Land Advisors Organization is pleased to say SHOUT! the handful of approved tentative tract maps (TTM) available for sale within Clovis’ city limits have been receiving multiple offers. The City of Fresno is next to follow where lots previously located in “B” and “C” locations are quickly becoming the new “A” lots. The time is now for developers and homebuilders to pounce on every reasonably priced TTM. Call LAO’s Fresno office at (559) 549-6326 for a current list of available inventory.
Distressed homes sales are on the decline. FULL STORY
Home prices are up 18% from a year ago. FULL STORY
NEW DEVELOPMENTS: On November 7, 2012 The Madera County Board of Supervisors re-approved 4-0 the 1,656-acre, 5,190-home Tesoro Viejo planned urban community proposed by McCaffrey Group.
Source: Mark Utman, Marketing Consultant, (559) 549-6326
It always boils down to the fundamentals — Supply and Demand. We know that the Bay Area is always supply constrained and the real estate collapse took many of the higher density projects and put them in a deep freeze, meaning we had even fewer new projects adding to the supply from 2008 ’til today. Now we have a new phenomenon, for all the people that got foreclosed on and were supposedly going to be renters the rest of their lives, it turns out they still want to buy homes and for the many that got foreclosed early in the cycle their time in the penalty box is over.
Rather than competing with 10-20 other offers as soon as a ‘bank-owned’ home hits the market, buyers are finding the process of buying a new home to be more appealing as builders ramp up community production.
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.