Whittlesey Has Struck Gold Selling Inland Real Estate

With land prices escalating in Orange and Los Angeles counties, Whittlesey Doyle Inc.’s business is growing in the Inland Empire.

Over the past month, the Irvine-based land brokerage said it sold more than 1,500 lots in Chino and Corona, roughly valued at $45 million. “What’s happening is with the ratcheting up of land and housing prices, you see more development in the Inland Empire,” said Les Whittlesey, the firm’s co-owner.

Three years ago in Orange County, for example, a vacant, 6,000-square-foot parcel in San Juan Capistrano sold for $125,000, he said. A year ago, the same property fetched $175,000. Today, the asking price is $200,000.

“That’s pretty dramatic, isn’t it?” Whittlesey added. “But back then, no one had the confidence in the market they do today.”

Economics has made moving to outlying areas more attractive, partly because of lower housing costs, an improving highway system and more job growth. As a result, Whittlesey said, the company’s focus largely has shifted to Riverside and San Bernardino counties. Transactions in these areas now account for 80% of the firm’s business, up from 25% just two years ago, he said.