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Builder Sees Rough Road, Long-Term Growth
Falling prices in the local home re-sale market are forcing new home builders to cut their prices and delay plans for new communities, but Randall Lewis, executive vice president for the Lewis Group of Companies, told a group of Realtors Friday (Jan. 23, 2009) that the future of Rancho Cucamonga looks very good because people want to live, work and invest in the city.
Speaking at a meeting of the West End Real Estate Professionals in Rancho Cucamonga, Lewis did not minimize the economic struggles the Inland Empire will face in the months to come. He said Rancho Cucamonga and other cities are bracing for budgetary chaos in the wake of still-to-come efforts in Sacramento and Washington, D.C. to deal with the financial market meltdown and record foreclosures.
Builders are facing chaos as well, laying off workers and slashing new home prices in order to continue building, he said, making it harder to pay the costs of construction and building fees, keep new home prices down, and stay in business. But he predicted the reduction in new homes will help stabilize the re-sale home market.
Apartment rents have also fallen, he noted, and the influx of dispossessed homeowners in rental units pose new challenges to apartment owners. He said the Lewis Group is committed to helping children adjust to the changes in their families' home, encouraging networking and credit counseling, and addressing the storage needs of former homeowners moving to much smaller apartments.
Shopping centers will undergo radical changes in 2009, Lewis said. Stores close in economic downturns, he noted, but others eventually take their place. Plans to develop new centers and expand existing ones has slowed down but not stopped, he said, adding, "You'll see a very different Victoria Gardens in four or five years." The shopping center has the potential to double in size, he said, and hotels and offices will be added, while keeping its pedestrian-friendly character.
If you are considering buying a home in the Inland Empire communities of Chino, Claremont, Fontana, La Verne, Montclair, Ontario, Pomona, Rancho Cucamonga or Upland, please call (909) 261-3541. We are ready to assist you.
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