Home building company SJV Homes closed 449 homes last year, plans on six new communities to open in 2022
VISALIA – The rental market in Tulare County has been abysmal, and housing prices are not much better. The only answer to the problem is to build more homes and that is what some developers have tried to do.
San Joaquin Valley Homes (SJV Homes) announced on Thursday, Feb. 10 that they closed 449 homes in 2021 and are opening at least six new communities and selling out at three other neighborhoods.
SJV Homes was particularly busy in Tulare and Kings counties last year, with more building permits pulled than any other builder, including some of America’s top public homebuilders. It pulled 481 building permits in 2021.They stated that momentum will continue into 2022 when they open new communities on top of the 12 that are currently up for sale.
In April 2022 they expect to close their 3,000th home within a 40 miles radius of Visalia.
“The Central Valley is not immune to the housing shortage across California,” said Joe Leal, company co-founder. “During the pandemic – and especially in recent months – we’ve seen a surge of homebuyer interest locally and from other parts of the state. The interest list for most of our communities is high, with new homes selling out immediately with the release of a new phase.”
The Central Valley has historically been one of the most affordable places to live in California. But increased demand for housing, partly due to an influx of new residents from less affordable parts of the state, has exacerbated the already tight housing market.
Tulare County is short more than 11,000 affordable housing units, according to the California Housing Partnership, and Kings County needs an additional 4,000 units, though it is just one third the size of Tulare.
Local rents have climbed almost 25% over the past 12 months, and more than 50% of lower income households pay more than half their income on housing costs, according to the non-profit housing finance organization.
Upcoming SJV Homes neighborhoods are Vista del Sol in Visalia, Montebella in Dinuba, Cypress Park and Stonebrook in Tulare and Laurelwood and Brookside in Porterville.
All SJV Homes’ projects are part of a joint venture partnership with Presidio Residential Capital, a San Diego-based real estate development management company. To date, SJV Homes and Presidio have partnered on more than 30 projects totaling more than 4,500 units.