Coachella Valley is Prepared for Future Housing Needs
The most recent audit of our LandTracker publication reveals a future proposed supply of 108,324 residential units in East Riverside, spread between 247 single family detached developments, 77 single family attached developments, 15 apartment projects and two projects that are very early in the entitlement stages and have not finalized the product mix. These units range in status from those with no approvals to those that have recorded a final map and have begun grading. Detached product represents the largest percentage of potential units, with 58 percent of future supply or 62,333 units. Since apartment units generally have underlying condominium maps so that the possibility exists they may be developed as condominiums, we include apartment projects in the proposed supply.
“Coachella Valley is planning for the future, unlike the past, when the submarket may have only had seven or eight years in the entitlement process,” said Russell T. Valone II, president of MarketPointe Realty Advisors. “The best case scenario in city planning is to have 15 to 20 years of forward planning.”
The Coachella Valley/Indio submarket is the region with the most planned attached activity, with 45 percent of the proposed units, followed by the Palm Springs/Cathedral City submarket with 28 percent. The Palm Desert submarket holds 22 percent and Indian Wells/La Quinta holds the remaining 5 percent of the future attached development.
In the detached sector, the Coachella Valley/Indio submarket holds the greatest percentage of all of the planned units in the region with 41 percent of the total. Palm Springs/Cathedral City and the Indian Wells/ La Quinta submarket hold 26 percent each. Palm Desert is home to 6 percent of the future detached supply while Rancho Mirage holds the final 1 percent.
MarketPointe Realty Advisors Land Tracker is a quarterly comprehensive publication with detailed proposed land development activity throughout the entitlement process, and is available for selected counties throughout Southern California. MarketPointe Realty Advisors provides new home data, available land information and real estate consulting services. The offices are located in San Diego and Orange County, with representation throughout California. Phone San Diego at 619-233-3781, Orange County at 714-528-2554, url:www.marketpointe.com/land_tracker.shtml.
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- Russ Valone
- MarketPointe Realty Advisors
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