The Coachella Valley, once known as the “last to arrive and the first to leave” any housing market ‘party,’ is alive and kicking again with significant investment and development from homebuilders and investors.
Toll Brothers, in its first acquisition since Stone Creek Ranch in 2005, recently purchased two partially built projects which are now going vertical! These projects are located in Palm Springs and Rancho Mirage.
Another public builder closed on some well-located lots in North Palm Desert.
Two private builders, Far West Industries and Alta Verde Group, are joining the ranks of top builders within the Coachella Valley. The folks at Far West have started construction on Luminaire in Palm Springs and have also picked up other well located assets recently. Beverly Hills-based Alta Verde Group is in the process of going vertical on lots within Escena in Palm Springs in addition to a partially built project in La Quinta.
Local Coachella Valley builders are also showing their resilience and dedication… Family Development is working through sales at the beautiful Villa Portofino active adult project in Palm Desert.
Investors who acknowledge the Coachella Valley as one of the top retirement destinations nationally are taking advantage of low land prices, and are scooping up some terrific residential land opportunities.
Quick demographic fact: The Coachella Valley is one of the fastest-growing areas in the U.S. due in part to its location in Riverside County, and also to real estate booms in the 1970s to 1990s. State projections estimate that the Coachella Valley’s population will pass 700,000 by the year 2020, and one million by 2035. Demographers believe the total population already surpassed the 500,000 mark. This number does not include the additional 100,000 temporary seasonal residents known as “snowbirds” who arrive to stay during the winter months (from the end of October to the end of April). Source: Riverside County Projects 2006 and Land Advisors Research
Source: Stone James, Marketing Consultant, (760) 219-7227