| - |
| In the last 11 months, the resale value of homes sold
in the Palmdale-Lancaster area has increased between
30.8% and 51.2% since November 2003. Median prices ranged
from $187,000 to $363,000 in Palmdale and from $229,000
to $275,000 in Lancaster. |
| - |
| Land sales have picked up for both residential and
commercial ventures. Property with infrastructure in
place is selling for $40,000 to $80,000 an acre,
depending on location. But finding property with
infrastructure - utilities and paved streets - in place
is becoming more of a challenge. "We can keep up
with the infrastructure," Bozigian, a local real
estate broker said. Demand for such property is high and
developers and cities can only prepare lots so fast. It
creates a lot of stress in the real estate market, but
his years of experience in the field help him see the
long view. "It always seems to work out," and
investment in real estate isn't likely to drop off until
interest rates go above 7% to 7.5%, he said. He predicted
2005 will continue the trend toward growth in the real
estate market, partly because the Valley is still
affordable compared to much of the rest of the state. |
| - |
| Home
building permits issued |
| Source:
Construction Industry Research Board 2004 |
| |
Jan.-Nov.'04 |
Jan.-Nov.'03 |
%
change |
| Palmdale |
1,184 |
862 |
37.4% |
| Lancaster |
1,599 |
849 |
88.3% |
| Unincorporated |
457 |
278 |
64.4% |
| Total |
2,492 |
1,597 |
56% |
|
|
| Value*
of home building permits |
| *Dollar
amounts in $1,000s |
| |
Jan.-Nov.'04 |
Jan.-Nov.'03 |
%
change |
| Palmdale |
$263,608 |
$167,463 |
57.4% |
| Lancaster |
$302,084 |
$138,258 |
118.5% |
| Unincorporated |
$104,813 |
$64,378 |
62.8% |
| Total |
$670,505 |
$370,099 |
81.2% |
|
|
|
| Source: Construction Industry Research Board
2004 |
| |
 |