Amid slow overall residential land sales activity in West Riverside County, a number of transactions are still moving forward, and are nearing the finish line.
West Riverside County has experienced few improved lot transactions in 2011, as the submarket hasn’t seen any “turned dirt” since 2009. A public homebuilder recently closed on approximately 90 “finished” lots in French Valley. Also, two escrows for “finished” lots are scheduled to close by year’s end:
- A public homebuilder is buying a ±50-lot project located within the City of Wildomar.
- A private investor is buying a +100-lot project located in Moreno Valley.
In regards to the apartment/for-rent land market:
- A ±600-unit site is close to going under contract in Temecula, marking another significantly-sized apartment land escrow in this city in the last six months.
- Corona still has two large apartment land projects on the market. It doesn’t appear that buyers are stepping up to the seller’s pricing expectations though. This may be due to sellers’ knack for overestimating rent appreciation in the coming years.
The Land Advisors’ West Riverside Team put two projects into escrow this month that are in the Menifee area.
Source: Mitch Casillas, Marketing Consultant, (949) 852-8288 x23