After seeing a huge boom in urban condominium development in the early to mid-2000’s, followed by a few years of hibernation, several suburban multi-family condominium projects are finally emerging in the marketplace, and several more are planned for actual development. The combination of affordability and ideal infill locations is putting condominiums back on the radar screen for possible new home buyers.
Nearly every local builder has a current project in the works, either attached or detached product types.
- Carlsbad is a hotspot for new home projects. Shea Homes, Taylor Morrison, CityVentures and Brookfield Homes all have new communities breaking ground in the coming months, and D.R. Horton (53 Melrose), KB Home (Avellino) and Brookfield (Sago at the Foothills) are building out existing projects in this city.
- San Marcos is also seeing an uptick of activity. Colrich is starting to market their new project (Solaire) in the Old Creek master plan, and Lennar is building out Belmont at the top of San Elijo Hills.
- Farther south, Davidson Communities is breaking ground on their new detached condominium site, (Arista) at The Crosby.
- Shea Homes is also making news in Mission Valley with its new communities in the Civita master plan.
The communities of Otay Ranch and Olympic Pointe in Chula Vista will supply the San Diego South Bay with new product in the near term.
Future projects in North County, Mid County and South Bay currently in the planning stages ensure that condominiums will continue to supply lower priced homes throughout the region.
Source: David Landes, Marketing Consultant, (858) 568-7428
Residential land prices in San Diego County are trending up! Check out the San Diego Business Journal article this week, where Land Advisors’ Senior Marketing Consultant, David Landes, discusses the County’s residential (single family & multi-family) land trends. READ HERE: San Diego Business Journal Article
Public and private homebuilders and developers are showing strong interest in big residential projects throughout San Diego County. Land Advisors is receiving a large number of inquiries from around the U.S. and abroad for the Lakes above Rancho Santa Fe, a 248-lot project in the Santa Fe Valley.
Heard on the Street: Davidson Communities, who has been building homes in the Carmel Valley corridor for nearly 30 years, is rumored to be under contract to sell a portion of its Fairbanks Country Villa project.
The San Diego South Bay market (Chula Vista) is starting to heat up. Builders and developers are working on future residential projects in anticipation of an economic turn.
New home projects in Coastal San Diego are doing well. City Ventures and K. Hovnanian have recently started building communities. Look for sales flags in Leucadia and Carlsbad.
Multi-family product remains hot. Watch for a few cities to start considering re-zoning land from industrial and commercial use to residential use.
Redevelopment funds: Builders and developers need to continue to pressure their politicians to fight for redevelopment funds which are threatened by Sacramento. This will have a big effect on future downtown San Diego development and potential relocation of the San Diego Chargers NFL team.
Source: David Landes, Senior Marketing Consultant, (858) 568-7428