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Category Archives: Orange County
California Division: 2012 Year in Review
Source: Tom Reimers, President, (949) 852-8288 x28
Summer Sizzle in The OC
The summer sun is here and hopefully it’s shining bright on Taylor Morrison’s GRAND OPENING of the Palisades – located in the Vista Del Verde master plan in Yorba Linda. Townhomes will range from 2,206-2,626 square feet and pricing starts in the high $500’s for 6 floor plans. The opening event is planned for Saturday, June 30th!
Apartments here in Orange County remain HOT! Rents are UP and more supply continues to come on the line and lease up quickly – even leasing up ahead of schedule, as is the case at The Irvine Company’s newest community, Cypress Village.
The City of Lake Forest approved Toll Brothers & Shea’s plans for Baker Ranch, a +2,300-unit development on +380 acres. The land is one of the City’s “Opportunities Study Areas,” enabling residential development now that the land use is no longer affected by the El Toro Marine Base flight path.
In the recent elections, the City of Yorba Linda passed both Measures H & I. The Measures allow for increased development on a number of sites that will accommodate moderate, low and very low income households.
The Olson Company will be building 27 single-family homes and 61 townhomes at the future Solano Walk in Fountain Valley adjacent to the Civic Center.
Source: Allison Rawlins, Marketing Consultant, (949) 852-8288 ext. 26, and Mike Hunter, Senior Marketing Consultant, (949) 852-8288 ext. 37
Orange County Spring Report
CLOSED DEAL IN OC! Mike Hunter, Winn Galloway and Allison Rawlins represented the buyer and the seller in the sale of 3 model homes & 88 partially-improved detached condominium lots at a former John Laing community in La Habra called “Brio.” TRI Pointe Homes, LLC purchased the Brio property from a lender. The City of La Habra issued this Press Release regarding the sale.
The County of Orange is soliciting qualified bids for a 100-acre site located in Irvine near the Great Park. Developers would likely lease the site from the County and look to entitle for a variety of uses, including apartment, hotel, retail and office – Wild Rivers is rumored to be moving from the Irvine Spectrum area to this new location along the 5 Freeway :: http://www.ocbj.com/news/2012/mar/31/county-seeks-developers-100-open-acres-irvine/
The New Home Company will be debuting its new Lambert Ranch neighborhood, also located in the City of Irvine, which boasts spectacular views, no Mello Roos, a variety of parks and a ranch house recreational center, all within a gated community. The grand opening of the 9 model homes is scheduled for Saturday, April 28th.
In multi-family news, the recent Casden Forecast projected that rents in Orange County will rise 5% by 2013 :: http://finance.yahoo.com/news/usc-casden-multifamily-forecast-rents-170000542.html
Source: Allison Rawlins, Marketing Consultant, (949) 852-8288 ext. 26
Nothing Quiet on the Orange County Front
Although January and February are typically known as the “slower” months in the real estate world, homebuilding activity in Orange County is off to a roaring start in 2012! See what’s making the news here locally:
- Trumark Homes and Brookfield Homes are proposing to revitalize a Lake Forest auto mall with 75 single family homes and 151 condos – the properties are located around Auto Centre Drive.
- Sales continue to move product within Shea Homes & Standard Pacific’s new Blackstone master plan in Brea. Also, Jamboree Housing recently opened its 94-unit affordable Bonterra apartments within the community.
- FivePoint Communities broke ground on the first phase of its Great Park Neighborhoods at the end of January. Phase one totals approximately 726 units :: www.greatparkneighborhoods.com
- Beach Boulevard in Huntington Beach is seeing renewed activity in the proposed mixed use developments at prime corners such as Beach and Ellis, and Beach and Warner :: http://www.ocregister.com/articles/project-283504-beach-review.html
- Be on the lookout for some new Land Advisors listings here in OC!
Source: Allison Rawlins, Marketing Consultant, (949) 852-8288 x26
Closings and Openings in Orange County
The Land Advisors Orange County Team is very proud to announce the closing of 143 townhomes at Planning Area “T” at Vista Del Verde in Yorba Linda – CONGRATULATIONS to Taylor Morrison on its future Palisades community, and to developers Aera Energy and Toll Brothers for completing the final sale in their premier master plan. Read the complete press release HERE.
