AV Sees Double-digit Home Price Gains

This is a reprint of an AV Press Article By: Jim Skeen AV Press PALMDALE - Lancaster and Palmdale neighborhoods saw double-digit home price gains in August, according to a report from CoreLogic. Lancaster's 93534 ZIP code had a median home price of $185,000 in August (57 sales), up 13.3% over the year. Lancaster's 93535 ZIP code had a median home price of $200,000 (98 sales), up 17.6%. Lancaster's 93536 ZIP code had a median price of $300,000 (122 sales), up 10.5%. Palmdale's 93550 ZIP code had a median home price of $220,000 (75 sales) in August, up 13.4% over the year. Palmdale's 93551 ZIP code had a median price of $336,000 (111 sales), up 10.2%. Palmdale's 93552 ZIP code had a median price of $259,000 (65 sales), up 19.4% over the year. Earlier this month, the Greater Antelope Valley Association of Realtors reported there were 517 homes sold in August in the region, a 4% increase over August 2015. Through August, 3,523 homes were sold in the Antelope Valley, down slightly from the 3,535 recorded at this point in 2015. The average selling price of an Antelope Valley home in August was $263,505, up 15% over August 2015. The average selling price of an Antelope Valley home so far this year is $244,038, up 10% from this point in 2015. Of the August transactions, 3% were foreclosures and 2% were short sales. In a separate report, CoreLogic reported there were 23,278 new and existing homes sold in Southern California in August, the highest tally for that month in a decade. The region's sales were up 9.5% over the year. In Los Angeles County, 7,725 new and existing homes were sold, a 5.4% year-over-year increase. The median price of a Southern California home was $465,000 in August, a 6.2% increase over the year. In the county, the median price was $530,000, a 6% increase. "Job growth, low interest rates, household formation and other factors helped drive up activity," said Andrew LePage, an analyst with CoreLogic. "The big picture is that the housing market continues to edge back toward normalcy in the wake of the worst housing bust in modern history." Existing homes in California sold at a seasonally adjusted annualized rate of 420,360 units in August, down 2.2% from a year earlier, according to a report from the California Association of Realtors. August was the sixth straight month of year-over-year sales declines. The median price of an existing, single-family California home in August was $526,580, up 5.8% from August 2015. The association's Unsold Inventory Index, which indicates the number of months needed to sell the supply of homes on the market at the current sales rate dipped from 3.6 months in both July and August 2015 to 3.4 months this August. Nationally, existing homes sold at an annualized pace of 5.33 million in August, down 0.9% from July, but up 0.8% from August 2015, according to a report from the National Association of Realtors. "Healthy labor markets in most the country should be creating a sustained demand for home purchases," said Lawrence Yun, the national association's chief economist. "However, there's no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn't picking up to tame price growth and replace what's being quickly sold." Nationally, the unsold inventory is at a 4.6-month supply. A six- to seven-month supply is considered normal. The median existing-home price for all housing types in August was $240,200, up 5.1% from August 2015 ($228,500). August's price increase marks the 54th consecutive month of year-over-year gains, the association reported. Distressed sales - foreclosures and short sales - accounted for 5% of August transactions, the lowest percentage since the association began tracking that data in October 2008.

Several New Applicant Proposals were recently submitted for Single Family Homes in Lancaster Recently Reviewed.

A Tentative Tract Map has been proposed on 73 acres at the southwest corner of 52nd Street West and Avenue K-8 Request: It is a proposed subdivision of 238 single family lots on R-7000 zoned land. There will be 128 lots within the R-7,000 Zone, 89 lots within the R-10,000 Zone, and 21 lots within the R-15,000 Zone. There is another Tentative Parcel Map for a property west of 55th Street West. The property owners are requesting the subdivision for the property east of 55th Street West into two parcels. The parcel owners wish to create a tract map and then sell the parcels to a developer. Further there is a proposal for 30 gross acres located on the northeast corner of Lancaster Blvd and 37th Street East. The request is for a subdivision of 129 single-family lots in the R-7,000 and R-10,000 Zones Also another 15 acres located on the southeast corner of Avenue K and future 57th Street West by the same firm. The request is for a subdivision of 58 single-family lots in the R-7,000 Zone. Additionally, another 28 acres located on the northwest corner of future 35th Street East and Avenue J into a subdivision of 114 single-family lots of R-7,000 Zoned lots.

BYD’s Electric Bus Expansion in Lancaster and Globally

BYD the electric bus manufacturing company in Lancaster will soon have on the road 60 foot long buses that can travel up to 300 miles on a single charge. This doubles the distance from the prior bus. BYD “Build Your Dreams” has launched into Chicago and New York, as well as, Los Angeles. They have been operating in Lancaster since 2013, and they are on track to deliver 300 news buses this year. Their first year they only produced 50 buses. They will build and deliver a variety of all-electric bus models, including 14 60-foot-long articulated buses that can carry 120 people with a range of up to 200 miles on one charge, 30 commuter coaches and 41 40-foot standard buses. The 40-foot buses cost $660,000, compared with $500,000 for a diesel hybrid according to reports. The company employs about 300 workers currently and may increase to 1000 by 2018. The company has expanded beyond is Long Beach initial bus footprint to Gardena, Greater LA, Denver, Canada, Chicago and New York. Additionally, Silicon Valley has requested commuter buses with coffee bars, video games and more luxury interiors. This is one of a number of areas in Antelope Valley where job growth in growing and showing a long term future foot print.

