Giddy Up Fresno!

Hold on to your hat… New homebuilders who have lot inventory in the Fresno sub-market are now building again!  Fresno construction starts are UP since the same time last year. 

Major Player: Lennar HomesFresno and Clovis combined saw 219 new construction starts in the last quarter of 2011, (4Q 2010 saw only 161 starts).  Lennar Homes led the way with the most starts of any builder with 43.  Wilson Homes and Bonadelle Neighborhoods came in a distant second and third with 27 and 26 starts, respectively. The most active sub-market in 4Q 2011 was Clovis South with 66 starts (up from 44 starts in 4Q 2010).

Lennar also controls the most lot inventory of any builder in Fresno.  Of the 2,425 total vacant finished lots in the Fresno sub-market, 296 (12%) are owned by the public homebuilder as of January 2012.

Project of NoteBonadelle’s Bella Vista at Brighton is seeing impressive sales in its early phases.  The project’s success is breathing new life into the Millerton area sub-market as the first phase of the Brighton Master Plan.  The area boasts a ton of amenities including its location… a stones’ throw from Millerton Lake & Marina, Eagle Springs Golf & Country Club, and Table Mountain Casino.  With a natural setting and amenity package that is unrivaled in the greater Fresno area, Bonadelle is seeing buyers come out and purchase as a lifestyle choice and value play to living ‘in town.’  The Fresno Office of the Land Advisors Organization can bring you up to speed on this up-and-coming sub-market.

Home PricesThe latest data from Fiserv Case Shiller shows that national home prices are expected to grow at an annualized rate of 3.2% between 2011 and Q2 2016. BusinessInsider.com combed through Fiserv’s data and picked the best housing markets for the next five years…  Madera ranks No. 3 out of 15 on the list with anticipated annualized growth from 2011 – 2016 of +10.4%.

Multi-familyNew high-end apartments finally return to Fresno with an apartment complex called The Shires. The Penstar Group, a real estate development and construction company in Fresno, recently broke ground on the project and is looking to accommodate pent-up demand now that local rent rates have leveled off.

New Office Location! The Land Advisors’ Fresno office has relocated to 759 W. Alluvial Avenue, Suite 103, Fresno, CA 93711.  The new office phone number is: (559) 549-6326.  Stop by and say Hello!

Source: Mark Utman, Marketing Consultant, mobile: (949) 533-8284

Fresno?… Fres-YES! Permits, Pigskins & Progress

  • New home sales in Fresno and Madera Counties are still slumping www.ksee24.com
  • City of Fresno & City of Clovis together have 2,200 vacant finished lots.
  • Central San Joaquin Valley Single Family Permits pulled YTD = about 760
  • Foreclosures are down – www.thebusinessjournal.com
  • Fresno County unemployment is still hovering around 17%
  • One public homebuilder made the most notable lot purchase in 2011 – $85,000 per finished lot in a highly desirable area of Clovis
  • This month, the City of Sanger (15 minutes west of Fresno) eliminates development fees for new home construction. www.ksee24.com
  • 3Q 2011 – Land Advisors sold 17 acres in Clovis and 112 partially improved lots in Fresno.  Both were bank REO transactions.
  • Although many REOs sold to investors in 2011, there are still opportunities for investors to buy distressed lots/land.
  • Earlier this year Bonadelle Neighborhoods broke ground on the Brighton Master Plan. The first neighborhood will have 161 lots.  First home closing is scheduled around Thanksgiving. 
  • This summer Wilson Homes began construction on Herndon Avenue, building their new plan called “elev8ions” elev8ions.com
  • Last Saturday Fresno State Bulldogs traveled to Cal Berkeley… unfortunately the “Dogs” lost 36-21.  Next game is this Saturday at Nebraska.

Source: Mark Utman, Marketing Consultant (559) 449-4500 x127