California’s Central Coast is seeing an uptick in investment and development activity as developers and builders find pockets of opportunity with residential land projects emerging from distressed situations. Notorious for its high barriers to entry, the Central Coast sub-markets in Santa Barbara, San Luis Obispo and Monterey Counties remain supply-constrained.
Several newly acquired land projects have either broken or are breaking ground in the coastal towns of Carpinteria and Santa Barbara, while a robust student-housing and rental market keeps San Luis Obispo (SLO) at the top of land wish lists. These projects will bring the first new home product to this sub-market in several years.
Other markets from Paso Robles to Salinas continue to attract investment attention as well.
Source: Matt Power, Senior Marketing Consultant for California’s Central Coast sub-market. For more information on land activity in this area, you can reach Matt at Land Advisors’ Santa Barbara Office at (805) 845-2660.