The Parker Principles- A Real Estate Manifesto

In the spring of 2018 in Palm Springs, California, a diverse collection of real estate innovators, leaders and influencers gathered to hammer out a manifesto for changing the real estate industry. They were guided by the mandate of creating a better and more certain consumer real estate experience.

1. Transform our industry from a sales profession to a service business
Incentivize real estate agents to focus on quality and service over volume and sales by obsessing over the needs of the consumer to drive innovation and best practices.

2. Simplify the process of buying and selling a home

We must make the transaction smoother and simpler throughout the process. Create more transparent transaction management tools to give consumers a better and more certain experience.
3. Create a transparent chain of industry accountability to benefit the consumer
From associations/MLSs to brokers, brokers to agents, and brokers and agents to consumers, we
must hold the industry to a higher standard of service, transparency and responsibility. The core of accountability is transparency across the industry.
4. Strictly enforce ethical standards to increase professionalism
We as a profession owe it to the consumer to
establish — and maintain and enforce — the highest standards of ethical behavior. We must invest in mid-level real estate manager training; refocus culture and policies toward quality and service above recruiting and retention in the brokerage; and establish better peer-based enforcement mechanisms to weed out bad apples.
5. Raise the quality of real estate services to create a delightful and more certain consumer experience
We must take ownership of competency. Create better and more experiential educational systems such as apprenticeships that allow unproductive agents to learn from peers, as well as higher and more meaningful standards in licensing/accreditation. Ensure more transparent information to consumers to allow them to evaluate real estate professionals and be more selective in choosing an agent.
6. Demand real estate associations be more transparent and impactful 
We should create a culture and process that ensures every association member has an equal opportunity to be fully informed of key issues and to lead the organization. Focus money and effort on creating a healthy real estate market. Simplify the association’s role to a focus on creating opportunities for agents to sell more real estate. Encourage agents to take a more active role in their communities to make a difference in housing costs and community quality of life.
7. Free up property data feeds and remove barriers for innovators 
We should create a world where property data can be used, reused and broadly distributed. Remove artificial and overly protective barriers to property data access and utilization via a universal licensing agreement. Remove artificial barriers to new ideas, inventions and business models that improve the real estate experience.
8. Insist on diversity in real estate leadership
We must create an industry proudly known for
inclusion and diversity. In the boardrooms, in the executive suite, on stages and in strategy gatherings, the industry at the top must reflect the overall
diversity of business. A new generation of leaders are ready to take over and they should be celebrated and empowered to do so.
9.Fight for more “available” housing
We must bring key stakeholders to the table including builders, policymakers, associations and real estate professionals to build more entry-level units and
mixed-housing projects to create more balanced, affordable markets and bring relief to the many Americans on the verge of homelessness.
10. Make our communities better places to live and work
We should use our influence as real estate leaders to give back and advocate for and support education (even if it means higher taxes), marginalized
communities and policy that will promote affordable housing and access to homeownership in the long term.
11. Selflessly give back to the world through service 
We must recognize the importance of building service into our companies, organizations and our brand to authentically give back to the world beyond our own community.
12. Stand up to climate change and prepare for natural disasters 
The industry must stand up for sustainability and commit to disaster preparedness. The industry should equip their clients with the knowledge to be responsible in using natural resources wisely and
supporting a sustainable community. We must make sure that our teams and their clients have taken the steps to be resilient in the face of extreme weather events and emergencies. We must be transparent with clients about the threats of nature, fully disclosing changes in the environment.

Christina El Moussa of ‘Flip or Flop’ puts Yorba Linda home up for sale at $2.9 million

christina-and-house-fi
The Mediterranean home has undergone $1.5 million in renovations and boasts a rock pool and spa with waterfalls, a slide, grotto and torches. There’s also a putting green.(Composite by Marilyn Kalfus, Orange County Register/SCNG; Inset: File photo; House: First Team/Christie’s International Real Estate)
PUBLISHED:  | UPDATED: 

“Flip or Flop” star Christina El Moussa is selling a five-bedroom, nine-bathroom Yorba Linda home she shared with her ex, Tarek El Moussa, for $2.995 million.

