Orange County has been a hot market for heavy construction projects, especially tear down and spec builds. We typically look at high-end neighborhoods and highly desirable locations.
Coastal homes are highly sought after in Orange County. We have seen many hard money lenders lend on properties, especially near the water.
Corona Del Mar
We've funded large acquisition projects around the Back Bay area; as well as, the cliffs above Newport Harbor, and Big Corona Del Mar Beach. These projects are typically heavy construction with tear down and spec build strategies. Coastal Commission seems to be quite proactive in these areas with thoroughly vetted real estate investors.
This is a hot area for millennial markets and newer families due to the growth of nightlife and entertainment opportunities. Buyers get the opportunity to own homes within reasonable price ranges, steady home value growth, and easy access to Newport Beach; as well as, commercial business centers. We've seen quite a few tear down and spec builds into rustic modern and contemporary style homes.
This area has been a hot center for full rehab projects and spec builds. Less so for properties right on the sand but with deals in the inner parts of the Balboa Peninsula. There is a high capacity for multi-family and single-family conversions with decent upside and there is strong potential for long-term rentals.