New Darkhorse construction to start soon: $9M South County development deal banks on Bay Area influx
Since the start of the pandemic experts have theorized about how the “new normal” will change society post-pandemic.
In Nevada County, a $9 million South County real estate deal could be a glimpse into how the county could evolve.
Last month, Washington-based land development company Harbor Custom Homes Inc. announced acquisition of 66 lots at the Darkhorse Golf Course community for $9.14 million.
The lots average just under half an acre with four- and five- bedroom “luxury” homes expected to range from $900,000 to $1.5 million, with construction beginning in the second quarter of the year.
According to Harbor Custom Homes CEO Sterling Griffin, the purchase is their first outside of Washington and part of their strategy to construct and sell high-end homes from 30 minutes to an hour outside of major metro areas.
“Establishing a presence in the Sacramento metro marketplace is a major milestone for the company,“ Griffin said in a release. ”Urban flight from the Bay Area and Silicon Valley to the less populated bedroom communities like Auburn provides for a steady stream of move up and luxury buyers.”
While initial data shows much made of the “urban flight” during the pandemic has been overblown — with most people moving from one urban area to another — it has been extensive in some metro areas.
According to data from moving company Hire a Helper, between March and June last year 80% more people sought to move out of San Francisco than in. Subsequent data throughout 2020 showed 59% more people move out than in from San Francisco, and 66% more people move out than in from Oakland. The Bay Area cities only fell behind New York for the worst ratio at 68%.
Data from the National Association of Realtors showed most San Franciscans who moved between March and October last year relocated less than 60 miles away. The same data claimed that of the 37 new residents Nevada County netted between March and October, all were from San Francisco County.
Similarly, of people who moved out of Sacramento County during that time, 62% relocated to Placer County, according to the National Association of Realtors.
According to weekly listings from the National Association of Realtors, median home prices in the Sacramento metro area have increased year over year by double digits since September, reaching a 25% year over year increase the last week of January.
Active listing for the Sacramento metro area have also increased 50% year over year since September.
To contact Staff Writer John Orona, email firstname.lastname@example.org or call 530-477-4229.
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