281 FULLY ENTITLED RESIDENTIAL PAPER LOTS

Transcription

1 I 281 FULLY ENTITLED RESIDENTIAL PAPER LOTS Subject Site VTTM SFR Lots Legacy Homes Olympian Hills Coming Soon Del Webb Four Seasons Active Adult Community Regent Land Investment, LLC Thorner Elementary VTTM LOTS AC Triana City in the Hills VTTM LOTS AC VTTM LOTS AC Juliana s Garden, LLC

2 II TABLE OF CONTENTS Opportunity Overview Executive Summary VTTM 6191 Aerial Maps & Landmarks New Home Communities III IV V VI & VII Park & Trails Map VIII Market Analysis Macro Market Overview Regional Overview City of Bakersfield Fast Facts IX X Disclosures Contact Information DRE Corp. Number XI

3 III EXECUTIVE SUMMARY Project Description Approved VTTM 6191 which includes 281 Single Family Lots on approximately +/ acres in Northeast Bakersfield. Location The Property is generally located on SWC of Paladino Dr. and Morning Dr. Municipality City of Bakersfield, County of Kern Owner of Record Vander Weerd Investments, LP Assessor Parcel Numbers Acres Gross Acres Lot Count / Size The Subject site consists of 281 Fully Entitled Residential Paper Lots: Tract No. No. of Lots Approx. Acreage # Of Phases Asking Price Submit Offers Entitlements The Subject property is currently zoned R-1 with Approved Vesting Tentative Tract Map 6191 (281 Fully Entitled Lots). Property Condition The subject site is currently in rough graded condition. The Buyer will be responsible for making all necessary improvements. Topography The subject site is relatively flat. Homeowners Association A HOA is planned for the property currently to maintain landscaping and local parks. Tax Information Landstone recommends obtaining and reviewing a current title report in order to determine the exact status of current and back property taxes owed on the property Cost to Complete The estimated cost to complete is to be determined during Buyer s Feasibility.

4 IV TRACT 6191 Location Property is generally located on the South West Corner of Paladino Drive And Morning Drive in Bakersfield, CA County of Kern. Lots PHASE VI 47 LOTS 10,100 SF LOTS PHASE IV 43 LOTS 10,100 SF LOTS 281 Single Family Residential Lots On Acres Schools Thorner Elementary School Compton Junior High School Highland High School Utilities Gas/Electric: Pacific Gas & Electric company (800) Telephone: SBC Communications (800) Sewer: City of Bakersfield (661) Water: California Water Service Company (661) PHASE VII 34 LOTS 7,300 SF LOTS PHASE V 34 LOTS 7,300 SF LOTS PHASE I 46 LOTS 10,100 SF LOTS PHASE III 37 LOTS 7,300 SF LOTS PHASE II 41 LOTS 7,300 SF LOTS Phase # Lot Count Lot Size (SF) Phase I 46 10,100 Phase II 41 7,300 Phase III 37 7,300 Phase IV 43 10,100 Phase V 34 7,300 Phase VI 47 10,100 Phase VII 34 7,300 Total 282 Note: 281 buildable lots and 1 lot is a retention lot

5 V AERIAL MAP - LANDMARKS Bakersfield College Subject Site Tract 6191 City In the Hills Thorner Elementary School Highland High School East High School

6 NEW HOME COMMUNITIES Triana City In The Hills Location : Bakersfield, CA Total Planned: N/A Total Sold: SOLD OUT Will be completely built out in Aug Tax Rate: 1.4% Avg. Monthly Sales: SOLD OUT Features / Site Amenities: Single Family Residential 3 different home plans Located in East Bakersfield Single & Two Story Product Community Park HOA & Mello Roos Tax Floor Plan Stories List Price Bed Bath Sq.Ft. Residence 1 1 Residence 2 2 From $186, From $196, Residence 3 2 From $216, Source: VI

7 VII NEW HOME COMMUNITIES Coming Soon : 2014 Olympian Hills By: Legacy Homes Olympian Hills Location : Bakersfield, CA 110 Single Family Lots Price : TBD Thorner Elementary

8 NORTHEAST BAKERSFIELD PARKS & TRAILS Highlights Development is just a few miles from Kern River, which many Bakersfield Residents enjoy, rafting, jet skiing & many other white water adventures. Nearby Kern County Soccer Park is just over the mountain which is home to 24 soccer fields. Popular Hart Park which is just miles away consists of: - two lakes of 10 acres with trout, catfish, bass fishing - wildlife habitat: kit fox, possum, raccoon, beaver - playgrounds, restrooms, picnic tables and grills. SITE Hart Memorial Park Kern River Source: VIII

