Closed Land Transaction – 82 Lots within the Alberhill Ranch Master Planned Community in Lake Elsinore

IRVINE, CA, SEPTEMBER 1, 2016 — The Irvine office of Land Advisors Organization, a premier nationwide land brokerage firm, announced today the successful closing of Alberhill Ranch 82 Lots within the Alberhill Ranch Master Planned Community. Alberhill Ranch 82 Lots is located west of Interstate 15 at the southeast corner of Lake Street and Alberhill Ranch Road in the City of Lake Elsinore, Riverside County, California.

Land Advisors Organization brokers R. Jeffrey Spindler, F. Brian Carricaburu, Ian T. Sinderhoff, and Andrew Sinderhoff negotiated the transaction, representing the buyer and seller.

The lots were sold by Castle and Cooke Alberhill Home Building, Inc. and was purchased by KB Home. KB Home is looking to continue the success of its two previous projects within the Alberhill Ranch Community, Terraces I and Terraces II. Alberhill Ranch is a 1,853-acre development with approximately 3,705 residential units and over 600 acres dedicated to open space with walking trails, parks, and schools.

“Affordability has been a primary concern for the public homebuilders in the Inland Empire over the last couple of years. KB Home has been very successful in Lake Elsinore with their Terraces community in Alberhill Ranch. These home sites with excellent views of the lake and surrounding hillsides and generous 6,000 square foot pads will allow them to continue that success. Alberhill Ranch is a premier master-planned community sitting atop the hills north of the lake with an existing pool and recreation center, proposed commercial, and planned elementary school,” said Brian Carricaburu, Founding Principal at Land Advisors Organization.

For additional information regarding this transaction and land trends occurring in the Riverside County area, contact F. Brian Carricaburu: bcarricaburu@landadvisors.com / (949) 656-8002

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FRESNO: Fat Tuesday, Skinny Inventory

Now is the time for homebuilders to open their stalled legacy projects. Beazer Homes recently closed out The Groves at Sunnyside Point, their neighborhood adjacent to KB Home’s Olive Lane new home community located in Sunnyside Fresno. New homebuilders will not have to compete as hard for new home buyers shopping the area.

HOME PRICES
According to the California Association of Realtors, Fresno County home prices increased 15.3%, but sales were down 22.2% from the previous year. Madera County saw prices increase 36.1%, but sales were down 24.4% from the previous year. However, sales are looking up with a 19.2% increase in sales from the previous month in Madera County.

December 2012 County Sales and Price Activity

Median Sold Price of Existing Single-Family Homes

# of Sales

County

12-Dec

12-Nov

11-Dec

MTM% Chg

YTY% Chg

MTM% Chg

YTY% Chg

Fresno

$157,620

$148,240

$136,740

6.3%

15.3%

-2.5%

-22.2%

Madera

$144,290

$113,330

$106,000

27.3%

36.1%

19.2%

-24.4%

Source: California Association of Realtors

UNSOLD INVENTORY & TIME ON MARKET
According to Land Advisors Organization research, unsold inventory in Fresno County decreased 7.3% from the previous year and Madera County decreased 47.4% from the previous year. The median time on market decreased 24.1% in Fresno County and increased 25.4% in Madera County from the previous year.

December 2012 County Unsold Inventory and Time on Market

Unsold Inventory Index

Median Time on Market

County

12-Dec

12-Nov

11-Dec

12-Dec

12-Nov

11-Dec

Fresno

3.8 Months

4.2 Months

4.1 Months

26.4 Days

26.3 Days

34.8 Days

Madera

2 Months

3.2 Months

3.8 Months

64.6 Days

27.9 Days

51.5 Days

Source: California Association of Realtors

FINISHED LOT INVENTORY
Home Buyer demand is escalating fast.  Quality resale inventory is sparse.  If you own 10 or more acres of land in the path of development, you should be at the City processing a subdivision map faster than Mardi Gras beads flying from a balcony overlooking Bourbon Street.  If you are not familiar with the entitlement process please contact me so I can help get you started.

NEW DEVELOPMENT
Fresno developers plan medical campus at Millerton Lake. FULL STORY

Source: Mark Utman, Marketing Consultant, (559) 549-6326

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

KB Home Changes the Rules in Santa Clarita Valley

“When people are giving directions to their home, they always refer to some unique feature of their house as a landmark,” said Tom DiPrima, Executive Vice President, KB Home Southern California Division, in a recent Santa Clarita Signal article. “Buyers don’t want a cookie-cutter look to every home on the street.”

