IE Business Daily Business news for the Inland Empire.
A major U.S. homebuilder has purchased 35 single-family lots in Calimesa.
D.R. Horton Inc. bought the parcels from Highpointe Communities, a land development company in Aliso Viejo, said Tom Doyle, principal with WD Land in Irvine.
The transaction was completed in August and announced last week by WD Land, a land brokerage company that represented both sides in the negotiations.
Cost of the properties, which are located in JP Ranch, a master-planned community near Interstate 10, was not disclosed.
Ft. Worth-based D.R. Horton, which bills itself as the largest homebuilder in the United States, plans to build one house on each of the lots, each of which covers about 7,000 square feet.
The single-family homes, which will sell for about $300,000 each, are expected to be completed late next spring or early next summer, Doyle said.
“Highpointe owned the land for a few years and it did some amenities,” Doyle said, referring to a basketball court, children’s playground, and a 4,000-square-foot barbecue area. “It’s an attractive property.”
Highpointe has already sold 44 single-family homes nearby ahead of schedule, indicating the housing market in area is strong, according to a WD Land statement.
The Inland housing market, like the Southern California housing market in general, continues to rebound at a snail’s pace.
“It’s been a slow recovery,” Doyle said. “The goal in the Inland Empire is to catch up with the coastal communities. We’re all hoping that 2015 is a better year.”
