Could some of the most in-demand housing markets be cooling off?
Standard Pacific buys California parcel from Arbor Homes
In the fourth quarter of 2011, Arbor Homes closed the sale of a 50-lot parcel to Standard Pacific Homes.
standard pacific, arbor homes, acquisition, builder, home builder, land parcel
In the fourth quarter of 2011, Arbor Homes closed the sale of a 50-lot parcel to Standard Pacific Homes, according to a press release. Arbor acquired the 5.81-acre property in Livermore, Calif., and cleared numerous environmental obstacles in advance of the sale, a process that took approximately eighteen months.
Fifty-two story Standard Pacific homes will consist of five traditional floor plans ranging in size from 1,722 sq ft to 2,313 sq ft. Each lot will have private yard space and the community will share a private park with additional outdoor green space.
In the fourth quarter of 2011, Standard Pacific Homes acquired development rights from Arbor and has since closed on the property with the owners, Macedo family. The anticipated pricing for the homes will include reductions in various city fees, which the Arbor team negotiated during the planning process. Construction is slated to commence in the first quarter of 2013.