This has been discussed before but I just went to do a very preliminary search for a client looking in about the $3-$4 range, with a preference for “newer” construction, more than an acre and in the North Street-to Round Hill – to Merritt Parkway zone. There.Is. Nothing.
Really – three houses built 2001 or later, none of which I’m wild about, and all away from the so-called golden triangle area. And that’s it – even eliminating the built-by parameter there isn’t much but everything built in the past ten years has sold and, presumably because the crash cut off their credit, little has been built.
Builders have been rushing into Riverside to build $3.4 million homes but I’ve said before and I’ll say it again now, you guys are chasing yesterday’s news. You want to get ahead of the curve go buy some one and two acre lots and start building $3.5 homes in the mid-country. Your competitors in Riverside will be sitting on unsold inventory while you’re signing contracts with buyers.
Which is bound to be an improvement over 2010.