Tag Archives: Toll Brothers

Summer Sizzle in The OC

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The summer sun is here and hopefully it’s shining bright on Taylor Morrison’s GRAND OPENING of the Palisades – located in the Vista Del Verde master plan in Yorba Linda. Townhomes will range from 2,206-2,626 square feet and pricing starts in the high $500’s for 6 floor plans.  The opening event is planned for Saturday, June 30th!

Apartments here in Orange County remain HOT!  Rents are UP and more supply continues to come on the line and lease up quickly – even leasing up ahead of schedule, as is the case at The Irvine Company’s newest community, Cypress Village.

The City of Lake Forest approved Toll Brothers & Shea’s plans for Baker Ranch, a +2,300-unit development on +380 acres. The land is one of the City’s “Opportunities Study Areas,” enabling residential development now that the land use is no longer affected by the El Toro Marine Base flight path.

In the recent elections, the City of Yorba Linda passed both Measures H & I.  The Measures allow for increased development on a number of sites that will accommodate moderate, low and very low income households.

The Olson Company will be building 27 single-family homes and 61 townhomes  at the future Solano Walk in Fountain Valley adjacent to the Civic Center.

Source: Allison Rawlins, Marketing Consultant, (949) 852-8288 ext. 26, and Mike Hunter, Senior Marketing Consultant, (949) 852-8288 ext. 37

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Greener Fairways In Coachella Valley’s Future!

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What does a $20M pledge for a new medical school, the opening of a privately-funded law school, and a new four-year undergraduate degree program all have in common?

Answer: The Coachella Valley – All of these bright new developments are occurring NOW within the Coachella Valley!

The Coachella Valley can also boast:

  • Two new private homebuilders have entered the sub-market;
  • Several public homebuilders have closed on multiple finished lot opportunities; and
  • A 25-year real estate veteran backed by “New York money” has  closed on and currently entitling a 7,800 unit community

Home Sales Activity

New home sales: Toll Brothers experienced five sales at its new Alta project, located in South Palm Springs, within the first month of its opening!  By selling homes with a price point range from the mid-$700,000’s to the mid-$800,000’s, Toll Brothers is demonstrating how the high-end home market is returning to the Coachella Valley.

Home Resales:  According to MarketWatch, resale home prices have risen 13% since September 2011. For the first time in years, resale inventory is below 4,000 homes and number of months supply is under four months. Last year in April, over 5,700 homes were on the market (approximately 5.7 months of inventory). While prices are still low, both sales pricing and absorption are heading in the right direction!

Noteworthy Permit Activity

The City of Rancho Mirage has issued more new home permits so far this year than all new home permits issued in the City in 2010 and 2011 combined!

In case you missed it:

Stone James led a panel discussion on land in April at the Desert Valleys Building Association’s economic update, “Cut to the Chase for 2012: Our Economic Future.”  The topics and insight generated from the panel discussion are well-summarized and quoted in an article by Mike Perrault at The Desert Sun (via MyDesert.com). Read the article to see what Stone and his fellow real estate experts had to say: Panel: Housing the Best Bet for New Growth.

Source: Stone James, Marketing Consultant, (760) 219-7227

Coachella Valley: 1, 2, 3… Cha Cha Cha…

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Some impressive numbers are driving growth within the Coachella Valley. 10,000… 300,000… and 3,600,000… According to the Social Security Administration, these are the numbers of Baby Boomers who are turning 65 years old each day, each month and each year, respectively, for the next 19 years! 

Ranked by CNN Money.com as the second Best Retirement Destination in the United States, Palm Springs (and the rest of the Coachella Valley) is experiencing growth and demand today not seen in many other markets across the US.

From a land investment perspective, demand and activity within the Coachella Valley and Imperial Valley is decidedly picking up.

