Home Front

A blog about the economy and the Sacramento-area real estate market.

May 28, 2010
Elk Grove: A new small sign of rebalancing the housing market
SUNDAY UPDATE: Here is the full story that ran in this morning's Sacramento Bee, plus a lot of spirited commentary from readers who wonder why we need more new houses in this economy and whether this really is a sign of things getting better.

Thumbnail image for Thumbnail image for mad2.jpgEverywhere, we are looking for those small signs that say the housing market is slowly rebalancing. This Sunday we'll show you new evidence from Elk Grove's Madeira community, formerly called Laguna Ridge. There a handful of builders have bought hundreds of finished and repossessed lots for as low as $40,000 each. Above, crews in Elk Grove are building new homes for Newport Beach-based William Lyon Homes.

Same below: More William Lyon Homes under construction. It's been awhile since we've seen many of these scenes:


mad3.jpg    At the height of the boom those lots cost $200,000, meaning a builder could only build the most expensive humongous house possible.

Now with land prices low they can price lower - $290,000 to $320,000 in the case of The New Home Co. That's the spot where analysts say builders can compete with foreclosures.

So Sunday brings a new Road to Recovery story - about new faces in the building scene,new land prices and a new look at a 1,900-acre development nearly left for dead in the housing crash. 

Here's a roofer finishing up a New Home Co. model home to open in June:

mad1.jpg And below: a picture of human-friendly infrastructure already in place in Madeira:


mad5.jpg Home Front Photos


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