San Diego new home market

New home builders in San Diego continue to sell land.

Near the peak of San Diego’s housing boom, home builder D.R. Horton purchased a steep, nine-acre hillside along Friars Road across from Fashion Valley mall for $22 million.

The land was earmarked for Fashion Walk, a trendy, 161-unit condo project. D.R. Horton spent $1.5 million on a 46-foot-high retaining wall to hold back the slope. The company graded a flat shelf for the condos, hauling away tons of dirt. It poured concrete foundations for elevator shafts.

But this March, D.R. Horton walked. It sold the property to apartment developer AvalonBay of Newport Beach. The price: $19.2 million.

San Diego New Home Market

May 15, 2007 by Realtor John Wake

About The Author

John Wake

Born in Phoenix, trained as an economist and now a licensed Realtor, John uses hard data from the real estate market to help his clients -- buyers and sellers of residential real estate -- uncover their best choices for finding the right home or finding a buyer for their current home.

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