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Saturday, July 13, 2013

LA Times: The Housing Rebound in Orange County

by Calculated Risk on 7/13/2013 05:54:00 PM

It takes time to ramp up, and it appears the home builders are getting ready for more sales in Orange County ... from Alejandro Lazo at the LA Times: O.C.'s Rancho Mission Viejo reflects rebound of housing market

New construction across the region has taken off this year. Builders began work on some 2,944 homes during the first three months of the year throughout Ventura, Los Angeles, Orange, Riverside and San Bernardino counties.

That's a 7% increase from the previous quarter and nearly double the pace from the 1,513 homes started during the first three months of 2012, according to Metrostudy.

... the "village" of Sendero in south Orange County offers a pristine view of the new building boom. ... The development — which will total about a thousand new homes on 690 acres when finished — shows the degree to which big builders are confident that real estate has stabilized.

Sendero is the first leg of a project that has been long in the works, called Rancho Mission Viejo. Developers expect 14,000 homes will go up in this massive, master-planned community over the next two decades.
Other big home developments are in the works. Luxury builder Toll Bros. last year snapped up a big chunk of land in south Orange County and is partnering with Shea Homes to construct more than 2,000 homes and apartments.

Building is underway on what will total 726 single-family homes and detached condominium units in Pavilion Park, the first part of the Great Park Neighborhoods development in Irvine.