ESCONDIDO: Housing Market Woes Plague Home Builder
A local builder that made national headlines last year by giving away a condo with every estate home sold is having trouble paying its bills.
Two high-end home construction projects, one in Bonsall by Michael Crews Development and the other in Carmel Valley by the builder’s commercial division, are in notice of default, says spokeswoman Dawn Berry.
Housing production statewide last year was the lowest on record and production in 2009 is expected to fall even more, according to the California Building Industry Association.
Countywide, permits numbered 2,000 in 2008, well below the average of 8,000 in the past decade, says Russ Valone, CEO of MarketPointe Realty Advisors, a San Diego-based research group.
— Ned Randolph
SAN MARCOS: Work on $30M Project Gets Under Way
Nonprofit developer Community Collective has razed a dozen duplexes along Autumn Drive in the Richmar area to prepare construction for affordable housing.
The mixed-use project, approved by the council in July, will include 5,700 square feet of storefront retail space and 103 affordable apartments, according to city documents. The construction cost is $14 million, with the overall cost, including land acquisition, $30 million, according to Ginger Hitzke, managing partner of Community Collective.
The developer was charged with providing assistance to relocate as many as 50 families that lived in the duplexes. Crews started grading the property Jan. 27.
— Ned Randolph
EL CAJON: City Looks to Steer Key Info to Business Owners
Officials are holding a series of forums to educate business owners and residents on a proposed master plan for the city.