Antelope Valley housing

first_imgTucked inside the Antelope Valley’s Economic Roundtable Report 2007 is a page titled “Dare to Compare.” There’s a snapshot on the left of a small, 46-year-old Canyon Country house with three bedrooms, two baths and a $565,000 price tag. Contrasting that is a picture of a two-year-old house in Lancaster that is more than triple the size at 3,391 square feet. It sold a year ago for $450,000. Welcome to the Antelope Valley, where you get a lot of house for comparatively little money. While some tract homes in the greater Los Angeles area sell for more than $1 million, housing in the Antelope Valley — varying from condos to mansions — is far more affordable. The median price for a single-family home in the Antelope Valley was $314,435 in 2006 compared to $284,572 the previous year. And even now, as the housing market settles after two years of torrid sales, resale prices are holding steady. As for new homes, construction continues on the 5,200-home Ana Verde master-planned community on former cattle ranching land in southwest Palmdale. The development is expected to be completed over the next five years. The neighboring 7,200-home Ritter Ranch, mired in legal and financial battles since the 1990s real estate slump, was taken over last year by Irvine-based home developer SunCal. Development of the ranch, spread out across rolling hills and valleys in west Palmdale, will last about a decade. The Antelope Valley market has been marked by three housing booms since World War II. The 1950s’ boom was fueled by aircraft industry hiring, and the 1980s’ boom came from commuters looking for affordable housing. The latest — which started about 2001 — is feeding off skyrocketing Southern Californian home prices. The buyers are a combination of Antelope Valley homeowners looking to move up in the market, first-time buyers looking to get out of rentals, and buyers from the San Fernando Valley, Santa Clarita and Los Angeles Basin finding more home for their money in the Antelope Valley. Just to the west of burgeoning Ana Verde, builders are laying streets and other infrastructure for the 7,200-home Ritter Ranch master-planned community. Both developments had been proposed in the early 1990s but were held up by recession and, in the Ritter Ranch case, by bankruptcy and years of legal wrangling. MORE INFO A.V. homeownership rate: 67 percent Median home price: $394,483 (Palmdale), $334,199 (Lancaster) Average apartment rent: $884 per month Housing authority: Los Angeles County Community Development Commission, (323) 890-7001; 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img

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