Senior Marketing Consultant Mike Hunter, who has over forty years experience selling residential land in Orange County, has worked with Aera Energy and Toll Brothers on the Vista Del Verde project since its beginning. “Land prices at the project have held up over the years, thanks in part to the North OC site’s proximity to Los Angeles. Los Angeles and North OC have continued to draw plenty of interest from institutional investors that fund homebuilders,” Hunter told the Orange County Business Journal. OCBJ reported that the Area “T” transaction is likely one of Orange County’s most expensive in recent years.
NOW OPEN: Last quarter KB Home debuted a new home community at Whisler Ridge, 58 single family homes in Lake Forest. Land Advisors’ OC Team sold these lots, which sit on approximately 12.7 acres near the 241 Toll Road, to KB Home in 2011. These unique “net zero” homes are priced from $654,990 to $799,990.
In North Orange County news, Standard Pacific Homes recently opened its Alcott community in Buena Park, priced from the $610,000s.
Source: Allison Rawlins, Marketing Consultant, (949) 852-8288 x26
‘Orange’ You Glad You’re in Orange County?
In Apartment News: AvalonBay Communities commences construction on Phase II of Jamboree Village; rental rates continue to increase in most cities in Orange County (http://lansner.ocregister.com/2011/10/19/apartment-rents-back-to-pre-recession-levels/135453/); construction of two apartment projects on Parcels 1A & 2A at Tustin Legacy is planned for 2013, once infrastructure is completed (http://lansner.ocregister.com/2011/09/28/construction-at-tustin-starts-in-13/125743/).
As of October 1, 2011, conforming loan limits (FHA mortgage limits) were lowered to $625,500 for single family residences, from $729,750 (http://online.wsj.com/article/BT-CO-20111021-700012.html).
City Spotlight: San Juan Capistrano is considering a 32-unit residential development and equestrian facility on The Oaks horse ranch, as well as a continuing care retirement community at The Orchards, a former Crystal Cathedral property (http://sanjuancapistrano.patch.com/articles/retirement-community-tweaks-plans-eager-to-develop-rancho-capistrano).
Be on the lookout for a new Orange County listing in the next couple of weeks!
Source: Allison Rawlins, Marketing Consultant, (949) 852-8288 x26
Rockin’ Out in the OC
- The City of Irvine approved 5,000 homes at FivePoint Communities’ Great Park Neighborhoods (See OC Register graphic :: http://www.ocregister.com/articles/park-316992-fivepoint-great.html?graphics)
- A buyer was selected for Pacific City in Huntington Beach; the note sale is rumored to have transacted at north of $55M
- It’s the end of a water park era: Wild Rivers shuts down this coming Sunday, September 25th to make way for yet another Irvine Company apartment project called Los Olivos, which will bring 1,750 additional units to the Irvine Spectrum area. Not to worry, though, the Verizon Amphitheater will still be rockin’ until 2017. http://www.ocregister.com/articles/irvine-318601-noise-units.html
Source: Allison Rawlins, Marketing Consultant, (949) 852-8288 x26
OC: Steady Sails Amid Global Economic Storm
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Standing out as an anomaly among most other California residential land sub-markets, Orange County apartment and single family building activity appears to be cruising along through the global economic waves. According to MarketPointe, new home sales volume increased 17% in OC in the 2nd quarter of this year.
- Multi-family Market: Dirt entitled for apartment use is currently trading above $2 million/acre throughout the County. “Hot” areas seeing the most activity and highest value include Huntington Beach, Irvine Business Complex (IBC), and Anaheim’s Platinum Triangle.
- The Irvine Company (TIC) is proceeding with the construction of three new apartment projects around the I-405/I-5 interchange area (also known as the Spectrum). This is as the Company is completing its 1,500-unit “Park” community where occupancy rates are averaging 97% and rents are averaging $2.09/sq. ft., according to RealFacts.com. The three new TIC apartment communities will bring another 4,800 units online by 2013. The 1,677-unit Cypress Village apartment rentals are to begin early in 2012, with construction concluding by the end of next year.
- Master Plan Activity: Two master planned communities in OC — Tustin Legacy and Rancho Mission Viejo — are moving along, and are both currently interviewing homebuilders and developers for the next phases in their development processes.
- Positive OC Builder News: Standard Pacific Says Profits Ahead Despite Share Woes, Housing Jitters
Source: Allison Rawlins, Marketing Consultant, (949) 852-8288 x26
LANDED 