Homebuilders and developers looking to build and invest in the Santa Clarita Valley (SCV) are faced with high barriers to entry such as high development costs, challenging topography and various entitlement restrictions governed by the County of Los Angeles.
Four new master planned communities are selling homes in the SCV right now: West Creek/West Hills (Valencia), Fair Oaks (Canyon Country), Plum Canyon (Santa Clarita) and River Village (Valencia). According to Hanley Wood, there are…
- 14 new home communities actively selling homes – 6 in Valencia, 5 in Santa Clarita, and 3 in Canyon Country. 11 are single family detached product, 2 townhomes, and one duplex.
- Total of 1,551 units planned; 1,109 units remaining
- 29 new home closings this quarter to date (Q3); 86 closings year to date
- Average monthly sale rate is 1.9 units over the lifetime of the projects. Laurel Park at Plum Canyon and Artisian at West Creek have seen the highest monthly sale rate at over 3 units per month over the lifetime of the project.
- Home prices range from $270,000 – $656,657. Homes within the communities of Aria, Artisan and Esperto at West Creek; and Echo Pointe and Echo Ridge at Plum Canyon are selling below $400,000.
Homebuilders that are currently selling new homes in SCV are Lennar (West Creek and River Village), KB Home (Echo Pointe at Plum Canyon, Echo Ridge at Plum Canyon and Milan at West Hills), Pardee Homes (Fair Oaks Ranch) and Shapell Homes (Heatherton at Plum Canyon Ranch and Sage at Plum Canyon Ranch).
Multi-family Activity: In late spring of this year, Archstone Communities purchased 150 townhome units from Pardee Homes.
In July of this year, the property previously proposed for residential development known as Copper Creek, was purchased for $3.1 million by the City of Santa Clarita for inclusion in the City’s park and open space system. The 528-acre parcel is located on the City’s northern border with the County of Los Angeles. Land Conservation Brokerage, Inc. of San Diego and Land Advisors Organization co-listed the property. Read more: PRESS RELEASE