REAL ESTATE
Good-Size Deal: Few are buying land these days in Orange County. With the market for new houses in a bit of a slump, the people who want land often aren’t willing to pay the kind of prices owners demand. And even when they are willing to pay, borrowing the money can be a problem in this credit crunch.
But one good-size deal has just occurred: Akins Communities, a Newport Beach home builder, which just paid $38.4 million for 180 lots in Rancho Santa Margarita. It’s probably the largest land deal in south Orange County in the past year or so, experts say. Construction is expected to begin this month on Akins’ Brisa Ladera project.
For the record:
12:00 a.m. May 25, 1991 For the Record
Los Angeles Times Saturday May 25, 1991 Orange County Edition Business Part D Page 2 Column 6 Financial Desk 1 inches; 32 words Type of Material: Correction
Akins--An item in Friday’s Briefcase column mischaracterized a transaction involving Akins Communities. The company purchased land in Rancho Santa Margarita and anticipates revenue of $38.4 million from its development.