KB Home recently opened a new home interior design center in Santa Clarita, one of only three in Southern California.  With the opening of the center, the public homebuilder is putting homebuyers in the driver’s seat by offering customization choices that were nearly unheard of in prior market cycles, including lot selection without imposed lot premiums. 

KB Home is currently selling homes from three new communities within the Santa Clarita Valley, making it one of the most active builders in this submarket.  Home prices range from the mid $300,000’s to the high $500,000’s. Other active builders include Pardee Homes, K. Hovnanian Homes, Lennar, Shapell Homes, and D.R. Horton.

The Santa Clarita Valley is a desirable location for Southern California families as it is known as one of the safest communities in the U.S. and offers multiple high ranking schools. 

The majority of the Valley’s future developable lots are currently under the control of only a handful of developers.  Therefore, residential land opportunities are a precious find right now in this favorable submarket.

The Land Advisors team recently secured a new listing in the Santa Clarita Valley.  Stay tuned for more details to come!

Source: Michel Faris, Marketing Consultant, (949) 852-8288 ext. 18

Closings and Openings in Orange County

The Land Advisors Orange County Team is very proud to announce the closing of 143 townhomes at Planning Area “T” at Vista Del Verde in Yorba Linda – CONGRATULATIONS to Taylor Morrison on its future Palisades community, and to developers Aera Energy and Toll Brothers for completing the final sale in their premier master plan.  Read the complete press release HERE.

Senior Marketing Consultant Mike Hunter, who has over forty years experience selling residential land in Orange County, has worked with Aera Energy and Toll Brothers on the Vista Del Verde project since its beginning. “Land prices at the project have held up over the years, thanks in part to the North OC site’s proximity to Los Angeles. Los Angeles and North OC have continued to draw plenty of interest from institutional investors that fund homebuilders,” Hunter told the Orange County Business Journal.  OCBJ reported that the Area “T” transaction is likely one of Orange County’s most expensive in recent years.

NOW OPEN: Last quarter KB Home debuted a new home community at Whisler Ridge, 58 single family homes in Lake Forest.  Land Advisors’ OC Team sold these lots, which sit on approximately 12.7 acres near the 241 Toll Road, to KB Home in 2011.  These unique “net zero” homes are priced from $654,990 to $799,990.

In North Orange County news, Standard Pacific Homes recently opened its Alcott community in Buena Park, priced from the $610,000s.

Source:  Allison Rawlins, Marketing Consultant, (949) 852-8288 x26

Strike a Pose. Condos are Back in Vogue in San Diego County

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

Riding the Santa Clarita Valley Rollercoaster

Homebuilders and developers looking to build and invest in the Santa Clarita Valley (SCV) are faced with high barriers to entry such as high development costs, challenging topography and various entitlement restrictions governed by the County of Los Angeles. 

Four new master planned communities are selling homes in the SCV right now: West Creek/West Hills (Valencia), Fair Oaks (Canyon Country), Plum Canyon (Santa Clarita) and River Village (Valencia).  According to Hanley Wood, there are…

  • 14 new home communities actively selling homes – 6 in Valencia, 5 in Santa Clarita, and 3 in Canyon Country.  11 are single family detached product, 2 townhomes, and one duplex.
  • Total of 1,551 units planned; 1,109 units remaining
  • 29 new home closings this quarter to date (Q3); 86 closings year to date
  • Average monthly sale rate is 1.9 units over the lifetime of the projects. Laurel Park at Plum Canyon and Artisian at West Creek have seen the highest monthly sale rate at over 3 units per month over the lifetime of the project.
  • Home prices range from $270,000 – $656,657. Homes within the communities of Aria, Artisan and Esperto at West Creek; and Echo Pointe and Echo Ridge at Plum Canyon are selling below $400,000.

Homebuilders that are currently selling new homes in SCV are Lennar (West Creek and River Village), KB Home (Echo Pointe at Plum Canyon, Echo Ridge at Plum Canyon and Milan at West Hills), Pardee Homes (Fair Oaks Ranch) and Shapell Homes (Heatherton at Plum Canyon Ranch and Sage at Plum Canyon Ranch).

Multi-family Activity:  In late spring of this year, Archstone Communities purchased 150 townhome units from Pardee Homes.

In July of this year, the property previously proposed for residential development known as Copper Creek, was purchased for $3.1 million by the City of Santa Clarita for inclusion in the City’s park and open space system. The 528-acre parcel is located on the City’s northern border with the County of Los Angeles.  Land Conservation Brokerage, Inc. of San Diego and Land Advisors Organization co-listed the property. Read more: PRESS RELEASE

Source: Randy Coe, CCIM, Senior Marketing Consultant, (949) 852-8288 x18 and Michel Faris, Marketing Consultant, (949) 852-8288 x14