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.
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
2011 is gone and we now have upon us a fresh start to a new year (Ahh… deep breath). But what does that mean for the housing industry? The Land Advisors Northern California team is looking ahead, and is wary that 2012 might reflect more of what 2011 had to offer.
The Sacramento region is highly sensitive to State budget woes that will likely cut more jobs and hinder organic economic growth in the area. Home prices appear to be on a downward trend, and foreclosure rates are still high. A statewide court ruling last week that eliminated redevelopment agencies, threatens the revitalization of the Sacramento downtown area, and now two signature development projects may never see the +$80 million in redevelopment money they were scheduled to receive in coming years.
Among the doom and gloom, the general consensus is that a bottom in the housing market is within clear sight! Local Northern California investors and developers can see more and more distressed opportunities ahead. And while many public and private homebuilders remain on the land acquisition sidelines, and are still busy impairing projects that were purchased during the 2010 boom, they are optimistic that the market will gradually get better and home prices will soon start to appreciate.
Source: Ryan Long, Senior Marketing Consultant, (916) 784-3329