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.
CLOSED DEAL IN OC! Mike Hunter, Winn Galloway and Allison Rawlins represented the buyer and the seller in the sale of 3 model homes & 88 partially-improved detached condominium lots at a former John Laing community in La Habra called “Brio.” TRI Pointe Homes, LLC purchased the Brio property from a lender. The City of La Habra issued this Press Release regarding the sale.
The County of Orange is soliciting qualified bids for a 100-acre site located in Irvine near the Great Park. Developers would likely lease the site from the County and look to entitle for a variety of uses, including apartment, hotel, retail and office – Wild Rivers is rumored to be moving from the Irvine Spectrum area to this new location along the 5 Freeway :: http://www.ocbj.com/news/2012/mar/31/county-seeks-developers-100-open-acres-irvine/
The New Home Company will be debuting its new Lambert Ranch neighborhood, also located in the City of Irvine, which boasts spectacular views, no Mello Roos, a variety of parks and a ranch house recreational center, all within a gated community. The grand opening of the 9 model homes is scheduled for Saturday, April 28th.
With Thanksgiving behind us and Christmas just around the corner, holiday shopping has officially started. For housing in the Sacramento region, homebuyers started shopping early and are likely to continue through the New Year. October 2011 showed a 19.5% year to year increase in volume. The reason? Home prices are continuing to fall…
San Diego-based DataQuick reported that the average sale price of homes in the Sacramento four-county region declined 9.5% from a year ago. Although, the decline is not because of falling home values… It appears as though more buyers are flocking to less expensive homes, which is influencing the downward trend in average home price.
The number of months of new home supply on the market is down to 4.2, and even as little as 2.0 in some stronger markets.
The New Home Company purchased a 128-lot subdivision in the master planned community, The Parkway in Folsom. All but 44 of the lots were “mostly improved.” Construction on the new homes within the subdivision is scheduled to begin in March 2012.
Most of the distressed finished lot deals have already sold in the Sacramento Region, leaving very few for opportunistic builders and investors.
The heavy multi-family activity in the San Francisco Bay Area has not yet moved east to reach Sacramento. Multi-family builders are currently obtaining $1.00 to $1.20 per square foot revenues, which is not enough to justify construction for new product in the Sacramento region.
Source: Jim Radler, Senior Marketing Consultant, (916) 784-3329 x11