NEWSLETTER FALL 2021
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DEMOGRAPHIC SHIFT POINTS TO GROWING NEED FOR LEGACY
ASSET PLANNING
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ULTIMATELY, THE BORROWER WAS
ABLE TO SECURE NEW CAPITAL
AND PAY OFF THE ORIGINAL LOAN WITHOUT LOSING ANY ASSETS,
RESULTING IN A VERY POSITIVE
OUTCOME.
DWC CLOSES SALE OF SWEETWATER VISTAS, COMMUNITY PLANS FOR 203 NEW SAN DIEGO HOMES Doulgas Wilson Companies News Briefs
During a time of extremely limited housing supply in the San Diego area and nationwide, Douglas Wilson Companies is very pleased to announce the recent sale of Sweetwater Vistas in Spring Valley, California. The site lays the groundwork for a shovel-ready tract and plans for 203 new area homes comprising several different models ranging from two to three bedrooms.
With the firm’s expert real estate advisory team, DWC and its partners owned and entitled the land, which has received all necessary entitlements and approvals to break ground, and spans three planning areas and three housing types: two-story townhomes, three-story row townhomes, and two-story triplex units; averaging 1,421 square feet, 1,205 square feet and 1,285 square feet, respectively.
including a planned two-acre public park with picnic areas, children’s playground and community amphitheater; as well as a mix of single-family residential, commercial and dedicated open space. It is located minutes from the area’s Bancroft Ranch House Museum and Sweetwater Summit Regional Park, which provides access to camping, fishing and hiking.
Sweetwater Vistas: The Property
“DWC worked with a strong capital partner, various consultants and others to achieve the highest and best use of the property,” said DWC Chairman and CEO Douglas Wilson. “We were able to successfully navigate through the complex entitlement process in Southern California to have a very successful result.”
Access to Housing in a Limited Market
The resulting parcel is situated in close proximity to several area amenities,
Nationally, home prices increased more than 17% year over year in June, according to national housing data solutions provider CoreLogic, which cited lack of supply, economic rebound and demographic trends for fueling the surge.
DWC completed the sale of Sweetwater Vistas in late June, presenting a 52-acre shovel-ready land development parcel planned for construction of the 203 new homes in greater San Diego. The buyer was Los Angeles-based KB Home, which was the builder of an adjacent community — Sweetwater Place, also located in Spring Valley, 14 miles east of downtown San Diego.
The transaction takes place in an extremely supply-constricted housing market during a time when San Diego County’s housing market is marked by rising home prices and sustained low inventory.
Locally, the median area home price rose to $750,000 in June, setting a new record for San Diego and mirroring lack of inventory across the country. “The Sweetwater site provides muchneeded housing stock in a market with a massive deficit,” Wilson said. “It makes a big statement for San Diego housing supply, particularly as it is well located in a highly-desired area near downtown. DWC is thrilled to have taken part in achieving this outcome for the property and for prospective homeowners going forward.”
SWEETWATER VISTAS CURRENT SITE PLAN
FALL 2021 | DOUGLAS WILSON COMPANIES
Sweetwater Vistas is part of the larger master development The Pointe. The community plans include abundant open space, green belts with surrounding areas featuring residential and commercial properties, and a 2-acre public park with picnic areas, amphitheater and numerous nearby amenities.
PREPARING FOR WHAT LIES AHEAD.