Just south of San Luis Obispo, along Central California’s picturesque coastline, lies the area known as the “Five Cities,” which includes the Cities of Arroyo Grande, Pismo Beach, Grover Beach, Oceano and Shell Beach. Wedged between the beach and Highway 101, this area is one of the most desirable and highly sought after among Central Coast homeowners. However, it is also extremely supply constrained in terms of residential land and new home inventory. Even though the Five Cities area does currently have a good amount of commercially zoned land, residential land opportunities have been harder to come by.
Five Cities Residential Lot Inventory (as of 2nd Quarter, 2011)*:
- Vacant Developed Lots (Detached Product) = 200
- Vacant Developed Lots (Attached Product) = 15
- Future Lot Supply (Detached Product) = 406
- Future Lot Supply (Attached Product) = 246
*Source: Metrostudy (Q2 ’11) and Land Advisors Organization Research
Source: Matt Power, Senior Marketing Consultant, (805) 845-2660