HOME PROJECT UNDER WAY 6 'AFFORDABLE' MODELS OPEN TO PUBLIC SATURDAY IN SYLMAR.Byline: Gregory J. Wilcox Staff Writer
SYLMAR - KB Home, the nation's largest residential developer, today opens the biggest housing tract in years in the San Fernando Valley San Fernando Valley
Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. .
The Los Angeles-based company, in conjunction with American CityVista, is building 317 homes on 82 acres adjacent to the Angeles National Forest The Angeles National Forest (ANF) was established by executive order on December 20, 1892 as the San Gabriel Timberland Reserve. It covers over 2,600 km² (650,000 acres) and is located in the San Gabriel Mountains of Los Angeles County, just north of the metropolitan area of Los in the hills above Sylmar.
Called Mountain Glen Terrace, the tract will have nine different floor plans ranging from 1,650 square feet to 3,099 square feet. Prices will start in the $240,000 range and top out just above $300,000.
The two companies will cut a ribbon this morning to officially open six models at the development at 13270 Halcon Way in Sylmar.
Models will be open to the public on Saturday.
Forty homes are under construction and the partnership has presold presold
Of, relating to, or being a new security issue that is sold out before all the specifics of the issue have been announced. In the case of a bond issue, this term usually means that sufficient orders for the issue have been placed before announcement 45 units.
``There is definitely a lack of supply in both the new home and resale market for a variety of reasons,'' said Jay Moss, president and regional general manager for KB Home's Greater Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Division.
One of those is the Catch-22 situation in residential real estate.
Homeowners who bought a resale home and have captured some equity most likely want to trade up to a new home. But few new homes are being built at affordable prices in large quantities in the Valley because land is scarce.
So they stay put, which tightens the supply and puts upward pressure on prices.
This new development is considered affordable.
For example, the median price of a new home in the Valley is about what one of the new KB Home units will start at.
Other players in this new development are Fannie Mae Fannie Mae: see Federal National Mortgage Association. and Kaufman and Broad Mortgage Co. The partnership is introducing a zero down payment, zero closing cost program for the families of firefighters, teachers, police officers and nurses.
Fannie Mae purchases mortgages from lenders and sells them to investors.
``Fannie Mae is comfortable with the stability of these salaries and they are the kind of folks you want in a development,'' said Henry Cisneros, American CityVista chief executive officer and former Secretary of Housing and Urban Development Noun 1. Secretary of Housing and Urban Development - the person who holds the secretaryship of the Department of Housing and Urban Development; "the first Secretary of Housing and Urban Development was Robert C. under President Clinton.
The partnership is targeting prospective buyers who work in the Valley, Burbank, Pasadena, Glendale and Los Angeles and are looking for Looking for
In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. affordable housing, he said.
Most of the region's major employment centers can be reached via a 30-minute commute.
Mountain Glen, a gated community gat·ed community
A subdivision or neighborhood, often surrounded by a barrier, to which entry is restricted to residents and their guests. , is on a hillside overlooking El Cariso Park and golf course and is adjacent to Los Angeles Mission College Los Angeles Mission College is a two-year community college located in Sylmar, California neighborhood of Los Angeles in the San Fernando Valley, United States. It is part of the Los Angeles Community College District. . The development features California architecture, mountain trails, a community park and pool.
``I'm bowled over by the site,'' Cisneros said. ``It is just ideal in terms of location and its natural beauty.''
(1 -- color) Framer Tony Carrillo works on one of the houses under construction in the Mountain Glen Terrace tract in Sylmar.
(2 -- 3 -- color) This 2,788-square-foot model starting at $295,990 is one of several designs available. An open, airy interior design is a feature of the 2,788-square-foot model home that will open to the public Saturday.
Evan Yee/Staff Photographer