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Simi new home development booming
As most southern Californians know, the real estate market is sizzling. Great for sellers who benefit from cashing out, moving up or moving out of the golden state, but difficult for homebuyers who are faced with sticker shock when they discover that even modest track homes are priced at $500,000 and above. According to DataQuick Real Estate News, the median sales price for Ventura County single family homes in February reached $460,000. The inventory shortages and historically low mortgage rates continue to push prices higher, putting the squeeze on cash-strapped buyers—especially young, first time buyers. Simi Valley is riding the booming resale tide just like other Ventura County communities, but the city has something to offer that most others do not: a strong inventory of new housing. Many Ventura County communities are either built out, or have low housing starts, but not Simi Valley. Numerous single family and multi-family complexes are springing up throughout the city, officials say. "The Crest at Wild Horse Canyon" (WildHorseCanyonHomes.com) is a planned community offering 222 homes north of the 118 Freeway at the top of Yosemite Avenue. Models will be open for viewing this summer. Five architectural styles will be offered at The Crest, with floor plans ranging from 2,971 to 3,858 square feet. The homes will afford views of the Simi Valley hills, but some will overlook the Simi Valley Golf Course. Special features include great rooms, bonus rooms, wine storage, libraries, tech centers and more. A representative from the development said the home prices have yet to be determined. Lot sizes are expected to be about a quarter acre, he said. The Big Sky development by Shea Homes will offer nine different neighborhoods with over 30 floor plans. The homes will be located north of the 118 Freeway on Erringer Road. According to the developer’s website, bigskysimi.com, several architectural styles will be offered, including Spanish Colonial, Craftsman and Country Cottage. The development currently is in the grading phase, but a visitor center is expected to open sometime this spring. Homebuilder Haven-Homes also has been active in the city. A 21-home development called "The Arbors," located on Yosemite Avenue and Katherine Street, sold out in three months, according to sales agent Marie Bowyer. The homes were priced from the low to high $500,000 range. "The Enclave" by Haven is being offered in five phases. Phase three is open, with prices starting in the high $700,000 range. The Enclave is located within the master planned community of Hidden Oaks at Los Angeles Avenue and Hidden Ranch Drive. The homes range from 3,122 to 4,444 square feet. Also in the Hidden Oaks foothill community is the Auburn and Emerald Point homes. These developments are completed and available for sale. "We have a population of 118,000 with a growth limit of 142,000, if we ever reach that," said Brian Gabler, Simi Valley’s director of economic development. "It’s a very busy market, and there’s a problem with inventory. There’s (just) not enough on the market." The city has favored the construction of new homes to help ease the shortage. Simi Valley’s multi-family housing construction is booming as well. • Parker Ranch is a 190 single-family home development south of the Metrolink Station, but the development includes 350 apartments. • Senior apartments have been built near the Civic Center at 2970 Tapo Canyon. • Two condominium projects are under construction, including one at Tapo Canyon and Alamo and the other at Sycamore Drive and the 118 Freeway. • The Runkle Ranch property owned by GreenPark Management LLC is a 1,600-acre site located in southern Simi Valley and it includes a plan that will offer 298 single-family homes, 138 senior apartments and 25 estate lots. A neighborhood park and a 217-acre golf course are also planned for the Runkle site. More than 1,000 acres of open space will be protected as part of the project. |
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