SR 06:064B - Laserfiche WebLink

home sales in the City recorded between January and July, 2005 was $823,000, as compared to $705,000 for the Tri-Valley over the same period. This represents a 15 percent increase from Pleasanton's median sale price over the same period in 2004 ($715,750). Only 6.3 percent of sales were under $600,000 in the past six months, while 25.3 percent were over $1 million. The majority of single family sales (65 percent) were homes with four or more bedrooms; this housing type had a median sale price of $875,000 and an average size of 2,522 square feet (compared to 2,226 square feet for all units sold). Currently Selling Single Family Projects New residential construction in Pleasanton consists primarily of single family homes located in master planned communities. There are currently eight major projects on the market, generally with three to six bedroom homes ranging from 2,000 to 5.000 square feel. These new developments tend to be large lot homes, on 9.000 to 12,000 square foot lots, although there are some small lot homes on approximately 5,000 square feel. Sale prices range from $900,000 for the smaller homes to over $1.5 million for the larger homes. An example of currently selling new homes can be found at Ponderosa Classics, with homes ranging from 2, 162 to 3,067 square feet selling for $925,000 to $1.075,000. Planned and Proposed Single Family Projects Approved residential construction in Pleasanton consists primarily of single family homes in master planned communities, concentrated in four areas of the City. The Ruby Hill project in southeastern Pleasanton has been approved for 850 large~ot custom homes and is mainly built oul. Of the 141 total approved units in the Vineyard Avenue Corridor Specific Plan Area, 44 are currently under construction. The Happy Valley Specific Plan Area has a total of over 65 approved units under construction. Ponderosa Homes' 365 unit Busch Property development, including 172 senior apartments, is under construction, as is a 49-unit residential development by Summerhill Homes in the North Sycamore Area. Three proposed hillside residential developments totaling approximately 300 units are currently in the review process. Multifamily ForooSa/e Market Recent Sales As shown in Table 6-5, Pleasanton had 54 condominium sales in the last six months, a slight decrease from the 65 sales over the same period in 2004. The median price of multi-family units was $400,500 over the past six months, an increase of nearty 14 percent from the median last year ($352,000). With very few sales below $300,000 and no recorded sales over $600,000, the majority of condominiums sold for between $350,000 and $500.000. Most of the reported sales were of two-bedroom units (72 percent), with a median price of $405,000 and an average size of 935 square feel. Condominium sales in the Tri-Valley as a whole were somewhat more expensive, with a median sale price of $451 ,000 over the last six months (see Table B4). P1easanton Economic Development Background Report RNAL - January 2006 29