It's never been more costly or competitive to buy a house in California. According to The California Association of Realtors, the median price for a single-family home is now above $800,000. In light of that, a housing project in San Luis Obispo is hoping to give locals a leg up in the market.
The San Luis Ranch housing development off Madonna Road in San Luis Obispo will add 577 homes to the area, with first move-in dates now set.
“We are finally at a spot where grading is complete, homes are in the air, sticks are in the air. It’s getting pretty exciting," general manager for the project Josh Bivin said. "We should have our first occupancy in September.”
Bivin said San Luis Ranch has partnered with the City of San Luis Obispo to offer what they call a “local preference program.” That will give locals a head-start in the competition from outside buyers.
“What that means, for the first 60 days that a home is listed, it is offered to people that work in the City of [San Luis Obispo] first," Bivin said. " After those 60 days, we offer it up to people that work in the county. Then we will offer it to what we refer to as the general public.”
Although prices fluctuate, single-family homes are expected to begin in the lower to mid $700,000’s. While that is still far out of reach for many working in the area, Bivin said they’ll have more affordable options to help first time buyers, individuals and couples looking to break into the market.
“We will have, once they come online, some studios, one-bedrooms all the way down to the $300,000’s," Bivin said. "We are trying to make it, if you work in SLO, you should be able to live in SLO.”
As part of the development agreement with the city, the project was required to include affordable housing units.
Bivin said so far 31 homes have been sold to locals, and while the pandemic has caused some building and material delays, the project in full should be complete in 3-4 years.
“Be patient, be excited, it's finally here," Bivin said. " September is going to be really exciting when Dalidio Drive is open and we have a new circulation and way around town.”
For more information on the project click here.
