Those who are looking for mid-priced housing in Spring Valley in the coming years will be please to learn that developer Douglas Wilson Co. has announced approval on a 218-unit housing project. The new development will span 52 acres, and will comprise a set of townhouses. These are expected to start out at around $400,000.
Considering that the September median home price for the county was $529,750, the $400,000 price tag for these townhouses represents an excellent value for homebuyers in the area. Many new homes are now going for more than $650,000.
Why are so many homes so expensive in this region? San Diego county land tends to be costly, and regulatory considerations can also drive up prices. CEO Douglas Wilson however was able to obtain the land for the new Spring Valley development at a bargain. As a result, the company will be able to pass those savings along to homebuyers.
While there are no single-family homes included in the development project, the Millennial generation has been leaning toward townhouses. So this development should satisfy both the budget and taste of the younger generation.
Additionally, building townhouses instead of single-family homes will make it possible for the developer to preserve more open land. This will keep the appeal of the entire area high. The 28 acres of open space also will make it possible to put in gray water plumbing and solar energy infrastructure. As open space is sorely lacking in this area, keeping 54% of the project area open helped speed along the approval process.
How soon will homebuyers be able to shop for the new townhouses? As of right now, construction is scheduled to commence in about a year. The initial phase should result in around 30 homes going to market. Commuting from the homes to downtown should take roughly half an hour during morning rush hour traffic.
This is a very exciting project—one which should do a lot to enhance the draw of Spring Valley to Millennial homebuyers. I will keep you posted with updates as construction unfolds and the townhouses become available to homebuyers.
