Hold on to your hat… New homebuilders who have lot inventory in the Fresno sub-market are now building again! Fresno construction starts are UP since the same time last year.
Major Player: Lennar Homes – Fresno and Clovis combined saw 219 new construction starts in the last quarter of 2011, (4Q 2010 saw only 161 starts). Lennar Homes led the way with the most starts of any builder with 43. Wilson Homes and Bonadelle Neighborhoods came in a distant second and third with 27 and 26 starts, respectively. The most active sub-market in 4Q 2011 was Clovis South with 66 starts (up from 44 starts in 4Q 2010).
Lennar also controls the most lot inventory of any builder in Fresno. Of the 2,425 total vacant finished lots in the Fresno sub-market, 296 (12%) are owned by the public homebuilder as of January 2012.
Project of Note – Bonadelle’s Bella Vista at Brighton is seeing impressive sales in its early phases. The project’s success is breathing new life into the Millerton area sub-market as the first phase of the Brighton Master Plan. The area boasts a ton of amenities including its location… a stones’ throw from Millerton Lake & Marina, Eagle Springs Golf & Country Club, and Table Mountain Casino. With a natural setting and amenity package that is unrivaled in the greater Fresno area, Bonadelle is seeing buyers come out and purchase as a lifestyle choice and value play to living ‘in town.’ The Fresno Office of the Land Advisors Organization can bring you up to speed on this up-and-coming sub-market.
Home Prices – The latest data from Fiserv Case Shiller shows that national home prices are expected to grow at an annualized rate of 3.2% between 2011 and Q2 2016. BusinessInsider.com combed through Fiserv’s data and picked the best housing markets for the next five years… Madera ranks No. 3 out of 15 on the list with anticipated annualized growth from 2011 – 2016 of +10.4%.
Multi-family – New high-end apartments finally return to Fresno with an apartment complex called The Shires. The Penstar Group, a real estate development and construction company in Fresno, recently broke ground on the project and is looking to accommodate pent-up demand now that local rent rates have leveled off.
New Office Location! – The Land Advisors’ Fresno office has relocated to 759 W. Alluvial Avenue, Suite 103, Fresno, CA 93711. The new office phone number is: (559) 549-6326. Stop by and say Hello!
Source: Mark Utman, Marketing Consultant, mobile: (949) 533-8284