Here's an interesting little tidbit from the last few weeks that has seemingly not made it into any press yet. It appears that JTS Communities, Inc., the housing developer behind the current Castle Oaks development in Ione, is in the process of selling all of its Castle Oaks development to an investor. Assets would include the lots, unsold homes, and information center on the corner of Fairway and Castle Oaks drive.
As of now, JTS is aggressively marketing the remaining finished homes with a "Foreclosure Pricing" campaign and has also place the model home for sale.
The last estimate by the sales staff of JTS was a lot inventory of at least 10 years, up from an original estimate of 5-7 years back in 2005. Obviously the housing slowdown has severely impacted the amount of homes sold and thus the timeline of lot consumption, estimated to be 700+ lots.
It is not known if the sale of assets would include Amador County land outside of Castle Oaks that is part of the JTS land portfolio.
This is not the first time a developer for Castle Oaks has left the development. JTS is the second developer after the original developer filed for bankruptcy after building 215 single-family homes. The original 1989 development agreement called for 670 single-family and 360 multi-family homes.
Monday, July 14, 2008
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