  • Toll Brothers is demonstrating that selling new homes in the Coachella Valley for $740,000 IS possible.  The Nation’s top luxury homebuilder sold FIVE homes in its first month of sales at their new Alta project in Palm Springs.
  • With the majority of the finished lot opportunities spoken for within the Valley, interest in entitled but undeveloped land is picking up.
  • D.R. Horton is having success finding qualified home buyers for Renaissance at the Gallery in Palm Desert.  With homes ranging from $269,990 to $355,000 the community is at about 50% build-out and is seeing increased interest from potential buyers. 
  • In 2011 the volume of resale home transactions within the Coachella Valley was 96% of the 2004 market peak (7,275 vs. 7,574). Conversely, 2011 new home building permits are at the lowest levels since before 1983 according to Marketwatch, LLC.

CLOSED DEAL IN IMPERIAL CO.!  The Coachella/Imperial Team (Stone James & David Landes) represented the buyer (investor) and the seller (lender) in the sale of 222 acres of prime farmland located within Brawley city limits.  This Imperial County buy-and-hold asset has an approved Specific Plan for 1,149 residential units.  Contact Stone or David for more details on the deal.

Source: Stone James, Marketing Consultant, (760) 219-7227

Closings and Openings in Orange County

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The Land Advisors Orange County Team is very proud to announce the closing of 143 townhomes at Planning Area “T” at Vista Del Verde in Yorba Linda – CONGRATULATIONS to Taylor Morrison on its future Palisades community, and to developers Aera Energy and Toll Brothers for completing the final sale in their premier master plan.  Read the complete press release HERE.

Senior Marketing Consultant Mike Hunter, who has over forty years experience selling residential land in Orange County, has worked with Aera Energy and Toll Brothers on the Vista Del Verde project since its beginning. “Land prices at the project have held up over the years, thanks in part to the North OC site’s proximity to Los Angeles. Los Angeles and North OC have continued to draw plenty of interest from institutional investors that fund homebuilders,” Hunter told the Orange County Business Journal.  OCBJ reported that the Area “T” transaction is likely one of Orange County’s most expensive in recent years.

NOW OPEN: Last quarter KB Home debuted a new home community at Whisler Ridge, 58 single family homes in Lake Forest.  Land Advisors’ OC Team sold these lots, which sit on approximately 12.7 acres near the 241 Toll Road, to KB Home in 2011.  These unique “net zero” homes are priced from $654,990 to $799,990.

In North Orange County news, Standard Pacific Homes recently opened its Alcott community in Buena Park, priced from the $610,000s.

Source:  Allison Rawlins, Marketing Consultant, (949) 852-8288 x26

CLEAR! We have a pulse in the Coachella Valley!

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The Coachella Valley, once known as the “last to arrive and the first to leave” any housing market ‘party,’ is alive and kicking again with significant investment and development from homebuilders and investors.

Toll Brothers, in its first acquisition since Stone Creek Ranch in 2005, recently purchased two partially built projects which are now going vertical! These projects are located in Palm Springs and Rancho Mirage.

Another public builder closed on some well-located lots in North Palm Desert.

Two private builders, Far West Industries and Alta Verde Group, are joining the ranks of top builders within the Coachella Valley.  The folks at Far West have started construction on Luminaire in Palm Springs and have also picked up other well located assets recently.  Beverly Hills-based Alta Verde Group is in the process of going vertical on lots within Escena in Palm Springs in addition to a partially built project in La Quinta.

Local Coachella Valley builders are also showing their resilience and dedication… Family Development is working through sales at the beautiful Villa Portofino active adult project in Palm Desert.

Investors who acknowledge the Coachella Valley as one of the top retirement destinations nationally are taking advantage of low land prices, and are scooping up some terrific residential land opportunities.

Quick demographic fact: The Coachella Valley is one of the fastest-growing areas in the U.S. due in part to its location in Riverside County, and also to real estate booms in the 1970s to 1990s. State projections estimate that the Coachella Valley’s population will pass 700,000 by the year 2020, and one million by 2035. Demographers believe the total population already surpassed the 500,000 mark.  This number does not include the additional 100,000 temporary seasonal residents known as “snowbirds” who arrive to stay during the winter months (from the end of October to the end of April).  Source: Riverside County Projects 2006 and Land Advisors Research

Source: Stone James, Marketing Consultant, (760) 219-7227

Few Builders Finding Opportunities in Supply Constrained Ventura County

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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