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Tag Archives: Corona
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
Press Enterprise
Question for West Riverside Co. in 2012: Where are the Sellers?
In 2010 and 2011, a majority of the land sales were driven by financial institutions that were in a distressed position to move land holdings off their books. The majority of the buyers for these properties in 2010-2011 were speculative investors that had a 3-5 year business plan before selling. Now that the financial institutions have sold through most of these distressed assets in West Riverside, the question to investors, developers and homebuilders is who now is in a position to sell?
LAO – West Riverside Current Projects: Land Advisors’ West Riverside Team is tracking a number of off-market projects that it expects to transact on this year. The Team just secured a high profile mixed-use listing in the City of Riverside that it hopes to bring to market in the next 30 days.
2012 Land Activity: On January 18th, 318 acres of unimproved land in the City of Corona sold at the Court House steps to a land investor.
Source: Mitch Casillas, Marketing Consultant, (949) 852-8288 x23
W. Riverside County: Busier Than You Think
Amid slow overall residential land sales activity in West Riverside County, a number of transactions are still moving forward, and are nearing the finish line.
West Riverside County has experienced few improved lot transactions in 2011, as the submarket hasn’t seen any “turned dirt” since 2009. A public homebuilder recently closed on approximately 90 “finished” lots in French Valley. Also, two escrows for “finished” lots are scheduled to close by year’s end:
- A public homebuilder is buying a ±50-lot project located within the City of Wildomar.
- A private investor is buying a +100-lot project located in Moreno Valley.
In regards to the apartment/for-rent land market:
- A ±600-unit site is close to going under contract in Temecula, marking another significantly-sized apartment land escrow in this city in the last six months.
- Corona still has two large apartment land projects on the market. It doesn’t appear that buyers are stepping up to the seller’s pricing expectations though. This may be due to sellers’ knack for overestimating rent appreciation in the coming years.
The Land Advisors’ West Riverside Team put two projects into escrow this month that are in the Menifee area.
Source: Mitch Casillas, Marketing Consultant, (949) 852-8288 x23
W. Riverside County: Multi-Family Land is Hot…Or Not?
Market Activity – Closed Deals: (Single Family Detached): Two significant land transactions have closed escrow in the West Riverside County (WRC) sub-market within the last 30 days. In both cases, the buyer was not a public homebuilder. Active buyers in the land market are private investors seeking well-located paper lot and entitlement opportunities and are very bullish in the Cities of Temecula, Murrieta, French Valley, Moreno Valley and Corona.
Public homebuilders remain quiet and are focused on selling through projects they purchased in 2010. However, one public homebuilder does have two sites under contract in Temecula.
A number of other residential projects are currently in escrow in WRC and Land Advisors is on track to close two transactions by month’s end.
On The Market: (Multi-family – For Rent): Two prominent apartment development sites are available for sale. Both sites are well-located within the City of Corona. Apartment land interest and perceived value remains optimistic. However there have been few sales to justify this optimism. Land Advisors did list and sell Magnolia Village last year which remains the highest comparable apartment land sale in the market.
Building Permit Activity: In Riverside County last month, builders obtained government permits for 473 units, (257 single family homes and 216 multi-family units – a majority of which are apartments). This is an increase from August which saw permits at 329 units (Source: Press Enterprise).
Source: Mitch Casillas, Marketing Consultant, (949) 852-8288 x23
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