Housing developers thirsting for deals are excited for a large land auction that is expected Thursday after US Bank forecloses on a Azusa, Calif., property.
The US Bancorp subsidiary will auction enough land in the Rosedale master-planned community near Los Angeles to build more than 700 homes, people familiar with the matter say. That is big news to builders and real-estate investors, who are finding sizable land deals few and far between.
Some industry experts say the site could command more than $70 million.
Azusa Land Partners LLC, Rosedale’s master developer, couldn’t be reached for comment. US Bank declined to comment.
The site, located in the foothills above the San Gabriel Valley, is part of a project that was to include 1,250 homes, a recreation center, parks and other amenities.
While the housing crash halted progress, developers convinced recovery is imminent are itching to start again. The site has drawn “a lot of interest,” said Richard Gollis, co-founder of the Concord Group, a real-estate consulting firm. Major entitlements and infrastructure already in place are “a significant cost and time advantage for the new buyer,” Mr. Gollis said.
Builder Standard Pacific Corp. says it is eager to bid, but Chief Executive Ken Campbell declined to reveal how high he will go.