■ Matt McPherson / Columnist
An emphasis towards millennials and blue collar incomes seem to be fueling the residential concepts within the valley. Multiple sites have been approved by the council and planning commission to move forward, ranging from affordable, all-inclusive condominium communities to good size move-up housing and quality homes.
At a recent Hemet/San Jacinto Chamber of Commerce First Friday event, Hemet City Manager Alex Meyerhoff provided insight on some eagerly-awaited residential developments within the Hemet city limits.
Meyerhoff explained he was “excited about housing in our economic development strategy; excited because it’s new investment in the City of Hemet.”
The housing market is experiencing a new trend sparked by millennials entering the housing market. With a new generation of buyers preferring all-inclusive communities with great amenities, the community gym and pool are taking the place of the traditional yard with a picket fence, said Meyerhoff.
For those who prefer a large house with a yard, Meyerhoff expects to see seven large residential construction sites throughout the city. A wide variety of new homes should hit the market in 2018, ranging from tight-knit suburban communities to larger ranch-style estate homes.
New low-income options
Residential projects that cater to Hemet’s economic demographic have been encouraged by the City Council, Planning Commission and city manager. Home ownership opportunities are on the rise with the construction of low income housing projects, such as the approved condo project on the northwest corner of Menlo Avenue and Santa Fe Street. Santa Fe Pointe will be a 241-unit multiple family condominium complex. Currently the plan is approved for single unit condos, but could also possibly become apartments, said Meyerhoff. River Oaks Ranch is planned for the south side of Hemet just east of Seven Hills. This will be 75 to 83 units on Elk Street north of Chambers Avenue.
Modern housing tracts and large ranch estates
Phase 2 of the Stoney Mountain neighborhood is underway on the south side of Esplanade Avenue east of Warren Road. This will be 92 single family residences ranging in size from 1,641 square feet to 3,477 square feet. Cormadeo Court is a subdivision of 13.03 acres into 20 single family residential lots with a minimum of 20,000 square feet per lot. This project is going in on the north side of Fruitvale, west of Lyon and east of Palm avenues.
Multi-acreage subdivisions will produce thousands of homes
Fruitvale Avenue is getting a lot of attention. BNR Income is about to break ground, which will subdivide 5.33 acres into 20 single family residential lots. These lots will have a minimum lot size of 6,000 square feet. This is slowly coming to fruition on the northwest corner of Fruitvale Avenue and Kirby Street.
Rancho Diamanté is a large phased subdivision of a 104-acre site into 448 single family residential lots on the southeast corner of Warren Road and Mustang Way. Bench Mark Pacific Rancho Diamante 2 is another large 245-acre subdivision that will result in 630 single family residences and 60 acres of open space.
Probably the most anticipated subdivision/development in the city is the reinitiated construction of the McSweeny Specific Plan Phase 2 east of State Street and South of Newport Road. The 2008 recession hit the McSweeny Farms development harder than any other development in the valley and left residents in the community without a clubhouse, pool and other amenities. Hopefully with Phase 2 underway it will reemerge as a popular place to buy once again.
The City of Hemet housing market took a serious hit during the recession and has been slow to recover. With savvy new investors and highly anticipated developments just around the corner, the best is yet to come to the San Jacinto Valley.
Matt McPherson is a licensed real estate agent with Coldwell Banker Associated Brokers, BRE # 01362837. Reach Matt at 951-315-7914 or McPhtown@aol.com.