Developer Rancho Mission Viejo has reportedly sold all 2,776 new builds in it’s Orange County Esencia development—exceeding expectations by six months!
Per the O.C. Register, the sales happened so quickly that the developer’s next project, the neighboring Rienda 2,700-home complex, won’t be ready to launch until 2022, leaving the company with no area inventory to move for the remainder of the year.
New builds are increasingly harder to come by in Southern California, with the region currently only processing one-quarter of the lots needed to meet demand. Per new-home tracker Zonda, Los Angeles and Orange County have the thinnest lot inventory in the country.
While new builds can require lots of patience, there is a glimmer of hope on the horizon for those looking to buy brand new. Records show that SoCal builders filed 6,482 permits for single-family homes last quarter—which the O.C. Register notes is the busiest start of a year since 2007.