Tag Archives: unimproved land

New 360 Acre Development Coming to Monterey County

Posted on by

City of Del Rey Oaks and Brandenburg Properties are preparing to team up to develop 360 acres of undeveloped Fort Ord land.  The City would like to see a low-density residential development and a hotel with condominium units and they would like to see “green, sustainable” development, including the use of cisterns to help with water supplies.  The Del Rey Oaks land is generally located north of South Boundary Road and east of General Jim Moore Boulevard.  Part of the project lies next to Fort Ord acreage the city of Monterey has planned for eventual development. FULL STORY

New Monterey County listing hits LAO

The Central Coast Team of the Land Advisors Organization is pleased to present Parcels D & E featuring 13.51 multi-family acres for ±378 apartment units.  The subject sites are located in Monterey County along scenic U.S. Highway 101, within the northerly reach of California’s Central Coast and in the heart of the famed Salinas Valley. Soledad is known for its natural beauty, moderate climate, and abundant agricultural products. Soledad is now home to more than 17,000 residents with a mix of early 20th century architecture with a charming historic downtown commercial district and vibrant new residential neighborhoods.

Contact: Matt Power at (805) 845-2660 or Jim Radler at (916) 784-3329 for more information on Parcels D & E.

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

Advertisement

West Riverside County: 2012 Transaction Characteristics

Posted on by

Market Observations:  So far in 2012, the West Riverside land market is seeing a limited number of finished lot transactions.  The bulk of the land buyer activity is directed at unimproved land, where buyers plan to add value through the entitlement process.

2010/2011 saw a number of sales driven by bank owned REO with a typical escrow calling for a 30-day due diligence period and a 15-day close. The market has absorbed the bank REO projects and land values have remained relatively flat since Q3 of 2010. This dynamic has forced buyers to get more creative when submitting offers in an effort to minimize risk. A number of transactions in 2012 have included the seller carrying back paper on the property for 3-5 years. Since land values have remained flat, seller carry-back works because it generates a higher land value, versus the all-cash deal, and also creates a positive cash flow for the seller from the note interest.

Single Family Detached Market Updates: Homebuilders are continuing to see new home sales success in Temecula and French Valley. Average monthly sales have increased along with sales price. These are all great signs that point to the beginning of a true recovery.

A public homebuilder has closed on an unimproved parcel in Temecula that it intends to develop and build out new homes.  Along the I-15 corridor, a private homebuilder has put some finished lots under contract, and is scheduled to close in 60 days.

Attached Market Updates:  Land Advisors West Riverside Team just announced its latest listing: “Temecula Foothills” – 7 acres in Temecula for a proposed high density residential project (potential for ±140 multi-family for-rent or for-sale units).

Three entitlement escrows are presently in the works in Temecula.  Optimism surrounding the for-rent market continues to circulate in West Riverside Market, specifically Corona and Temecula.

Source: Mitch Casillas, Marketing Consultant, (949) 852-8288 ext. 23

Demand Rising for (Residential) Land in Fresno

Posted on by

More land buyers than sellers? That’s the story in Fresno today.  In preparing for the economy to rebound, builders are reloading their inventory of buildable lots.  However, finding lots at market rate prices is not easy in Fresno.  Lot inventory has been thinning since 2008 and only a handful of new maps have been recorded or are currently in process at the City.  Inferior locations are still quiet, but residential lots that are in A & B locations are receiving multiple bids.

  • April 2012 Finished Lot Inventory: Fresno = 1,051 Vacant Finished Lots; Clovis = 1,199 Vacant Finished Lots

April 2012 – Land Advisors closed additional finished lots on a rolling takedown to Lennar in southeast Fresno.  The public homebuilder bought the lots as an extension to a legacy project it already has under its wings.

Apartment activity is picking up: This month Santa Barbara Bank & Trust sold 8 acres of unimproved land, approved for 78 multifamily units.

ZONE CHANGE APPROVAL:  On April 4th, the Fresno Planning Commission  unanimously approved plans and a zoning change for a north Fresno 118-home development by McCaffrey Homes with a stipulation that homes on the east side of the project adjacent to the existing Bella Montagna development will be single story.  FULL STORY

  • The 13-acre site was originally zoned for commercial/retail use.  The recent approval by the Planning Commission is controversial for the local residents in the area, and the Fresno City Council will now meet on the issue to vote. (Watch the VIDEO via CBS 47)

GENERAL PLAN UPDATE:  The Fresno GP update calls for a more controlled approach to residential growth. Earlier this month, the Fresno Planning Commission unanimously endorsed Plan A which aims to maintain the current sphere of influence, and protects prime agricultural land from becoming more subdivisions.  Approval is slated for April 19th.

Source: Mark Utman, Marketing Consultant, (559) 549-6326

1.21 Gigawatts?! Trying to Get Back to the Future in Fresno…

Posted on by

It seems as though the Fresno residential land market is revisiting its past… residential raw land is currently selling for prices paid back in 2000.  During the market peak five or six years ago, unimproved vacant land in “A” locations sold in Fresno for $300,000 per acre.  Today it’s going for prices ranging from $60,000 to $85,000 per acre.

Local homebuilders are in the early stages of reloading their land inventory.  Housing Capital is playing a huge part, as the lender is one of a few banks enthusiastic to offer A, D and C loans.

Recent Land Deal:  Homebuilders are buying un-entitled dirt again but in smaller bites.  A local builder just purchased 10 acres of unimproved land in the heart of northeastern Fresno.  

Fresno local homebuilder Granville Homes is knocking the dust off of Westlake, a master planned community in west central Fresno that has been “mothballed” for the last five years.  The 430-acre project is now scheduled to break ground sometime in 2012.  Westlake is a promising master plan by a talented local builder.  This could spur a land rush from builders and developers alike looking to ride the coattails of this new community now anchoring West Fresno.

According to Fiserv, a financial analytics company, Madera is on the mend…  Fiserv identified Madera (about 25 miles northwest of Fresno) as a “winner” in a long list of sub-markets around the U.S. in terms of housing valuations.  The Chicago Tribune article states that home values across the Nation are anticipated to decrease in the coming year, but that home values in the Madera area will gain 15.5%!

Fresh from the FresnoBee.com News Blog… the number of foreclosures in the Central Valley fell during the third quarter of this year compared to the same time a year ago.  However, building permits are way down. In Fresno, only 19 single-family permits were pulled in September compared to 113 in August, and 120 permits a year ago at the same time. …Adapting to changing demographics and consumers’ needs, Lennar Homes rolls out a new model in the Central Valley.

So, despite Fresno residential land values resetting to decade lows, Land Advisors is looking to blast a few gigawatts into the market with two large Fresno area listings in early November – stay tuned!

Source: Mark Utman, Marketing Consultant, (559) 449-4500