KB Home Commands Market Share in Antelope Valley

Land Advisors’ Antelope Valley Team is working hard to identify every land opportunity for public and private builders and investors in the High Desert.  The best land deal opportunities are few these days, but the Team currently has three exclusive listings, two of which are now under contract with close dates quickly approaching.

Springtime in the A.V.: Photo of the Antelope Valley California Poppy Reserve

KB Home continues to dominate the Antelope Valley’s new home sales market.  The public homebuilder is leading the charge with eight actively selling projects in the region.  One or two private homebuilders are trying to break into the action, but are reporting slow sales according to Hanley Wood.

Investors are keeping their eyes open for the “right” land deal opportunities in the High Desert submarket.  Resales are holding steady and not many finished lot opportunities are available.

Source: Michel Faris, Marketing Consultant (949) 852-8288 ext. 14

High Desert Team Finds Buyer for Former Frontier Homes High Desert Portfolio

The Land Advisors’ High Desert Team recently closed a multi-million dollar sale on a five-subdivision portfolio in the High Desert. Collectively, the five land assets consist of 364 residential lots in varying stages of development. A private investor (represented by John Reeder of the Mimi Song Company) purchased the portfolio with the intent to hold for the long term. Land Advisors represented the portfolio’s seller (a lender), in the transaction. 

The details of the five portfolio assets include:

  • “Barcelona Heights II” is located within the City of Hesperia and consists of 91 single family lots with a minimum lot size of 5,801 square feet.  The lots were sold in “partially finished” condition with a recorded final tract map.
  • “Copper Crest” is located within the City of Hesperia and consists of 71 single family lots with a minimum lot size of 6,000 square feet.  The lots were sold in “mostly finished” condition with a recorded final tract map.
  • “Autumn Glen IV & V” is located within the City of Victorville and consists of 66 single family lots with a minimum lot size of 7,000 square feet.  The lots were sold in “mostly finished” condition with a recorded final tract map.
  • “Falcon Point II” is located within the City of Lancaster and consists of 131 single family lots with a minimum lot size of 7,000 square feet.  The lots were sold in unimproved condition with an approved tentative tract map.
  • “Adelanto-5” is located within the City of Adelanto and consists of 5 single family lots with a minimum lot size of 7,000 square feet.  The lots were sold in “mostly finished” condition with a recorded final tract map.

“This was a challenging transaction due to the nature of five different subdivisions (and two counties) involved in the sale,” noted Land Advisors’ Senior Marketing Consultant Randy Coe, who has been selling residential land in the High Desert for about 10 years. “However, this was the largest remaining Bank REO finished lot opportunity in the submarket, and offered a significant value for the buyer of the portfolio,” he said.

In a separate transaction, the High Desert Team also recently led the closing of “Tuscany III” in Victorville.  The transaction consisted of 142 unimproved single family lots with an approved tentative tract map.  A private investor purchased the subject lots from Mojave & Onyx LLC for, with the intent of holding the project until the housing market returns.

Read the Complete Press Release Here

Who’s that Buyer in the Antelope Valley?

The most active buyers currently picking up land in the Antelope Valley right now are private investors who have been trading land in the sub-market for decades.  City Ventures recently closed on the 585-Acre Joshua Ranch in West Palmdale. No new deals have transacted in East Palmdale since February 2010.

Two Lancaster deals to note that were brokered by the Land Advisors’ High Desert Team in recent months:

  • The Reserve – 32 Finished Lots in West Lancaster
  • Falcon Point – 219 Finished and Semi-finished Lots in East Lancaster

Only a handful of residential land REO’s remain available for sale within the Antelope Valey sub-market.  Land Advisors currently has three of approximately the five total exclusive listings.

Development impact fees have held steady, with little or no change in rates in the City of Lancaster in 2011.

Source: Michel Faris, Marketing Consultant, (949) 852-8288 x14