“America’s Builder,” D.R. Horton, has started framing the 181-unit housing development called “Arbor Real,” located at the former site of Hyatt Rickey’s Hotel, at 4219-A El Camino Real. (It isn’t on MLS, but they pay broker fees.)
I stopped by the sales office and was amazed to discover that they have no model homes, no computer-generated images of the interiors, and nothing to show buyers except naked two-by-fours. Yet this complex is already 75% sold. And demand was so great for their 11 single-family houses, that 78 people paid a $1,000 deposit for the privilege for bidding at least $1.7 million for these units.
This illustrates the incredible demand for affordable homes in this area.
If you’re interested in these properties, the best thing to do is to go to their website, since there are too many unit variations to describe in a blog. The final Arbor Real development will include a small park, a community garden, a tot lot, a recreation room, a swimming pool, walking paths and a car wash area.
The prices of the remaining homes range from about $900,000 through $1,500,000. Here are renderings of the low and high end units. This development also includes 34 Below Market Rate (BMR) units, priced from $242,250 to $383,450, for qualified low income buyers, but I’m guessing that the waiting list for these units is quite long.
Here are pictures of a low and high-end unit.
Magnolia Condominiums Residence 1
Priced from: the upper $800’s
1,355 sqft / 3 bdr / 3 bath / 2 story / 2 car tandem garage
Cedar Townhome Residence 2
Priced from: the low $1,500’s
2,873 sqft / 3 bdr / 3 1/2 bath / 3 story / 2 car garage
It’s hard to comment on the quality and livability of these units, based on a couple of floor plans and renderings, but my initial impression is that they look architecturally uninspired verging on tacky, especially if you compare them to SummerHill Homes’ Palo Alto project.
http://www.universityparkpaloalto.com/pages/photo/photo_frame.html
But there’s obviously a dire need for reasonably priced homes near good schools. (Juana Briones Elementary and Gunn High) Build it cheaply, and they will come.
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