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Whittlesey Doyle Represents 3 Buyers & Sellers in Large Land Deals

January 15, 2009

Nicholas Emsiek
WhittleseyDoyle
949.789.4555 x19
 
Whittlesey Doyle Represents Three Buyers & Sellers in Large Single-Family Residential Land Deals in Southern California

IRVINE, CALIF. - Whittlesey Doyle, a full-service land brokerage and advisory firm and the market leader in the sale of land in Southern California, announced today that Whittlesey Doyle represented the buyers and sellers in the sale of three separate large single-family residential land transactions located in Southern California. The sale amounts could not be disclosed.

In the first of the three sale transactions, Libby Frantz of Whittlesey Doyle represented the buyer and seller in the sale of 212 finished lots in the 80-acre exclusive gated community of Spanish Walk in Palm Desert, planned and designed by Taylor Morrison. Spanish Walk is located at the northeast corner of Frank Sinatra and Gerald Ford Drives and situated directly across the street from the California State University, San Bernardino Palm Desert campus. The buyer, Highpointe Communities, Inc. of Aliso Viejo, Calif., purchased two planning areas in Spanish Walk, 65 finished lots in Esperanza and 147 finished lots in Sonrisa, from seller, Taylor Morrison, Inc. of Scottsdale, Ariz. D.R. Horton is developing Spanish Walk’s remaining planning area, Alegria, which was another Frantz transaction in the community. The project will consist of nearly 400 homes when completed.

According to Frantz, the buyer is going to hold on to the property and will continue to maintain the current level of quality and integrity of the project. Esperanza at Spanish Walk offers two and three bedroom homes ranging in size from 1,870 sq. ft. to 2,090 sq. ft. Sonrisa will consist of three floor plans, two and three bedrooms ranging in size from 1,328 sq. ft. to 1,626 sq. ft.

Frantz also represented the buyer, Capistrano Homes, LLC / Capistrano Lots, LLC of San Francisco, Calif., and the seller, Vineyard Bank of Corona, Calif., in the sale of 115 finished lots, seven standing inventory homes, and two models at Capistrano At La Quinta in the City of La Quinta. Located at Avenue 54 and Jefferson Street, Capistrano At La Quinta is an acclaimed gated community of 130 homes in the PGA West Corridor with spectacular Santa Rosa mountain views to the south and west. Capistrano offers four floor plans ranging in size from 2,464 sq. ft. to 3,215 sq. ft. on lots up to 14,000 sq. ft. Common area amenities include community pool and spa and putting course.
 
“This deal represents the tremendous investment opportunities that exist in the Low Desert market today,” said Frantz. “The buyer plans to continue to sell through the existing two model homes and seven standing inventory homes, which will allow them to get an immediate return on cash and, once the market levels and demand for lots return, they will sell off the balance of the 115 lots.”

Nicholas Emsiek of Whittlesey Doyle represented the buyer and seller in the third transaction. An undisclosed private investor purchased 40 finished lots at Meadowbrook in Victorville from Ryland Homes of Corona, Calif. The lots are located at 12493 Camino Canada Place in Victorville and encompass 288,000 sq. ft. of R-1 land.

According to Emsiek, the buyer purchased the property due to the great location and investment opportunity. The buyer was able to purchase fully-improved lots below replacement cost. The buyer has no immediate plans for the property, but will continue to maintain the site in preparation for the next upswing in land appreciation.

“There is certainly no slow down at Whittlesey Doyle. The Meadowbrook transaction as well as Whittlesey Doyle’s other recent sales are examples that there are plenty of buyers in today’s market.  In 2008 alone, Whittlesey Doyle has closed over 600 lots, solidifying the firm as the go-to high desert land experts,” Emsiek said.

“Success in a distressed market requires having the right team,” added Frantz. “Whittlesey Doyle has extensive experience in selling distressed or REO properties. We understand the circumstances involved with the restructuring process and provide optimal asset positioning and creative marketing strategies to obtain the highest value for our clients.” Currently, Whittlesey Doyle is marketing residential development properties for sale in Lake Elsinore, Upland, Fontana and Menifee, to name a few.

About Whittlesey Doyle
For more than a decade, Whittlesey Doyle has been the leading brokerage company specializing in the sale of land for builders, developers, investors and landowners throughout Southern California. Whittlesey Doyle’s ability to accurately match its clients' needs with outstanding market opportunities has led to billions of dollars in land sales. And, through this, Whittlesey Doyle has created long-term partnerships with its clients who have come to know Whittlesey Doyle for the hallmarks that distinctly separate the firm from its competition: market knowledge, vision, integrity and commitment. When Whittlesey Doyle sees land, Whittlesey Doyle sees opportunity. For more information on the company and its listed properties, visit www.wdland.com.

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