Land transformation about to occur in real estate

by KW Calabasas on General October 4th has no comments yet!

As California’s residential real estate industry leaders heard predictions for 1.3 percent growth in 2013 in Anaheim yesterday, a panel of commercial developers who gathered in Ontario told the local chapter of the Urban Land Institute that blueprints are being unfurled for major new home projects.
And predictions are the gains in e-commerce and multi-modal shipping from the ports of Long Beach and Los Angeles will boost development of mega-size logistics buildings in the Inland area.

John Shumway, of the Concord Group, said small incremental steps are being taken at this time to lay the foundation for a significant growth spurt in 2014 and 2015.
“The market has shifted,” said Iddo Benzeevi, president and chief executive of Highland Fairview Properties in Moreno Valley Valley. “With retailers getting larger, companies like Walmart doing more than $1 billion in sales a day, demand for large-scale buildings will be strong. You will see rents go up…and the strength of the logistics market should add to jobs, and multi-family housing.”
David Bartlett, vice president of land development for Brookfield Homes in Costa Mesa, and Randall Lewis, executive vice president and principal with Lewis Operating Corp. in Upland, said multi-family rental projects are coming on strong, but families haven’t abandoned the American dream to own their own home.
Lewis concurred that e-commerce is reshaping the retail landscape, and predicted that there may be a push to rezone land form retail or high-rise back to uses that bring about better housing or job-generating business and industrial parks.
“The housing market, I believe, whether its in 2014 or 2015 will boom again,” Lewis said. “Property prices will go up, and people who’ve been holding onto land will say, now’s the time” to build homes again.
Bartlett said Brookfield is already prepping for tomorrow.
“We’re selling lots to builders: The tide is rising here. There are certain pockets where we still have some of those inherent problems, but I think the fundamental of land are back in place…You’re going to see more developers putting money in the ground, and we’re going to start seeing home sales.”

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