In the last week of March 2012, the California Division of Land Advisors Organization closed the final portion of “The Bungalows at Beach House,” located in Port Hueneme, Ventura County. The Ventura County Team (Richard Byrd, Randy Coe and Michel Faris) represented the buyer and the seller in the sale of 29 “near finished” lots in the former John Laing Homes community.
The Bungalows at Beach House originally consisted of 64 lots of which 35 have already been built and sold. The 29 subject 4,000 – 5,000 square foot lots sold to Standard Pacific Homes; the seller was a court appointed receiver.
The Port Hueneme deal was a significant transaction in a wave of SEVEN land transactions that the California Division closed in the last week of the first quarter. The number of transactions rushing to the finish line at the end of the first quarter may signal a broad-based upturn in the California land market, and the diverse characteristics and widespread geographic reach are exemplary of the California Division’s extensive residential land expertise.
“Improved lots are extremely scarce in many markets throughout California,” said Tom Reimers, the California Division’s President. “The relative success of the spring selling season has caused homebuilders’ supply of buildable lots to dwindle, and is pushing the builders back into the land market for replacement lots.”
VCStar.com reported: In Ventura County, 820 single-family homes and condos were sold in March, compared with 757 in March 2011, an increase of 8.3 percent. In February this year, 606 homes were sold. In January, 561 homes were sold. The median price for a home sold in Ventura County in March was $350,000, compared with $349,000 in March 2011. READ MORE