Sacramento Business Journal
From the article:
About 50 unimproved lots in an unincorporated part of Sacramento County are now available, eight years after the original builder decided not to pursue a homebuilding project on them.
The Sienna lots, near the northeast intersection of Elk Grove/Florin Road and Calvine Road, are ready for construction once a builder pulls permits, said Jim Radler, senior marketing consultant at Land Advisors Organization.
Originally, Ryland Homes planned to build on the lots during the region’s boom in home construction around 2005, but the company held off as the market turned south. Radler said Ethan Conrad Properties acquired the lots around 2007, as Ryland pulled out of the Sacramento market entirely.
“He’s been holding onto it ever since, waiting for the rebound,” Radler said. “We finally have a rebound.”
In recent months, tight inventory and low interest rates have sent housing prices shooting upward, so builder interest in the lots should be strong, Radler said.
“They’re building at a pretty good clip, so there’s a real need for lots to build on,” he said. Earlier this month, Radler’s company handled the sale of 79 lots in the Natoma Valley subdivision in northeast Folsom to Texas builder D.R. Horton.