Slow as Molasses in Ventura County

Land development activity is still slow and sticky in Ventura County, as very few land deals have traded hands in the coastal county in recent months.  Landed shared back on September 29th that home buyers are drawn to the region’s beachside lifestyle, but the County’s restrictions on new developments create a very supply constrained and difficult development environment for homebuilders.

In a recent article for HometownStation.com, a representative from the Los Angeles/Ventura Chapter of the Building Industry Association of Southern California said, “The weakness in single-family construction, which historically has been more consistent than multifamily projects, is further proof that local governments need to work more closely with homebuilders to allow projects to pencil out.”   

The same article reported that 458 multi-family units and only 116 single-family homes were permitted in Ventura County during the first nine months of 2011.

Eighteen single-family home permits were issued in Ventura County in September, compared with two in August and 14 in September 2010. Those homes are being built in Fillmore, Oxnard, Ventura, Simi Valley and unincorporated areas.  Oxnard leads Ventura County in housing starts with 337 year to date, which is by far the most in the County. 

Lenders served 1,535 notices of default in the third quarter in Ventura County, slightly down from the same period last year but up 35.3% from the second quarter.  669 homeowners in the County lost their houses or condominiums in the past three months.

A total of 772 new, condominium and resale homes were sold in Ventura County in September, at a median price of $349,000. This price is down from $355,000 in August.

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

Few Builders Finding Opportunities in Supply Constrained Ventura County

Very few residential land REO’s are available for sale in Ventura County at this time.  Most of the REO properties sold in 2009 and 2010, and now only four remain.

Ventura County’s eight primary cities are desirable locations for homebuilders and developers.  Home buyers are drawn to the region’s beachside lifestyle (good schools, safe cities, rolling hills and wide open spaces).

However, the County’s restrictions on new developments create a very supply constrained environment for homebuilders.  Many homebuilders and developers would love to find the right opportunity at the right price in the area.  Now it’s a matter of finding available deals that pencil in the current economic environment.

Homebuilders currently active in Ventura County:

  • D.R. Horton building in Thousand Oaks
  • Toll Brothers building in Moorpark
  • Standard Pacific Communities and Watt Communities building in Simi Valley
  • Watt Communities, Standard Pacific Homes and Shea Communities building in Oxnard
  • City Ventures building in Ventura

Ventura County Lot Suppy (Source: Hanley Wood):

  • 3,812 Tentative Mapped Lots (Approximately 65% of these lots are located in Ventura and Oxnard)
  • 1,366 Finished Lots (Approximately 60% of these lots are located in Moorpark)

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