Land Conservation and Federal Tax Credits for Donating Land for the Benefit of the Community.

If you own land or look to buy certain land than a land conservation land trust maybe a great option. The type of land that may fit this scenario is land for open space, or historically important property. Ideally land in the Antelope Valley in a wildlife habitat area or a water critical area. There are many areas in Antelope Valley where endangered plant and animal species live. If a person owns land that fits these scenarios than a land conservation easement could be done. A land conservation easement is a permanent, legally enforceable agreement between a property owner and a land trust or government entity. The agreement is recorded with the county, so it will ensure the parcel can further serve its conservation purposes in the future. The way it works is that is a person or entity owns conservation land then they contract with one of a thousand local land trusts. If the land trust deems your parcel fits the conservation need and IRS guidelines than the property maybe eligible for future tax breaks. It can also be a portion of your land that fits the conservation such as a river or creek that runs through the parcel. So for example, say you own farmland with an income is $200,000. Part of your land has a river or some conservation value to it. So you donate that easement worth $500,000 (If that is what the appraiser indicates. Then you the farmer, rancher or forester can now deduct the full $200,000 in the year they donated the easement, and their full income in each subsequent year, until the entire $500,000 deduction is reached. Or you can deduct a portion of it over sixteen years until the $500k amount is reached. There also maybe property taxes deducted. But once you donate this land or easement then it is permanent. You can’t undo the land trust and conservation of the land. It is also possible that if your land parcel has endangered species on it like the burrowing owl, kangaroo squirrel, desert tortoise, California poppy’s or other endangered species than a conservation group may wish to buy you land parcel. In many cases developers are forced to buy conservation land in exchange for developing somewhere else. So it you sell or donate your appraised land then you get the tax deduction of the donation value. It is not a bad deal for land owners who find out that their land is only worth the value of the preservation of the land and plant and animal itself. In some cases a tax break is better than selling the land itself.

New Developments and Future Planning in Palmdale

The 47th Pavilion (Avenue R and 47th Street East) Super Target Center America’s Tire is under construction north of the Bank of America. The store will be approximately 7,300 square feet in size. Plaza Vallarta (Avenue R and 47th Street East) O’Reilly Auto Parts is constructing a 7,200 square foot store north of Chase Bank Rancho Vista Boulevard and Town Center Drive WalMart will be constructing a 40,000 square foot market on the north side of Ranch Vista Boulevard, west of Town Center Drive. The market is not a supercenter but it will include grocery. As of April there was a Tentative Tract Map 73143 requesting approval to subdivide a 40 acre parcel into two parcels, a ten acre commercial parcel and a 30 acre residential parcel. Tentative Tract Map 73158 is a request to subdivide a 30 acre parcel into 102 residential lots, including two detention basin lots. The project site is located between Avenue Q and Palmdale Boulevard, east of 42nd Street East

Several Tentative Tract Maps were Approved or Extended for Multi-Family Residential in Lancaster

42nd Street and Ave H was approved on 20 acres to build 115 single family homes. The zoning is MDR (Moderate Density Residential) which allows 1-30 units per acre such as apartments or condos. This plan is for a Residential Planned Community of 115 single-family lots with one common lot for open space and recreation facilities in the MDR and R-7,000 Zones Recommendation a time extension was given to move the tentative tract map along. Two other approvals were granted on 15.1± gross acres located on the northwest corner of future 55th Street West and future Avenue K-14 Request: This is for a subdivision of 58 single-family lots in the R-7,000 Zone Recommendation. There was a one year extension granted. The same applicant requested and extension on 12.66 acres of R-7000 zoned land for 41 single family united. At 35th Street West at J. Two smaller developments were moved forward on 1.71 acres at 52nd West at J-8. This is for 8 single family units. A follow up meeting is set for July. Another 5 acres at 32nd West at M-4 was granted a one year extension for 9 single family lots on SRR zoned land. SRR is semi-rural residential 1-2 units per 1 acre. There is some housing planned for Lancaster. Not huge 40 or 160 acre parcels but things are progressing in the growth phase.

City Of Lancaster Approved CUP (Conditional Use Permit) for Solar Power Site

This is likely not a surprise for many but recently Lancaster Planning Commission approved 89± gross acres generally bounded by Avenue I-4, Avenue J, 102nd Street West, and 105th Street West to construct a 10-megawatt photovoltaic solar generating facility on the RR-2.5 (Rural Residential 2.5) Zoned land. The subject location is designated NU (Non-Urban Residential) by the General Plan, zoned RR-2.5 (Rural Residential, minimum lot size 2.5 acres). The City of Lancaster has determined that the development and use of alternative energy is beneficial to the community, and this determination is evident in the decisions made by the City Council. This is one of many alternative energy sites the City Council has implemented. There are several solar and wind energy programs installed on City facilities, and has become a provider of solar generated electricity to local school districts and other entities. Additionally, the City’s General Plan has several objectives and policies pertaining to alternative energy. These objectives address the need to develop new sources of energy, as well as reduce energy consumption. The proposed project is consistent with the City’s goals as addressed in Policy 3.6.6, which is to Consider and promote the use of alternative energy, such as this one. The solar company is Sustainable power sPower LLC