Standing out as an anomaly among most other California residential land sub-markets, Orange County apartment and single family building activity appears to be cruising along through the global economic waves. According to MarketPointe, new home sales volume increased 17% in OC in the 2nd quarter of this year.
- Multi-family Market: Dirt entitled for apartment use is currently trading above $2 million/acre throughout the County. “Hot” areas seeing the most activity and highest value include Huntington Beach, Irvine Business Complex (IBC), and Anaheim’s Platinum Triangle.
- The Irvine Company (TIC) is proceeding with the construction of three new apartment projects around the I-405/I-5 interchange area (also known as the Spectrum). This is as the Company is completing its 1,500-unit “Park” community where occupancy rates are averaging 97% and rents are averaging $2.09/sq. ft., according to RealFacts.com. The three new TIC apartment communities will bring another 4,800 units online by 2013. The 1,677-unit Cypress Village apartment rentals are to begin early in 2012, with construction concluding by the end of next year.
- Master Plan Activity: Two master planned communities in OC — Tustin Legacy and Rancho Mission Viejo — are moving along, and are both currently interviewing homebuilders and developers for the next phases in their development processes.
- Positive OC Builder News: Standard Pacific Says Profits Ahead Despite Share Woes, Housing Jitters
Source: Allison Rawlins, Marketing Consultant, (949) 852-8288 x26