These new 86 lots sold to Richmond American, along with the previous sale of neighboring lots to KB Homes, will provide more than just new housing. The new neighborhoods will empower the community of Galt by increasing the tax base and improving the urban services available to current and future residents.
These new 86 lots sold to Richmond American, along with the previous sale of neighboring lots to KB Homes, will provide more than just new housing. The new neighborhoods will empower the community of Galt by increasing the tax base and improving the urban services available to current and future residents.
Folsom, CA, June 30, 2021 (GLOBE NEWSWIRE) – The True Life Companies (TTLC) is pleased to announce the sale of 86 lots to contractor Richmond American Homes in the Galt, CA suburb of both Sacramento and Stockton.
Richmond American Homes, one of the most respected and largest public home builders in the country, plans to begin construction on the 59 acre site in early 2022 and has signed a contract with TTLC Development LLC to complete horizontal development and deliver finished lots on time for house building. The building lot, located about a quarter mile off Highway 99, is adjacent to existing residential areas and was previously used for dairy and farm operations.
This sale will complete the second of two land transactions in Galt originally owned by the Cardoso family and developed by TTLC into building lots for home builders. The first sale, which closed in 2019, included 69 home sites for KB Homes actively selling Pieridae community next door. In addition to being conveniently located for commuting to the metropolitan areas of Sacramento and Stockton, the community provides convenient access to local shopping, schools, and recreation in the small town of Galt.
Aidan Barry, TTLC Executive Vice President, said, “This successful transaction is yet another example of The True Life Companies’ commitment to creating accessible housing so that our children and grandchildren can live and thrive where we do. The manner in which we acquired the property, secured the claims and sold the project demonstrates our core value, “Partnership Period,” as demonstrated by our relationships with the Cardoso family, Galt City Council and staff, and Richmond American Homes. Our Sacramento team deserves all recognition. “
The story goes on
A major reason for the rise in home prices in California is the lack of housing, especially new housing. These new residential locations in Galt, as well as others planned by TTLC in partnership with Richmond American and other construction companies, are expected to continue to meet the pent-up demand for new homes in the greater Sacramento and Stockton areas.
In April 2021, the Sacramento Association of Realtors® reported just 0.7 months of single-family home inventory for sale versus 2.4 months nationally, more than halving from the 1.8 months schedule a year ago. A six month timeline is usually considered a balanced market. At the same time, the average single-family home sales price reached $ 489,500, up 1.8 percent from March and 22.4 percent year over year.
In San Joaquin County – which includes the Stockton area – the California Association of Realtors® reported just 1.7 months of single-family home offerings in April 2021, compared to 2.8 months in the same month of 2020. The average sales price rose to $ 490,000 in April . 7.0 percent more than in the previous month and 24.1 percent year-on-year.
As with the first sale of the adjacent properties to KB Home two years ago, these new 86 properties will offer more than just new living space. These new neighborhoods will empower the community of Galt by increasing the tax base and improving the urban services available to current and future residents. Those planning on returning to public transportation at some point can commute between Galt and Sacramento via South County Transit with multiple options to get to work, while the nearby Lodi train station provides access to the entire Amtrak network.
“The larger Sacramento market has been growing for some time, with stronger development seen in early 2019 and continuing through 2020 and today,” said Scott Clark, Chairman and CEO of TTLC. “To support this increased demand, The True Life Companies continues to invest in the Sacramento area to bring more housing to this underserved market. With over 2,200 future building plots in our pipeline, we remain committed to working with landowners and cities to turn obsolete or vacant lots or underused commercial, retail and industrial properties into residential use for our building partners like Richmond American Homes. ”
The True Life Companies is made up of a team of highly successful residential real estate professionals who work with property owners, communities and local stakeholders to meet the need for much-needed achievable housing solutions in our metropolitan areas. TTLC seeks to establish suburban and urban housing options that are the result of insightful research, innovative planning and creative collaboration. TTLC is headquartered in Denver with offices in San Ramon, Folsom and Irvine, California.
For more information on TTLC’s portfolio, including its active features, please visit www.TheTrueLifeCompanies.com or www.facebook.com/thetruelifecompanies.
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CONTACT: Carolyn Tate The True Life Companies 7143903143 Carolyn@kovachmarketing.com