Even though home loan interest rates have been rising lately, Coastal Community Builders continues homebuilding and is working on new community projects in San Luis Obispo (San Luis Ranch), Orcutt (Meadow View Townhomes at Rice Ranch, and Vintage Ranch), as well as future projects in Santa Maria and Monterey County. Read all about it in the Pacific Business Times: Rising interest rates, uncertain economy haven’t slowed homebuilding in the region yet, by Brooke Holland.
Here is an excerpt from the article:
“Despite rising interest rates and a potentially slowing U.S. economy, homebuilders and residential developers seem eager to build in the tri-county region.
The costs of materials and labor to build new homes have increased, and rising interest rates means potential homebuyers have to pay more mortgage interest, leaving less money for the principal. Developers are also hurt by rising interest rates, if they have to borrow to buy property or finance construction.
Still, planning officials and other observers in multiple cities say they haven’t seen a slowdown in residential building permit data so far, though it’s possible one may be on the way.
Gina Perrault, the marketing director at Coastal Community Builders, said rising interest rates and the economy’s uncertain future are forcing developers to be more efficient in their planning. Coastal Community Builders has built more than 3,000 homes in San Luis Obispo and Santa Barbara counties since it was founded in 1988.
“The rising interest rates definitely affects our strategic planning, yet we still have to work to meet the housing shortage in California, so it adds an extra layer of complexity as we evaluate future projects.”
Gina Perrault
Coastal Community Builders Homebuilding Planning
Homebuilding Continues Coastal Community Builders is planning to build 52 duplex residences in Orcutt. The models are expected to open in spring 2023, and the development is projected to be done by the end of 2024. The company plans to build 198 single-family homes and 96 condominiums in San Luis Obispo. The models in that development are open, the project should be complete in about five years.
Other projects in Coastal Community’s pipeline include 41 homes on large lots in Orcutt, set to open in spring 2023, and 57 homes in Santa Maria, in 2024.”
Since 1988, Coastal Community Builders has been developing communities throughout California’s Central Coast with a tradition of value, quality craftsmanship, and homeowner satisfaction.
Because we live where we build, we have a special connection to our homes—and that’s reflected in the superior construction, thoughtful amenities, and contemporary designs. For more than 30 years, President Gary Grossman and our entire CCB team has stood behind the quality of every home built. We have built more than 3,000 homes and counting.
