As seen in Orange Coast Magazine – Style & Home Section – April 2018 Issue
Newport Beach native AJ Whitfield sizes up OC’s new home trends.
Where’s the building happening?
Irvine, Lake Forest, and Rancho Mission Viejo are leading the pack in terms of new home communities, but there’s a lot of in-fill building too. In Costa Mesa and other built-out areas, tri-level homes and denser communities are becoming the norm.
Why increase density?
Affordable inventory is low, so cities are pushing to provide more housing, plus they can increase their property tax revenue. At the same time, developers are dealing with the ever-increasing cost of land. They’re shrinking the amount of outdoor space and increasing the number of units per project as a way to manage profitability.
What’s ahead?
We’ll likely start to see a stall in small-scale, new home projects toward the end of the year. Construction and land costs are up, and interest rate hikes along with changing state and city regulations stand to make building even more expensive.
– AJ Olson Whitfield
Link: https://www.orangecoast.com/magazine/
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