Welcome to today’s roundup of the latest news in the housing market. In California, Accessory Dwelling Units (ADUs) have surged in popularity as an alternative housing solution amidst rising home prices. A recent study by the California Department of Finance reveals that ADUs accounted for 20% of new home construction in 2023, doubling from the previous year. Meanwhile, Toll Brothers, the nation’s leading builder of luxury homes, has announced its newest community, 568 West, coming soon to Atlanta’s West Midtown neighborhood. The community will offer exquisite townhomes with private rooftop terraces and easy access to shopping, dining, and entertainment. Additionally, New Home Co. is making a major investment in Eastvale, California, transforming 159 acres into a thoughtfully designed master-planned residential community. Lastly, Landsea Homes has begun construction on 44 townhomes in Anaheim, catering to the demand for affordable housing in the area. Read on to explore these exciting developments shaping the housing market.
ADUs Accounted For 20% Of California’s New Home Construction In 2023
Accessory Dwelling Units (ADUs) have surged in popularity in California. With the median home price reaching $900,000, both citizens and legislators are seeking alternative housing solutions. A California Department of Finance study reveals that ADUs accounted for 20% of new home construction in 2023.
This means one in every five homes built in California last year was an ADU, doubling from 2020 when only one in 10 new homes was an ADU. The newfound popularity of ADUs proves that necessity is the mother of invention. California home prices have been relentlessly marching towards unaffordability for the past several decades, and a lack of inventory is one of the main contributing factors.
While homeowners benefit from rising home values, the $900,000 median price effectively locks out all but the most affluent buyers. Public servants such as teachers, first responders, and government employees in cities like Los Angeles or San Francisco are moving further away from the communities they protect to keep pace. The current high interest rates only limit their buying power even further.
Toll Brothers Announces New Luxury Home Community Coming
ATLANTA, June 06, 2024 (GLOBE NEWSWIRE) — Toll Brothers, Inc. (NYSE: TOL), the nation’s leading builder of luxury homes, today announced its newest community, 568 West, is coming soon to Atlanta’s desirable West Midtown neighborhood. This highly anticipated community will be located at 568 Trabert Avenue in Atlanta, Georgia, and will open for sale in summer 2024.
568 West will offer a collection of 34 new 4-story townhomes with private rooftop terraces and 2-car garages. Home buyers will be able to choose from two exquisite home designs with 2,538+ square feet of luxury living space, each built with the outstanding quality, craftsmanship, and value for which Toll Brothers is known. Homes will be priced from the mid-$700,000s.
“Our newest luxury Toll Brothers townhome community is located in a vibrant urban location in the heart of West Midtown with easy access to the best of Atlanta’s shopping, dining, and entertainment nearby,” said Eric White, Division President of Toll Brothers in Atlanta. “Our homeowners at 568 West will live and entertain in luxury with thoughtfully designed floor plans and sought-after private rooftop terraces.”
Home buyers will enjoy proximity to nearby shopping, dining, arts and entertainment. Recreational destinations, including Westside Reservoir Park, Westside Provisions, Atlantic Station are also close to 568 West. Nearby Mercedes-Benz Stadium hosts live concerts, Atlanta Falcons games, and Atlanta United FC games. Major highways including Interstates 75 and 85 and Georgia Route 400 are easily accessible from 568 West, and Hartsfield-Jackson Atlanta International Airport is only 15 miles away.
Additional Toll Brothers new home communities in the Atlanta area include Beckham Place at Morningside, Eloise at Grant Park, Nolyn Pointe, Park 108, and New Talley Station.
For more information, call 888-686-5542 or visit TollBrothers.com/Georgia.
New Home Co. Makes Major Investment in City of Eastvale | Business Wire
With property entitlements completed and construction well underway, New Home Co. is now transforming 159 acres in the heart of Eastvale, California into the thoughtfully designed master-planned residential infill community of Eastvale Square. The Irvine, California-based homebuilder and land developer anticipates an economic benefit of more than $1 billion through the creation of almost 2,000 homes, in addition to a new city civic center, new police and fire stations, a public library, and hundreds of thousands of square feet of office and lifestyle-focused retail space.
The Eastvale Square residential community will be located next to the first-ever downtown district in Eastvale since incorporating in 2007 and represents the last major residential development opportunity in the city.
The community is taking shape on land purchased by New Home Co. from the family trusts of a local family and reflects the company’s ability to align various interests around adaptative re-use of underutilized land. The masterplan is ideally located immediately west of the Interstate 15 Freeway, providing excellent convenience to commute throughout the Inland Empire and to Orange and Los Angeles counties.
New Home Co. is actively under construction at Eastvale Square and plans to open an on-site Sales Gallery and begin phase one sales across the community’s first five neighborhoods this September.
New Home Co. plans to build all the residential for-sale homes in the community. In addition, it will complete the infrastructure on the mixed-use neighborhoods before selling the sites to an apartment developer. New Home Co. will give 1.2 acres to the City of Eastvale for a new fire station and another 6.2 acres for the city hall, library, police station, and public park. New Home Co. will sell the 11.8-acre commercial core in the master plan to the City of Eastvale.
The city will be responsible for the planning and development of the commercial and civic components, which will become integral parts of the new downtown district for Eastvale.
“Eastvale Square represents a new and progressive vision for the future in Southern California,” said Matthew R. Zaist, CEO of New Home Co. “In terms of local-market share, capital investment, and overall importance to the future of the City of Eastvale, this is the most significant development we’ve ever done. We’re fortunate to have the capital and investment in our homebuilding platform from funds managed by Apollo Global Management, who have been strong supporters of our growth trajectory over the last few years.”
For more information on New Home Co., visit NewHomeCo.com.
New planning tool arrives as California prepares for more accessory dwelling units – HousingWire
A private planning firm in California is launching a new tool to help local governments there prepare for a pending law designed to spur more construction of accessory dwelling units (ADUs). The Berkeley-based Community Planning Collaborative (CPC) will start rolling out its ADU Plans Gallery this month, empowering local governments to meet state laws and local housing goals while assisting residents in finding ADU plans, connecting with designers, and saving time and money on their projects.
All California municipalities are mandated by state law to have a preapproval process for ADU plans by Jan. 1, 2025. The ADU Plans Gallery is the newest offering from CPC through ADUAccelerator.org, which offers services for local governments in the ADU development process. With one of the nation’s most expensive housing markets, California is seeking ways to increase supply. ADUs have become increasingly popular there, and the ADU Plans Gallery aims to streamline the process and accelerate housing construction.
Anaheim getting 44 new townhomes – Orange County Register
Landsea Homes has begun construction on 44 townhomes in Anaheim across the street from a project the homebuilder recently sold out. The Mason community at Lincoln Avenue and Laxore Street will feature three-story townhomes in four floor plans ranging from 772 to 2,007 square feet and two to four bedrooms. Pricing has yet to be determined. Tom Baine, the California division president, highlighted the appeal of living in Anaheim, with its recreation, tourist attractions, shopping, and dining options. Landsea’s previous Nolin community of townhomes sold out quickly, and they anticipate strong interest in Mason as well.
Sales for local homebuilders have faced challenges due to high mortgage rates and a scarcity of land for new home construction. Orange County new home sales declined by 16% in the year ended in March, while across Southern California, builders sold 22% fewer residences in the same period. Despite these challenges, Landsea Homes remains optimistic about the demand for their new townhomes in Anaheim.