homes'  capital  stock  contained  in the Form 8-A of
Emerald Mortgage Investments Corporation (a predecessor of Monterey Homes) filed
on July 7, 1988.

              All documents  subsequently  filed by the  Registrant  pursuant to
Sections  13(a),  13(c),  14 and 15(d) of the  Securities  Exchange Act of 1934,
prior to the filing of a post-effective amendment to this Registration Statement
which indicates that all securities  offered have been sold or which deregisters
all securities  then remaining  unsold,  shall be deemed to be  incorporated  by
reference in this  Registration  Statement and to be a part hereof from the date
of filing such documents.  Any statement contained in a document incorporated or
deemed to be incorporated by reference  herein shall be deemed to be modified or
superseded  for  purposes of this  Registration  Statement  to the extent that a
statement  contained herein or in any subsequently  filed document which also is
or is deemed to be incorporated by reference  herein modifies or supersedes such
statement.  Any statement so modified or superseded shall not be deemed,  except
as so  modified  or  superseded,  to  constitute  a part  of  this  Registration
Statement.

Item 4.       Description of Securities.  Not applicable.
              --------------------------

Item 5.       Interests of Named Experts and Counsel.  Not applicable.
              ---------------------------------------  

Item 6.       Indemnification of Directors and Officers.
              ------------------------------------------

              Under the provisions of the Maryland  General  Corporation  Law, a
corporation's  articles  may,  with certain  exceptions,  include any  provision
expanding  or  limiting  the  liability  of its  directors  and  officers to the
corporation  or its  stockholders  for money  damages,  but may not  include any
provision that restricts or limits the liability of its directors or officers to
the corporation or its stockholders to the extent that (i) it is proved that the
person actually  received an improper benefit or profit in money,  property,  or
services for the amount of the benefit or profit in money, property,
                                        3

or services actually  received;  or (ii) a judgment or other final  adjudication
adverse  to the  person is  entered  in a  proceeding  based on a finding in the
proceeding that the person's action, or failure to act, was the result of active
and deliberate dishonesty and was material to the cause of action adjudicated in
the proceeding. The Company's charter contains a provision limiting the personal
liability of officers and directors to the Company and its  stockholders  to the
fullest extent permitted under Maryland law.

              In addition,  the provisions of the Maryland  General  Corporation
Law permit a  corporation  to  indemnify  its present and former  directors  and
officers,  among others,  against liability  incurred,  unless it is established
that (i) the act or  omission of the  director  or officer  was  material to the
matter giving rise to the  proceeding  and was committed in bad faith or was the
result of active and  deliberate  dishonesty,  or (ii) the  director  or officer
actually received an improper personal benefit in money,  property, or services,
or (iii) in the case of any  criminal  proceeding,  the  director or officer had
reasonable cause to believe that the act or omission was unlawful. The Company's
charter provides that it will indemnify its directors,  officers,  and others so
designated by the Board of Directors to the full extent  allowed under  Maryland
law.

              Insofar  as  indemnification   for  liability  arising  under  the
Securities Act may be permitted to directors,  officers,  or persons controlling
the Company pursuant to the foregoing provisions,  the Company has been informed
that in the opinion of the  Commission  such  indemnification  is against public
policy as expressed in the Securities Act and is therefore unenforceable.

Item 7.       Exemption from Registration Claimed.  Not applicable.
              ------------------------------------

Item 8.       Exhibits.
              ---------

              Exhibit Index located at Page 8.

Item 9.       Undertakings.
              -------------

              (a)     The undersigned Registrant hereby undertakes:

                      (1) To file,  during any  period in which  offers or sales
              are being made, a  post-effective  amendment to this  registration
              statement:

                               (i) To include any prospectus required by Section
                      10(a)(3) of the Securities Act of 1933;

                               (ii) To  reflect in the  prospectus  any facts or
                      events   arising   after   the   effective   date  of  the
                      registration  statement (or the most recent post-effective
                      amendment   thereof)   which,   individually   or  in  the
                      aggregate,   represent   a   fundamental   change  in  the
                      information  set  forth  in  the  registration  statement.
                      Notwithstanding the foregoing, any increase or decrease in
                      volume of securities offered (if the total dollar value of
                      securities   offered  would  not  exceed  that  which  was
                      registered)  and any deviation from the low or high end of
                      the estimated
                                        4

                      maximum  offering  range may be  reflected  in the form of
                      prospectus  filed  with the  Commission  pursuant  to Rule
                      424(b)  if, in the  aggregate,  the  changes in volume and
                      price  represent  no more than a 20% change in the maximum
                      aggregate  offering price set forth in the "Calculation of
                      Registration  Fee"  table  in the  effective  registration
                      statement;

                               (iii) To include any  material  information  with
                      respect  to  the  plan  of  distribution   not  previously
                      disclosed  in the  registration  statement or any material
                      change to such information in the registration statement;

provided,  however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
registration statement is on Form S-3, Form S-8 or Form F-3, and the information
required to be included in a  post-effective  amendment by those  paragraphs  is
contained in periodic  reports filed with or furnished to the  Commission by the
Registrant  pursuant to Section 13 or Section 15(d) of the  Securities  Exchange
Act of 1934 that are incorporated by reference in the registration statement.

                      (2) That,  for the purpose of  determining  any  liability
under the Securities Act of 1933,  each such  post-effective  amendment shall be
deemed to be a new  registration  statement  relating to the securities  offered
therein,  and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.

