In the West San Bernardino County sub-market, only three public homebuilders are currently in escrow. As banks have worked through a majority of their REO inventory, the residential land deal flow has slowed.
Large land plays are making some headway in the Inland Empire, as indicated by the recent sale of Summerwind Ranch for $33.5 million in Calimesa (represented by Land Advisors Organization), which sits on the Riverside/San Bernardino County border.
However, apartment developers are starting to branch out from the core coastal markets and look for worthwhile deals in the better performing sub-markets of San Bernardino County such as Rancho Cucamonga, Chino, Chino Hills, and Eastvale.
Source: Winn Galloway (949) 852-8288 x27, Marketing Consultant covering the West San Bernardino County sub-market