RESIDENTIAL REAL ESTATE : Foothill Ranch Co. Sells Off 256 Lots in Planned Community
Folks at Foothill Ranch Co. are breathing a little easier these days. After months of recession-bred inactivity in the raw-land market, the developer of the 2,743-acre planned community has opened escrow on 256 lots.
The lots are being purchased by John Laing Homes, the U.S. arm of England’s largest builder, John Laing PLC, founded in London in 1847.
Laing Homes, which opened its offices in Laguna Hills in 1985, plans to build affordable condominiums on the Foothill property, said Terry Neale, Laing’s vice president for land acquisition.
Firm pricing has not yet been established, but units are expected to sell in the low- to mid-$100,000s. The land sale is contingent on Laing receiving all of the appropriate county permits and is expected to close in September or October, Neale said.
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