With Los Angeles getting not one, but possibly two new stadiums for NFL teams, Angel Stadium in Anaheim is also stepping up its game in attracting Orange County home owners to its neighborhood. A recent report in the Los Angeles Times indicates that a Chinese developer is planning a hotel, residential and retail complex just next to Angel Stadium. The development efforts could serve as an anchor for a new, exciting downtown area for the city of Anaheim.
Plans for the development of the area known as the Platinum Triangle were originally proposed over a decade ago. However, visions of urban-inspired high rises, lofts, shops and restaurants quickly faded as the recession set in and ambitious projects were sidelined for more modest developments.
Now Beijing-based LT Commercial Real Estate is proposing a development on the 14 acres at the corner of State College Boulevard and Orangewood Avenue that will include a 28-story condo tower, a 26-story hotel, a theater, alfresco dining and an indoor surfing park.
“Our entire goal is to create a sense of place for the Platinum Triangle … to get back to the vision the city originally had,” said Randy Jefferson, an executive director for developer LT Global Investment Inc., a U.S. subsidiary of Beijing’s LT Commercial Real Estate, to the Los Angeles Times.
LT Global purchased the land last November for $28.3 million and plans to invest as much as $450 million to develop the property. The only thing standing in the way at this point is a deal with the Angels and the city to secure parking for the massive attraction.
Anaheim Home Demand Goes Through the Roof
With a possible downtown attraction development in the works, Anaheim is quickly becoming one of the most sought-after communities in Orange County. According to Altos Research, a California-based real estate analytics company, this has resulted in a skyrocketing demand as well as strong home price growth since the beginning of 2015.
Altos reports the current single-family home value in Anaheim to be $579,908. This is greatly increased from the first of the year when the median home value hovered around $535,000.
Partly to blame for the rise in home prices is the growing demand for Anaheim homes. Altos measures supply and demand levels through a unique value known as the Market Action Index, which uses 30 as its neutral value. Since the first of the year, the MAI has been on a strong trajectory well into the above-neutral, high-demand zone. The MAI currently sits at 50.07, which is the highest it has been in the last 12 months.
Homes are also moving rather quickly on and off the market in Anaheim. The current days on market value is about 89 days, and trends are indicating a falling trend here which could lead to even more demand as more buyers come to the market.
If you are interested in learning more about Anaheim luxury homes, please contact our team of luxury property experts today.