Garvey Square – Closed Deal in San Gabriel Valley

Garvey Square

July 5, 2016 (Pasadena, California) – The Los Angeles Infill Team of Land Advisors Organization, the nation’s largest real estate brokerage firm focused exclusively on land, is pleased to announce the successful closing of Garvey Square, a 102-unit townhome community in the San Gabriel Valley. The property is located on the northeast corner of Garvey Avenue and Peck Road in El Monte, California.

Land Advisors Organization represented LaTerra Development, LLC, a privately owned real estate investment and development company, in the sale of Garvey Square to TRI Pointe Homes, one of the largest public home builders on the West Coast.

This townhome community will consist of homes ranging between 1,126 and 1,821 square feet. The project also benefits from over 32,000 square feet of common area open space for the enjoyment of future residents.

“As one of the last few infill development sites in this part of San Gabriel Valley, Garvey Square will be a remarkable place for residents seeking to live within close proximity to the economically and culturally vibrant cities of Pasadena, Arcadia, and Downtown Los Angeles. Residents will enjoy access to the best restaurants, shops, employment, and entertainment centers the San Gabriel Valley and Los Angeles have to offer” says Richard Byrd, Senior Vice President at Land Advisors Organization.

For more information about Garvey Square, please contact Richard Byrd x13, Tim Barden x11, or Chris Gomez-Ortigoza x14 at (626)376-9840. For more information about Land Advisors Organization, please visit us at www.landadvisors.com.

The Land Advisors Organization specializes in the innovative brokerage of land and improved property through deep market insight and unparalleled service to owners and consumers of real estate. With an exclusive focus on land-related assets, we integrate comprehensive information, cutting-edge mapping technology and the knowledge and experience of highly specialized professionals to help our clients identify and capitalize on valuable opportunities in all kinds of economic environments. The Land Advisors Organization employs a true collaborative brokerage model with offices located in Arizona, California, Idaho, Nevada, New Mexico, Florida, Texas, Utah, and Washington.

Related Links

LA Business Journal

Advertisements

Landmark Capital Advisors Announces Expansion and Rebranding

photo1

Building on the success of raising equity and debt for homebuilders and land developers, the Principals of Landmark Capital, previously Land Advisors Capital of California, are pleased to announce a new appointment and a corporate rebranding to reflect our expanded focus into the commercial sector. This broader platform is:

  • Adept at complicated transactions including entitlement, ground-up construction, partnership recapitalizations and adaptive re-use projects
  • Highly experienced at raising and structuring equity from a diverse array of sources, including difficult to access HNW and family office investors

Join us in welcoming David Kidder as managing director, joining Steve Sims and Adam Deermount as part of our corporate expansion.

VIEW PRESS RELEASE HERE

http://landmarkcapitaladvisors.com/

Master-Planned Project in the Inland Empire Marketed by LAO Makes Progress for a Year-end Close…

The Arantine Hills master-planned project in the City of Corona continues to move closer to reality. The project went under contract with The New Home Company in the 4th quarter of 2013 and is expected to close in December of this year. The New Home Company entered a joint venture with Tricon Capital Group, a Canadian real estate investment company, to provide acquisition financing and develop the community. They intend to re-plan and re-entitle the 276-acre project to include 1,300 homes, parks, and open space. They expect to break ground in 2016 to begin selling lots and new homes.

LAO is looking forward to a successful consummation of the transaction with The New Home Company and are very pleased in their efforts to develop this exciting new community in Corona.

Related links:

Wall Street Journal

The New Home Company Announces Planned Acquisition of Master Planned Community in Southern California

Press Enterprise

Corona housing development back on the drawing board

Land Prices Are Not the Only Thing Rising….

Ever heard of someone saying “when things are on a roll…enjoy it while it lasts, ‘cause it never does.” Well, I guess you could apply the same logic to interest rates.

Looking at how the tear land values have been in the last 12 months, it seems things are starting to cool off and the industry is taking a collective breath.  When the Federal Reserve Chairman speaks and hints at future actions regarding interest rates, the market is clearly listening.  In case anyone missed it, interest rates have risen for the better part of 100 basis points since May causing new home sales to slow and robbing buyers of purchase power, which illustrates that the housing recovery is still fragile and changes need to be addressed delicately as we move forward.  That being said, I think home buyers are realizing that low-interest rates will not last forever and they should engage while they can.

Link: http://blogs.wsj.com/developments/2013/07/16/rising-mortgage-rates-home-builders-shrug-them-off/

Source: Ryan Long, Senior Marketing Consultant, (916) 784-3329 ext. 16

FRESNO: Fat Tuesday, Skinny Inventory

Now is the time for homebuilders to open their stalled legacy projects. Beazer Homes recently closed out The Groves at Sunnyside Point, their neighborhood adjacent to KB Home’s Olive Lane new home community located in Sunnyside Fresno. New homebuilders will not have to compete as hard for new home buyers shopping the area.

HOME PRICES
According to the California Association of Realtors, Fresno County home prices increased 15.3%, but sales were down 22.2% from the previous year. Madera County saw prices increase 36.1%, but sales were down 24.4% from the previous year. However, sales are looking up with a 19.2% increase in sales from the previous month in Madera County.

December 2012 County Sales and Price Activity

Median Sold Price of Existing Single-Family Homes

# of Sales

County

12-Dec

12-Nov

11-Dec

MTM% Chg

YTY% Chg

MTM% Chg

YTY% Chg

Fresno

$157,620

$148,240

$136,740

6.3%

15.3%

-2.5%

-22.2%

Madera

$144,290

$113,330

$106,000

27.3%

36.1%

19.2%

-24.4%

Source: California Association of Realtors

UNSOLD INVENTORY & TIME ON MARKET
According to Land Advisors Organization research, unsold inventory in Fresno County decreased 7.3% from the previous year and Madera County decreased 47.4% from the previous year. The median time on market decreased 24.1% in Fresno County and increased 25.4% in Madera County from the previous year.

December 2012 County Unsold Inventory and Time on Market

Unsold Inventory Index

Median Time on Market

County

12-Dec

12-Nov

11-Dec

12-Dec

12-Nov

11-Dec

Fresno

3.8 Months

4.2 Months

4.1 Months

26.4 Days

26.3 Days

34.8 Days

Madera

2 Months

3.2 Months

3.8 Months

64.6 Days

27.9 Days

51.5 Days

Source: California Association of Realtors

FINISHED LOT INVENTORY
Home Buyer demand is escalating fast.  Quality resale inventory is sparse.  If you own 10 or more acres of land in the path of development, you should be at the City processing a subdivision map faster than Mardi Gras beads flying from a balcony overlooking Bourbon Street.  If you are not familiar with the entitlement process please contact me so I can help get you started.

NEW DEVELOPMENT
Fresno developers plan medical campus at Millerton Lake. FULL STORY

Source: Mark Utman, Marketing Consultant, (559) 549-6326