KB Home plans four Inland Empire developments
Los Angeles builder KB Home will open four new developments in the Inland Empire next week, another sign that the hard-hit region is rapidly becoming a home-building hot spot again.
The builder said Friday that it would open new developments in Chino, Ontario, Temecula and Perris. It has more than a dozen developments already selling homes in Riverside and San Bernardino counties.
The region east of Los Angeles and Orange counties still sees foreclosures and suffers from high unemployment compared with the rest of the nation. But housing has rebounded significantly in the area as investors have emerged in force to scoop up the most cheaply priced homes.
That has pushed home values up. The median home price in Riverside County in June rose to hit $269,250, up 30.4% from June 2012. At the same time, the median home price in San Bernardino County rose to $204,000, up 29.1%.
The rise in prices and decline in inventory has created demand, and homebuilders are capitalizing on it.
“There isn’t much resale for people to get interested in,” said Steve Ruffner, KB Home Southern California division president. “New housing has definitely picked up in all of these markets, and that is why we are really excited.”
The Parkside Community in Ontario is to be a gated community featuring a recreation center with pools and walking trails. Homes in the Ontario community will range in size from 1,865 to 2,965 square feet. The homes are to be priced from $415,000 to $523,880.
The Cantata at the Preserve in Chino is a master-planned community with a private recreation center that will include a gym, pool, movie theater, ballroom and two spas. Homes there will range in size from 2,880 to 3,097 square feet and are to be priced from $424,880 to $523,880.
The Pinnacle at Roripaugh Ranch in Temecula will also be within a gated, master-planned community. Homes there are to be priced from $404,000 to $497,990.
The fourth home community, in Perris, will be called the Sequoia at Monument Park. Homes there are to be priced from $284,990 to $312,990.
The company will also open its Gibraltar development in the city of Lancaster, where homes are to be priced between $274,990 to $327,990.
All the home developments will host grand opening parties Saturday. The company expects 436 homes to be built out of the five projects with all of them selling within about a year, Ruffner said.
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