Surf & Sales Up in Ventura County

In the last week of March 2012, the California Division of Land Advisors Organization closed the final portion of “The Bungalows at Beach House,” located in Port Hueneme, Ventura County.  The Ventura County Team (Richard Byrd, Randy Coe and Michel Faris) represented the buyer and the seller in the sale of 29 “near finished” lots in the former John Laing Homes community.

The Bungalows at Beach House originally consisted of 64 lots of which 35 have already been built and sold. The 29 subject 4,000 – 5,000 square foot lots sold to Standard Pacific Homes; the seller was a court appointed receiver.

The Port Hueneme deal was a significant transaction in a wave of SEVEN land transactions that the California Division closed in the last week of the first quarter.  The number of transactions rushing to the finish line at the end of the first quarter may signal a broad-based upturn in the California land market, and the diverse characteristics and widespread geographic reach are exemplary of the California Division’s extensive residential land expertise.

“Improved lots are extremely scarce in many markets throughout California,” said Tom Reimers, the California Division’s President.  “The relative success of the spring selling season has caused homebuilders’ supply of buildable lots to dwindle, and is pushing the builders back into the land market for replacement lots.”

VCStar.com reported: In Ventura County, 820 single-family homes and condos were sold in March, compared with 757 in March 2011, an increase of 8.3 percent. In February this year, 606 homes were sold. In January, 561 homes were sold.  The median price for a home sold in Ventura County in March was $350,000, compared with $349,000 in March 2011. READ MORE

Source: Richard Byrd, Senior Marketing Consultant (626) 376-9840 ext. 13; and Michel Faris, Marketing Consultant (949) 852-8288 ext. 14.

The Good Life is in the Santa Clarita Valley

The Santa Clarita Team is currently marketing Placerita Meadows, a 95-acre property located within the heart of Santa Clarita.  The subject site is zoned Mixed-Use Neighborhood (MXN), which allows for a variety of uses including residential, commercial and office.

The Placerita Meadows offering is a unique opportunity to control one of the last remaining residential/ mixed-use land developments within the City of Santa Clarita and the supply constrained Santa Clarita Valley.

As Land Advisors’ Santa Clarita Team discussed in prior blog posts, the Santa Clarita Valley is a highly desirable area for homeowners.  The Placerita Meadows site is well-positioned to offer its future residents all of the area’s regional benefits.  For example, Placerita Meadows is within walking distance to the Newhall Metrolink Station and several parks.  The property also offers the following:

  • Close proximity to several schools to include Old Orchard and Newhall Elementary Schools, Placerita Jr. High School and Hart High School
  • Within minutes of Interstate 5 (I-5), Highway 14 (SR-14) and Highway 126 (SR-126), residents of Placerita Meadows will enjoy convenient access to major employment centers, commercial, cultural, educational, and recreational areas throughout Southern California
  • Close proximity to shopping and entertainment at the Valencia Town Center, Stevenson Ranch Plaza and the Valencia Marketplace
  • Just minutes away from higher education facilities including: The Master’s College, College of the Canyons, Clarita Career College, and California Institute of the Arts

The Santa Clarita Valley (single family) lot inventory* is holding steady.  It currently stands at:  6,000 “Paper” Lots (unimproved lots that have entitlements), and 2,300 Semi-Finished Lots

*Source: Hanley Wood and Land Advisors Organization Research

 Source: Michel Faris, Marketing Consultant, (949) 852-8288 ext. 14

Winds of Opportunity Skipping over the Antelope Valley

Private investors are taking a cautious approach to buying land in the Antelope Valley.  Home sales are still slow and homebuilders are scarce. 

KB Home is still the most aggressive buyer of finished lot opportunities in Lancaster and Palmdale.  The public homebuilder has captured the Antelope Valley sub-market to the detriment of other public homebuilders. 

The Antelope Valley is the most affordable area of Los Angeles County, and KB Home is taking advantage of record low land values by scooping up several finished or semi-finished land deals.  The homebuilder has always believed in the profit potential of this sub-market and is now reaping the rewards of beating out the competition in land acquisition.

The Land Advisors High Desert Team (Michel Faris & Randy Coe) recently facilitated the closing of two transactions where KB Home purchased semi-finished residential lots in Lancaster.

The homebuilder completed its assemblage with the purchase of additional semi-finished lots within The Reserve for a total ownership of 37 lots.

KB Home also purchased 18 additional single family lots in semi-finished condition in the Sandstarr West community located on the southeast corner of Avenue K-8 and 27th Street West.

Other High Desert investors are waiting for home sales to pick up in the windy Antelope Valley, in addition to the emergence of more finished lot opportunities.  Until the sub-market begins to see signs of a broader economic rebound and improved home sales, performance is going to continue to blow right by.

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