As the end of 2012 approaches, the Los Angeles infill residential market continues to see increasing momentum in both new home sales and demand for new land development.
Much of the demand for new projects in the Los Angeles basin stems from the steady flow of new home sales at projects throughout the county. In particular, there are several townhome projects in the San Gabriel Valley including Azusa, Baldwin Park and Covina that have seen absorption rates in the four to six units per month range. In Northeast Los Angeles, Pulte’s Mosaic, Heyday’s Buzz Court look to be on pace to selling out around the New Year, while Williams Homes Olive Glen project in the South Bay was named the fastest selling community in the southland.
Buyer demand for new attached or detached homes is triggering, both builders and developers, to get more aggressive when it comes to land deals. Many are even considering B and C locations. While there is not a significant supply of developed lots available in the infill markets, our team is beginning to see progressively more tract map and permit applications being processed in many cities. Through our vast database Land Advisors avidly tracks deals that are being processed and approved, allowing us the ability to tailor information to meet any acquisition criteria. Whether it’s 5, 50 or 200 units you are looking for we can guide you to deals that meet your specific goals and needs.
Buyer Demand has triggered both builders and developers to get more aggressive for land deals.
Source: Chris Gomez-Ortigoza, Marketing Consultant, (626) 378-9840 x14