The shortage of domestic stocks continues to rock housing markets across the country, as well as in the Central Valley, pushing up prices and creating a competitive environment for buyers and sellers.
In Stanislaus, median home prices have held above the $ 400,000 mark for months, and although realtors are forecasting some sagging in prices over the holiday season and months to come, the market is still competitive and inventory levels remain too low.
Stanislaus County is estimated to lack nearly 10,000 homes, and towns like Modesto are working to increase supply through initiatives like the Housing Plan, although developers remain cautious that the gap will never be closed.
Nonetheless, a number of new apartment and single-family home developments are expected to bring much needed housing stock to the region in the years to come.
In Modesto, permits have been issued for multi-family developments and single-family homes.
NRB Investment has received permit approval for three subdivisions. Vintage Trails west of Dale Road will result in a single-family residential development with 73 homes, while Metro at the Village will add 46 homes on Chandon Drive and Icon at the Village is expected to build 24 homes on Sharon Avenue west from Claus Road.
At Carver Road and Pelandale Avenue, Fitzpatrick Land Development’s Woodglen subdivision is expected to add 367 homes on 80.8 acres of land. DR Horton’s Villa D’Este development will add 32 homes to Avenue Roselle.
Two multi-family apartment projects have been granted a permit on Rumble Road: the 50-unit Rumble-Conant apartments and the 34-unit Magnolia Senior apartments.
Additionally, Tivoli, a long-awaited 454-acre project in northeast Modesto that is expected to include homes, businesses, offices and a school, is expected to lead the way in 2022.
Apartment buildings in the center of Turlock
In Turlock, plans were approved in August for a 36-unit apartment complex on Century Boulevard that will include two five-story buildings. Each unit will have a patio or balcony. Amenities should include parking, covered carports, landscaping, and an outdoor play area. Plaintiff Manjit Sandhu has indicated that the complex will be accessible on both Century Boulevard and Hawkeye Avenue, and that construction will result in off-site improvements to sidewalks and adjacent streets.
Turlock-Monte Vista is developing a 12-acre parcel for a 348-unit multi-family residential project on West Monte Vista Avenue. The development will result in 12 three-story buildings; each apartment unit will have its own patio or balcony. Landscaping, parking spaces and driveways will provide a buffer zone to surrounding subdivisions. The apartment complex is expected to include a clubhouse and swimming pool, as well as an outdoor play area for children.
A 21-unit apartment complex is planned for North Olive Avenue, with five two-story apartment buildings making up the property. On-site improvements will include paving, parking – with on-site garages and parking spaces – and common space, as well as improvements to surrounding streets, according to plaintiff Gilbert George.
Florsheim Homes is planning a three-lot subdivision on 15.7 acres, totaling 178 single-family homes. The properties are located along Fifth Street in Turlock. When completed, the lots will vary in area from 4,724 square feet to 2,160 square feet, and the entrance to the development will be closed and all internal roads will be private roads.
Florsheim Homes is also proposing to subdivide a 6.5-acre parcel on Crowell Road into 32 single-family residential lots, removing the existing church and on-site improvements. The resulting lots will have an area of 5,340 to 9,264 square feet.
This story was produced with financial support from the Stanislaus Community Foundation, as well as the Report for America initiative of the GroundTruth Project. The Modesto Bee retains full editorial control over this work.
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