People are clamoring for more on the La Costa Town Square:
Arterro is the name of the Davidson tract. From their website:
Located off Rancho Santa Fe Road just east of La Costa Avenue, Arterro is a 22-acre residential element of La Costa Town Square, a planned 285,000-square-foot shopping center being developed by the Safeway division on 83 acres.
“A big plus for our homeowners is the ability to walk to several markets and other specialty services,” said Davidson, who noted that the anchor tenant is a 60,000 square foot Von’s store. La Costa Town Square is scheduled to open in mid-2014.
The new homes being sold in Carmel Valley are about the best thing that could happen for the resale market.
Buyers get to secure their place on ’the list’, and use it as a marker for resale comparisons over the next 3-6 months while waiting for their number to come up.
But it’s a long wait – if you are selected to purchase in the latest phase, then closings are scheduled for June, 2014. Resales offer occupancy months earlier, and for anxious buyers that is a big plus. Just the certainty of buying now vs. maybe-late-2014-or-2015 is worth something – probably 5% to 10%.
Pardee benefits too; they sell every house before they break ground, and can raise the prices steadily along the way:
The two big Pardee tracts in Carmel Valley haven’t disrupted the resale market – instead, with deliveries being so far out, they have probably helped resales which have a more-immediate occupancy.
Leucadia might be different - Shea is building enough new mid-range homes that the resale market might feel it next year.
At this location off Vulcan, Shea is building 39 houses from 2,520sf to 3,041 sf (which hopefully should start under $1,000,000), and 30 townhouses from 1,276sf to 1,575sf. They decided not to use my suggested Train Track Estates:
Build up or increase density — those are the options for San Diego real estate professionals who are trying to figure out how to accommodate a growing population with land that’s about 95 percent built.
One of the biggest challenges is the community’s perception that more traffic is instantly bad, regardless of how it flows, said Robert Little, vice president of development at Kilroy Realty.
Kilroy Realty is seeking approval for its One Paseo project in Carmel Valley, a mixed-use, vertically integrated project with office, hotel, retail and residential uses.
One Paseo decision postponed – see VOSD articlehere.
Little and other local professionals participated in a panel on building vertical at the ULI Spring Meeting last week.
“It is a challenge. Any sort of change in a small community is a challenge,” said Kathleen Garcia, planning and community development director in the city of Del Mar.
Garcia faces restrictions in Del Mar that limit buildings to 14 feet in height downtown and 16 feet in residential areas. The density in Del Mar is created by building basements, she said.
“The right amount of density is very different for every single community,” Garcia said.
Hat tip to ocrenter who sent this in from Bloomberg – a prototype new home that generates its own energy that they think they can sell for around $250,000:
The youtube remarks are somewhat critical of the idea – you still have to purchase the natural gas to run the ‘powercell’, so can you sell enough excess electricity back to the grid to cover?
They talk about systems, but didn’t flat out say that these are modular homes. They show the prototype house being stick-built towards the end of the video, but isn’t the natural progression to build the houses off-site and deliver?
This is the full tour of the ADM 6,235 sf Plan 4 model home, without all the people around.
The staff recognizes that this is the Big Kahuna, the pinnacle of many careers to bring this tract to market. Those selling it will never have another opportunity like this, and expect to take three years to sell the 107 houses and 29 homesites.
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