Tag Archives: supply constrained

Central Coast: Full Sails Again for Santa Barbara Realtors

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Spring flowers are blooming, the Pacific Ocean breeze is blowing, and South Santa Barbara home sales activity is picking up!  Central Coast resale agents are finding themselves busy again.  Traffic, escrows, listings and pricing in certain areas are all up, kicking the Central Coast’s spring selling season into gear.

The Beautiful Santa Barbara Real Estate Blog reported… Santa Barbara Real Estate through the end of March ‘12 for Montecito, Hope Ranch, Santa Barbara, Goleta, Carpinteria and Summerland:  Comparing the first 3 months of 2011 with the same period in 2012, sales are up about 35% with escrows up over 50% and the median sales price is up bit while the average sales prices is down a bit. Year-over-year the Sales Price to Original Price ratio is within 2% of where it was last year and the Days on the Market for sold properties is within 12 days of where it was in 2011.

An example of the Central Coast’s uplifting sales activity is City Ventures’ East Beach Collection in Santa Barbara.  The 48-unit attached townhome project is seeing impressive sales, with only 5 more to go before completion.  The project has sold 15 homes in 2012 (5 per month!).  The City Ventures marketing team attributes the strong homebuyer interest to the project’s unique location, quality product and the limited supply of new product currently available in the marketplace.  The East Beach Collection is four blocks from Santa Barbara’s famous State Street and four blocks to the ocean.  With no amenities and surrounded mostly by office buildings, the project is in the new hip, up-and-coming area (also referred to as the “funk zone”).

Source: Matt Power, Senior Marketing Consultant, (805) 845-2660

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The Good Life is in the Santa Clarita Valley

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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

Window of Opportunity in Ventura County

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Land Advisors’ Ventura County Team (comprised of Michel Faris, Randy Coe, and Richard Byrd) are pleased to offer an exciting new listing in the Ventura County submarket. The new ±8-acre listing, known as Northbank Meadows is a rare multi-family development opportunity in the highly desirable yet extremely supply constrained City of Ventura.

Historically, homes within Ventura County are highly sought after by homebuyers because of the County’s easy-going, high-quality beach lifestyle, in addition to its proximity to L.A. County job centers. Longstanding development constraints have kept Ventura County from over-development.  Amid the slow growth, land values in the submarkets are holding steady and homebuilders and developers are taking another glance at opportunities in the area as the macroeconomic environment improves.

County Home Sales Up; Median Price Falls via VCStar.com:  Ventura County home sales increased slightly last month, while median prices continued to drop despite record-low mortgage rates… DataQuick reported that 561 homes sold in Ventura County in January — an increase of 2% compared with the same time last year. The sales include new homes and resold single-family homes and condos.  DataQuick also reported the median price of homes in Ventura County at $322,500, a 7.9% decrease compared with the same time last year. Read more

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

Slow as Molasses in Ventura County

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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