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Valencia Update - Madison at Town Center & River Village

By
Real Estate Agent with Realty Executives in Santa Clarita

Greetings everyone,

I wanted to get all of you two updates coming down the real estate grapevine tonight.

1st Update) Newhall Land & Farm is now putting out an estimated month to start presales for their new village, called River Village which is going to be built mostly if not all by Lennar. The month now being talked about is March 2007. I had mentioned in a previous Blog and email, that there will likely be a Mello Roos tax assessment for this community. The Saugus Union School District will be meeting in Jan 07 to discuss forming the Community Facilities District (CFD) necessary in order to levy such a tax that will in turn bring in revenue to expand Emblem Elementary. When the date gets solidified for sales, and preliminary floor plans are released - you will be the first to know.                     

 2nd Update) On a much more interesting note, Lennar's other project, the condo conversion sales of Madison at Valencia Town Center is now on HOLD. WOW! After several price decreased, slow sales, and the pending Holidays,  they have announced that no further phases will be released for sale until after the first of the year. Since sales had been sluggish, they started leasing out several units again to draw some revenue in buildings that would not have been released for sale down the line anyway. I don't anticipate this to be a long term suspension of sales, however if they do change their plan, you will be first to know. It has been widely reported that many companies in various states got into the business of buying apartment buildings and converting the units to condos for sale. Many throughout the country have indeed changed their plan and reverted the condo conversion plan back to a rental community due to slowing sales and the rising demand for rental housing.

My personal feeling on this community is that it is a great product, in the right location, just at the wrong "time". While commercial development around the Madison at Valencia Town Center is going to go through an awesome expansion (New Hotel to replace the Greens, new Comedy Club "Comedy Blvd", planned expansion of the Westfield Valencia Town Center, etc), that fact has not created enough buzz to turn out the sales in a satisfactory manner. This will ALWAYS be at the center of town, and always be an ideal location to live for those who prefer the "new found" Valencia nightlife, and or simply like to walk to a great bookstore, dinner, and a movie. Eventually, these will sell, and I feel will be one of the best selling condo communities in Valencia. The HOA fees are very high @ $394, I'd like those lower...but we'll see what happens. More communities like The Madison will be popping up in different forms and parts of Valencia/Newhall Ranch, but none with as good of a location and in the thick of things - hence my optimism. -

Robert Mickalson

Visit me at www.TheScvAgent.com, search the MLS like a pro too! Its FREE & there is no registration!

Contact me anytime @ 661 219 2260

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Comments (2)

Scott Gormley
Oak Valley Mortgage-California Home Loans and Refinancing - Chico, CA

Hey Robert,

Thanks for the update! It's great to hear about things that are going on throughout the state of California :)

Feel free to contact me if you need help with clients for home loan financing! All that I ask for is the opportunity to compete...

Happy Holidays,

Scott

Dec 15, 2006 09:03 PM
Martin Rodriguez
Pacific Funding - Valencia, CA
Senior Loan Consultant

Robert

Nice post on our community.  I agree that the Madison project was a victim of bad timing.  Perhaps the town center expansion projects will help get Madison back on track.  Unfortunately I think this project still has a few more dark days ahead of it.  Just recently, I heard that several condo owners filed lawsuits because they can't get out of their condo.  They can't sell, can't refi.  They're stuck with a dead property. 

I'm guessing that Lennar will settle by buying these back from the homeowners and then revisit the plans for the project.  I guess the jury is still out..

I'll keep an eye on your post for the next update. 

Its a good life.
Martin

Mar 01, 2007 06:25 PM