                      (3)  To   remove   from   registration   by   means  of  a
post-effective  amendment any of the securities  being  registered  which remain
unsold at the termination of the offering.

              (b)  The  undersigned   Registrant  hereby  undertakes  that,  for
purposes of determining  any liability  under the  Securities Act of 1933,  each
filing of the  Registrant's  annual report  pursuant to Section 13(a) or Section
15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing
of an employee  benefit  plan's annual  report  pursuant to Section 15(d) of the
Securities  Exchange  Act of 1934)  that is  incorporated  by  reference  in the
registration  statement  shall  be  deemed  to be a new  registration  statement
relating to the securities offered therein,  and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.

              (c) Insofar as indemnification  for liabilities  arising under the
Securities Act of 1933 may be permitted to directors,  officers and  controlling
persons of the Registrant  pursuant to the foregoing  provisions,  or otherwise,
the  Registrant  has been  advised  that in the  opinion of the  Securities  and
Exchange  Commission such  indemnification is against public policy as expressed
in the Act and is,  therefore,  unenforceable.  In the  event  that a claim  for
indemnification  against  such  liabilities  (other  than  the  payment  by  the
Registrant of expenses  incurred or paid by a director,  officer or  controlling
person of the  Registrant  in the  successful  defense  of any  action,  suit or
proceeding)  is  asserted by such  director,  officer or  controlling  person in
connection with the securities being registered,  the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of  appropriate  jurisdiction  the  question  of whether  such
indemnification  by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.
                                        5

                                   SIGNATURES

              Pursuant to the  requirements  of the  Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this Registration
Statement  to be  signed  on its  behalf  by  the  undersigned,  thereunto  duly
authorized, in the City of Phoenix, State of Arizona, on October 14, 1997.

                                        MONTEREY HOMES CORPORATION

                                        By:  /s/ Larry W. Seay
                                            ------------------------------------
                                                  Larry W. Seay
                                                  Vice President Finance
                                                  Chief Financial Officer

                                POWER OF ATTORNEY

              KNOW ALL MEN BY THESE  PRESENTS,  that each person whose signature
appears below  constitutes and appoints  William W. Cleverly,  Steven J. Hilton,
John R.  Landon  and  Larry  W.  Seay,  and each of  them,  his true and  lawful
attorneys-in-fact   and   agents,   with   full   power  of   substitution   and
resubstitution,  for  him  and in his  name,  place  and  stead,  in any and all
capacities,  to sign any and all amendments to this registration statement,  and
to file the same, with all exhibits  thereto,  and other documents in connection
therewith  with the  Securities  and  Exchange  Commission,  granting  unto said
attorneys-in-fact  and agents,  and each of them, full power and authority to do
and perform each and every act and thing  requisite  and necessary to be done in
and about the premises,  as fully and to all intents and purposes as he might or
could  do  in   person   hereby   ratifying   and   confirming   all  that  said
attorneys-in-fact and agents, or his substitute or substitutes,  may lawfully do
or cause to be done by virtue hereof.

Pursuant to the  requirements of the Securities Act of 1933,  this  registration
statement has been signed by the following  persons in the capacities and on the
dates indicated.


Signature                                                       Title                                    Date
- ---------                                                       -----                                    ----
                                                                                                  
/s/ William W. Cleverly                  Chairman of the Board and Co-Chief                             October 10, 1997
- ---------------------------------        Executive Officer (Co-Principal
William W. Cleverly                      Executive Officer)             
                                         and Director                   
                                         
/s/ Steven J. Hilton                     President and Co-Chief Executive                               October 10, 1997
- ---------------------------------        Officer (Co-Principal Executive Officer)
Steven J. Hilton                         and Director                            

                                        6



Signature                                                       Title                                    Date
- ---------                                                       -----                                    ----
                                                                                                  
/s/ John R. Landon                       Chief Operating Officer and Co-Chief                           October 13 1997
- ---------------------------------        Executive Officer (Co-Principal
John R. Landon                           Executive Officer) and Director
                                         
/s/ Larry W. Seay                        Vice President Finance and Chief                               October 10, 1997
- ---------------------------------        Financial Officer (Principal Financial  
Larry W. Seay                            Officer and Principal Accounting Officer)
                                         
/s/ Alan D. Hamberlin                    Director                                                       October 10, 1997
- ---------------------------------
Alan D. Hamberlin

/s/ Robert G. Sarver                     Director                                                       October 10, 1997
- ---------------------------------
Robert G. Sarver

/s/ C. Timothy White                     Director                                                       October 13, 1997
- ---------------------------------
C. Timothy White

                                        7

                                  EXHIBIT INDEX


  Exhibit                                                                        Page or
  Number                      Description                                    Method of Filing
  ------                      -----------                                    ----------------
                                                                
   4.1        Monterey Homes Corporation Stock Option Plan            Filed Herewith

   4.2        Stock Option Agreement between the Company and          Incorporated by reference
              Alan D. Hamberlin                                       to Exhibit 10(h) of the
                                                                      1995 Form 10-K
   5          Opinion of Venable, Baetjer & Howard, Maryland          Filed Herewith
              counsel (including consent)
  23.1        Consent of KPMG Peat Marwick LLP                        Filed Herewith
  23.2        Consent of Ernst & Young LLP                            Filed Herewith
  23.3        Consent of Ernst & Young LLP                            Filed Herewith
  23.4        Consent of Counsel                                      See Exhibit No. 5
  24          Power of Attorney                                       See Signature Page

                                        8