(Source: North County Times)
As Southern California’s homebuilders stumble through the wreckage of the worst bust in their industry’s history, investors are collecting the pieces in anticipation of the next boom.
Buyers are snapping up empty expanses as large as 100 acres from developers and builders in San Diego and Riverside counties who were caught wrong-footed when housing demand began to slow in 2005. The prices are typically half or less of what was initially loaned on the properties in the first half of the decade, and many are the product of bankruptcy or foreclosure.
But now developers are arriving with plans to subdivide, install utilities and sell to builders. In several tracts with finished lots and completed roads, investment funds have recently bought property with the intention to sell directly to builders.
Read Chris Bagley’s full article “REAL ESTATE: Investors pluck deals from housing crash wreckage” in the North County Times (August 30, 2009).