Manteca developers have built and sold 834 homes since the start of 2007.
It’s significant in that the mid-point of 2006 is when the air starting rushing out of the housing bubble.
Manteca since the housing collapse is on pace to sell more than 1,100 existing homes in each of the past three years as well as an annual average of almost 300 new homes.
There were 1,165 closed deals on existing homes in Manteca during 2008 and 1,211 in 2009. As of Friday, 950 homes have closed escrow so far this year with the current pace projected to hit 1,150 by year’s end.
The new homes figures include 297 single family tract homes for 2010 through Sept. 30 plus three single detached custom homes. There have also been seven single family attached multiple housing units that typically are duplexes and or triplexes started.
City of Manteca building statistics for September reflected 26 single families home start plus six multiple family units.
Manteca for the past three years has led the Northern San Joaquin Valley among jurisdictions with new home building. That includes 223 new homes in 2008 and 304 new homes in 2009.
In 2009, Manteca topped all San Joaquin Valley jurisdictions with 304 new homes built and sold. Next closest was Stockton at 120. Eight new homes were built in Modesto during 2009 while six were started in Tracy based on permits issued by various cities.
Manteca positioned itself somewhat by the way that it managed housing starts through the growth 3.9 percent annual growth cap that was tied in to bonus bucks payment for sewer allocation certainty.
It prompted builders to use a more long-term view of how they developed phases of their projects so as not to jeopardize sewer allocations.
Several builders got caught with more in-ground improvements for ready -to-build lots than they may have had they followed development patterns in cities such as Stockton and Modesto.
That left an average of $54,000 per lot of money already sunk into developments to make lots that were buildable once development costs such as grading, infrastructure and land purchase were factored into the equation. That is based on a City of Manteca figure gleaned from statistics presented to them by developers.
Most developers wrote off stranded costs several years ago. Those with enough capital avoided bankruptcy. But it still left money in the ground. And in order to retrieve the $54,000 per ready-to-build lot, they had to build. Initially, many cut the margin on building new homes super thin knowing they’d retrieve the money they had already invested. Prices lately have shown some strength with some projects going up in price about $5,000 over the past year.
It’s significant in that the mid-point of 2006 is when the air starting rushing out of the housing bubble.
Manteca since the housing collapse is on pace to sell more than 1,100 existing homes in each of the past three years as well as an annual average of almost 300 new homes.
There were 1,165 closed deals on existing homes in Manteca during 2008 and 1,211 in 2009. As of Friday, 950 homes have closed escrow so far this year with the current pace projected to hit 1,150 by year’s end.
The new homes figures include 297 single family tract homes for 2010 through Sept. 30 plus three single detached custom homes. There have also been seven single family attached multiple housing units that typically are duplexes and or triplexes started.
City of Manteca building statistics for September reflected 26 single families home start plus six multiple family units.
Manteca for the past three years has led the Northern San Joaquin Valley among jurisdictions with new home building. That includes 223 new homes in 2008 and 304 new homes in 2009.
In 2009, Manteca topped all San Joaquin Valley jurisdictions with 304 new homes built and sold. Next closest was Stockton at 120. Eight new homes were built in Modesto during 2009 while six were started in Tracy based on permits issued by various cities.
Manteca positioned itself somewhat by the way that it managed housing starts through the growth 3.9 percent annual growth cap that was tied in to bonus bucks payment for sewer allocation certainty.
It prompted builders to use a more long-term view of how they developed phases of their projects so as not to jeopardize sewer allocations.
Several builders got caught with more in-ground improvements for ready -to-build lots than they may have had they followed development patterns in cities such as Stockton and Modesto.
That left an average of $54,000 per lot of money already sunk into developments to make lots that were buildable once development costs such as grading, infrastructure and land purchase were factored into the equation. That is based on a City of Manteca figure gleaned from statistics presented to them by developers.
Most developers wrote off stranded costs several years ago. Those with enough capital avoided bankruptcy. But it still left money in the ground. And in order to retrieve the $54,000 per ready-to-build lot, they had to build. Initially, many cut the margin on building new homes super thin knowing they’d retrieve the money they had already invested. Prices lately have shown some strength with some projects going up in price about $5,000 over the past year.