9 MACRO MARKET UPDATE The Bakersfield housing market has seen significant recovery over the past 12 months, outpacing the housing recovery in California as a whole. Steady employment growth, tight home sale inventory, near record homebuyer affordability and a significant decline in foreclosure activity supported 13% year-overyear home price increases, with an additional 31% increase in home prices forecasted by 2016/2017. Employment Growth Will Hold Steady Per JBREC in the April 2013 Metro Analysis & Forecast for Bakersfield, the current annual job growth is at 5,300 net new jobs, with forecasted future job growth to range from 5,500 to 6,100 jobs per year from , due largely to the a strong energy and agricultural economy. Demand Continues to Outpace Supply by a Wide Margin The employment growth-to-permit ratio ( E/P ) has increased well above the standard equilibrium level of 1.2 in nearly all markets, with the E/P ratio in Bakersfield at 2.7 currently. In 2013, nearly three jobs will be created for every new building permit, with the E/P ratio in Bakersfield not returning to equilibrium levels until 2016/2017 per JBREC. Home Prices Will Continue to Appreciate Steadily Over the Next Few Years The Burns Home Value Index, a measure of value appreciation across all homes in a given market, increased by 13.0% year-over-year and is expected to increase by a cumulative additional 31% increase from present to December In addition, current home purchase affordability indicates a deeply under-priced local market. The Burns Affordability Index is presently a very low 0.9 in Bakersfield on a scale of 0.0 to 10.0, with 5.0 representing equilibrium affordability conditions. Significant Decline in Foreclosures, Pre-Foreclosures and REO Saturation Rates According to the local Crabtree Report, the number of foreclosures declined by 49.2% from May 2012 to May 2013, and the REO Saturation Rate (the % of REO sales to total sales) declined from 24.0% of total sales in May 2012 to 8.2% of total sales in May The shadow inventory of homes in pre-foreclosure activity also declined dramatically over the past 12 months, with Notices of Default, Notices of Trustee Sales and Trustee s Deed per Crabtree showing year-over-year declines of -60.8%, -58.0% and -53.8%, respectively. Sources: John Burns Real Estate Consulting ( JBREC ) Metro Analysis & Forecast April 2013; The Crabtree Report ( Crabtree ) May 2013 IX

10 X BAKERSFIELD FACTS Economy: Bakersfield is centered around many different industries including Agriculture, Healthcare, Oil, Government and Distribution which are just a few industries that are contributing to one of the fastest growing economies and regions in the nation. Taxes: State Sales Tax 8.25 percent City Sales Tax none Hotel Tax (city) 12 percent Hotel Tax (county) 6 percent General Information: 9 th most populous city in California Population increased 40% from 2000 and 2011 County is the 4 th largest agricultural producing county in the U.S. Within a four hour drive of 90% of California s population. 5,400 hotel rooms, from quaint to full service. Pro Sports ice hockey, baseball, auto racing Bakersfield is home of the largest carrot-producing operations in the world Grimmway Farms and Bolthouse Farms. Kern River Parkway includes 6,000 + acres of trails, parks and waterways. Population: Metro Bakersfield 504,900 City of Bakersfield 347,483 Kern County 839,631 City Facts: Bakersfield is 113 miles north of Los Angeles, 291 miles south of San Francisco and 148 miles east of Pismo Beach. School system includes twenty-five (25) high schools, one junior college, and one state university. Major Employers in Kern County: 1. Edwards Air Force Base 2. County of Kern 3. China Lake Naval Weapon Center 4. Giumarra Farms 5. Grimmway Farms 6. Wm. Bolthouse Farms, Inc 7. Bakersfield Memorial Hospital 8. City of Bakersfield 9. Bear Creek Productions 10. Mercy Hospital 11. ARB, Inc 12. Kern Medical Center 13. State Farm Insurance 14. Sun World 15. Chevron

11 XI EXCLUSIVELY REPRESENTED BY: Matthew P. Wade Mark J. Windes Michael D. Jordan DRE# DRE# DRE# President Vice President Executive VP Business Development 4927 Calloway Drive Suite Calloway Drive Suite Wright Place, Suite 200 Bakersfield, CA Bakersfield, CA Carlsbad, CA Cell: (661) Cell: (661) Cell: (858)