Inventory Scarcity On Its Way Out in Huntington Beach
The residential real estate 'inventory crunch' is coming to an end in Huntington Beach, as revealed by the Acting Manager of the Huntington Beach Planning Department Jane James. Building permit issuance has reached a five year high nationwide, and there are many different local examples indicated by the Acting Manager. While this means a narrowing of an ideal seller window, it further adds urgency to sellers who wish to take part in more of a buyer's market free from inventory pressures as more inventory is both literally built and pressure is added to release 'shadow inventory' (a semi-mythological set of homes held on to by investors and/or banks attempting to further mitigate their losses by hypothetically waiting for a more ideal market, worthy of discussion in a later blog). Buyers will only continue to make further gains as more homes are built and released. Huntington Beach's home development projects already in process are shaping up to create a residential real estate 'perfect storm' for buyer's and sellers. In Huntington Beach, now is definitely time to get back in to the real estate game.
Among the many projects in the works, enough to cover through the summer, I'd like to point out some of the more interesting ones (to me) first. One of the few genuinely tall buildings in the whole of Huntington Beach, the tall office building at the (Southwest) corner of Beach and Warner is a distinctly noticeable part of the Surf City landscape. Freeway close and yet close enough to the beach, the centrally located office building and neighboring gym and restaurants have weathered the many recent economic storms relatively well, with more positive changes coming as plans have been submitted to expand the property to include 272 apartments and more commercial space included. The expansion of this property is an exciting real estate 'booster shot' for the surrounding Huntington Beach community.
Two former school sites are currently in litigation with neighboring communities for development into single family residences. The former Lamb School located north of Yorktown and between Brookhurst & Ward, plans have been submitted for 81 single family homes. The former Wardlow School site located east of Magnolia between Adams and Yorktown, plans have been submitted for 49 single family homes. New homes, new buyers, inspired sellers, all coalescing into a symphony of residential opportunity.
Find out what this can mean for you as a Huntington Beach homeowner, or future Huntington Beach homeowner, contact me and find your place in the emerging and unique market ahead!
Sylvia Harsin
714-612-5373
Sylvia@sylviaharsin.com
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