Builders snap up lots in Sacramento, Rancho Cordova

Builders snap up lots in Sacramento, Rancho Cordova

Apr 8, 2013
Ben van der Meer
Staff Writer-Sacramento Business Journal

Builders have snapped up a series of undeveloped lots in Sacramento and Placer counties, with the senior marketing consultant at Land Advisors Organization saying as with built homes, the distressed sales are just about gone.

Jim Radler oversaw sales of 24 semi-finished lots in Sacramento, 83 finished and semi-finished lots in Rancho Cordova, and 301 unimproved lots in Rancho Cordova.

Two of those sales involved tracts banks owned after a developer or builder couldn’t keep up on payments, he said. But such sales are becoming increasingly rare, he said, as land values have surged upward again.

“The distress is out of the market,” he said, adding one of the Rancho Cordova sales had more to do with a recent fee decrease in that city. “All of a sudden, you’ve got land residuals,” he said.

But nondistressed sales are also hot, said Ryan Long, an account manager with Land Advisors who oversaw 78 unimproved lots being sold in Placer County near Roseville.

Standard Pacific, who bought those lots, wants to build right away, he said.

“They’ve got an approved tentative map, and a few small engineering things,” he said. “They’ll be up and going in about 60 to 90 days.”