Over the last 45 days, the Salton Sea area of Southern California has suddenly experienced a boom of new growth, with some fifteen small-scale builders now building homes in an area that was once considered depressed. During that period, 75 single family residential lots were sold by Diamond Pacific Realty in the Salton City area, making it one of the hottest areas in Southern California as builders latch on to an opportunity to "buy low and build high."
Most builders in the Salton Sea area are at least 180 days behind schedule and have waiting lists that stretch all the way to December 2006 as Southern California's burgeoning population continues to look for affordable housing, even if it means a longer commute to their current jobs.
Most people associate the Salton Sea, California's largest lake, with a stench that was caused by a massive fish kill in the 1980s and 90s. However, since the federal government, state of California, and Imperial County have been involved in a massive clean-up effort, the smell has nearly disappeared, leaving just the smell of salt air. Even more impressive, the lake is now again being used by boaters and jet ski enthusiasts, and fishing is good.
Ground has already been broken for the new Torrez-Martinez Tribal Casino, which is expected to become a major employer in the Salton City area, comprising some 30,000 residents. A Stater Bros grocery store and new McDonald's are also scheduled to open soon.
The low end of the price tags for houses being built in the area at the moment is about $219,000, but there are plans to begin building homes in the $600,000 to $750,000 price range by the end of 2006. Some real estate experts are comparing Salton Sea to Palm Springs of 50 years ago. Palm Springs homes easily top the million dollar mark today.
With its unique location, it appears as if the boom will be on for the foreseeable future in the Salton Sea area as Southern Californians continue to seek affordable housing. However, it appears as if the pressure caused by a phenomenal demand for housing will continue to bring rapid price increases. But for the moment, there are still some "ground level" investment opportunities to be had--in an area of the state that was once shunned as unlivable by a great many Californians.
Copyright © 2006 Jeanette J. Fisher
Jeanette Fisher offers FREE "How to Start Real Estate Investing Teleseminar," and free ebook, "The Truth about Making Money Flipping Houses." Ever wonder how those multimillionaire real estate investors got started? You might be surprised at how easy it is to buy your first investment property! Are you willing to follow four proven steps to make money investing in real estate? Fixing and Flipping Houses
