More land buyers than sellers? That’s the story in Fresno today. In preparing for the economy to rebound, builders are reloading their inventory of buildable lots. However, finding lots at market rate prices is not easy in Fresno. Lot inventory has been thinning since 2008 and only a handful of new maps have been recorded or are currently in process at the City. Inferior locations are still quiet, but residential lots that are in A & B locations are receiving multiple bids.
- April 2012 Finished Lot Inventory: Fresno = 1,051 Vacant Finished Lots; Clovis = 1,199 Vacant Finished Lots
April 2012 – Land Advisors closed additional finished lots on a rolling takedown to Lennar in southeast Fresno. The public homebuilder bought the lots as an extension to a legacy project it already has under its wings.
Apartment activity is picking up: This month Santa Barbara Bank & Trust sold 8 acres of unimproved land, approved for 78 multifamily units.
ZONE CHANGE APPROVAL: On April 4th, the Fresno Planning Commission unanimously approved plans and a zoning change for a north Fresno 118-home development by McCaffrey Homes with a stipulation that homes on the east side of the project adjacent to the existing Bella Montagna development will be single story. FULL STORY
- The 13-acre site was originally zoned for commercial/retail use. The recent approval by the Planning Commission is controversial for the local residents in the area, and the Fresno City Council will now meet on the issue to vote. (Watch the VIDEO via CBS 47)
GENERAL PLAN UPDATE: The Fresno GP update calls for a more controlled approach to residential growth. Earlier this month, the Fresno Planning Commission unanimously endorsed Plan A which aims to maintain the current sphere of influence, and protects prime agricultural land from becoming more subdivisions. Approval is slated for April 19th.
Source: Mark Utman, Marketing Consultant, (559) 549-6326