It was reported in the Global Real Estate Monitor today that "The apartment sector is the only sector within the commercial real estate industry where development makes sense, according to industry experts." This is exciting news for those looking to buy or build apartments in Corona, California. An affluent community that hasn't seen large-scale development of new units in nearly a decade, and with higher than average median home prices, this spells opportunity for developers, builders, and investors!
The Global Real Estate Monitor went on to address the unit demand by stating, "While demand alone isn't enough to compel new development, apartment developers, and operators also are encouraged by strong operating fundamentals. Across the nation, occupancy in the apartment sector is increasing, enough so that owners are able to push rents - something that owners in other sectors find difficult, if not impossible to do." Clearly with a community uniquely positioned geographically between jobs in Los Angeles area, Orange County and western Riverside County, Corona is a place that offers higher than average demand for units quality units. More importantly, the demand for new and well designed units is stronger than ever as the current - and very limited - inventory continues to age and many existing units going offline as condo conversions in the last growth cycle. I believe this article demonstrates that best with this quote from an industry expert, "From a big picture standpoint, if you look at the total numbers, the units delivered nationwide last year represented a post WWII low," Wallis says. "When you consider obsolescence and those units taken offline, that's a pretty low number. We went into the downturn without an oversupply, and the pipeline has virtually been shut off." [Read the full Global Real Estate Monitor Story]
With the economy in Corona continuing to grow and new housing under construction, now is the time to look for those unique development opportunities in the multi-family or attached family market. To that end, the perfect project is the in highly-awarded community of Dos Lagos. Corona's Dos Lagos project is a master-planned, mixed-use development that balances nature and community. The 534-acre project combines a mix of residential uses with upscale shopping, dining, entertainment, live-work lofts, business and resort hotels, an 18-hole championship golf course, and office space centered around two signature lakes, the namesakes of Dos Lagos.
I invite you to view this unique development opportunity in the award winning project Dos Lagos master-planned community. This development opportunity offers you the ability to build up-to 150 multi-family units in the wonderful city of Corona. The following web site offers more details on the property being offered and community: www.DosLagosLand.com
Keller Williams Real Estate
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