The couple’s divorce was finalized in January 2018, and Tarek El Moussa bought a three-bedroom house in Costa Mesa on Feb. 21.

Built in 2004, the 6,366-square-foot, Mediterranean home on nearly a half acre hit the market this week.

The house has undergone $1.5 million in renovations, according to the listing, and boasts a rock pool and spa with waterfalls, a waterslide and grotto, as well as an outdoor kitchen, barbecue and beer tap. There’s also a putting green.

Inside are a soaring entry, two-story dining room, home theater and “tech center.” Italian Travertine, hardwood floors and stonework are among the interior touches.

The kitchen was designed with Carrara marble and has Thermador and Sub-Zero appliances.

In the master retreat are a fireplace, tub, walk-in closets and a seamless glass shower. A gym with a bathroom could be transformed back to two additional bedrooms. The property includes a casita.

Dean Lueck of First Team/Christie’s International Real Estate is the listing agent. Christina joined the firm in February.

Tarek El Moussa last month purchased a 3,010-square-foot house in Costa Mesa with a master suite opening to a deck and swimming pool. The turnkey home includes a great room with a two-story vaulted ceiling, a California room and clerestory windows. A steam shower and free-standing tub are part of the master suite.

Despite their split, the El Moussas have continued to shoot episodes for their popular HGTV show. They share custody of two young children.

Here’s a peek of the grand staircase at the Yorba Linda house:

Did you miss?

Tarek El Moussa of ‘Flip or Flop’ buys $2.28 million Costa Mesa home

tarek-and-exterior-fi_

7 Web Design Tricks for Realtors to Get More Leads in 2018

by  | Feb 6, 2018

Via The Close

If you’ve had your website up and running for more than a few months, you’ve probably noticed something curious. You’re getting some traffic, but almost none of that traffic converts into actual leads…

What gives?

Well, to some extent this is the nature of online marketing; only a small fraction of the people who visit your site will convert. C’est la vie right?

Wrong. In 2018 there is an entire industry dedicated to using design and functionality to increase the number of conversions on your site. It’s called Conversion Rate Optimization. Or CRO for short. CRO uses data and analytics to determine design, copy, and layout changes.

Today we’re going to look at 7 clever ways to apply CRO oriented design to your personal website, landing pages, or single property sites.

1. Leverage Hick’s Law to Encourage Your Visitors to Engage

Named for British Psychologist William Edmund Hick, this law states that the more choices a consumer has, the longer it will take them to make a decision.

In a study on decision making in supermarkets, Hick set up two sample displays of jam. One had 24 flavors, and the other had only six flavors of jam.

The results showed that 60% of people stopped and sampled jam from the table with 24 flavors. However, only 6% ended up purchasing a jar of jam.

Meanwhile, only 40% of people stopped to sample jam from the table with six flavors, but an astonishing 30% ended up purchasing jam.

Applying Hick’s Law to Your Site Design

7 Clever CRO Web Design Tricks

Image via Hotjar

The takeaway here should be obvious. By narrowing the number of choices your visitors have, you can dramatically increase your conversion rate.

In order to do this effectively, you need to take the time to figure out exactly what it is you want your visitors to do on each page of your site. For a landing page this might be obvious. You want them to fill out a form and give you their contact info.

For other pages on your site, the answer might not be so obvious. For example, what is the main thing you want visitors to do on your homepage? Do you want them to read the latest from your blog? Check out your brand new listings? Schedule a listing appointment?

In order to get you thinking about this, it makes sense to check out the sites of some top producing Realtors for inspiration. To get you started, here is the main page for Los Angeles luxury brokers Williams & Williams:

7 Clever CRO Web Design Tricks
Okay, I know. This is an extreme example from a team that has dozens of jaw dropping eight figure listings in Beverly Hills… Of course they’re going to encourage people to look at their listings first!

Let’s look at a site on the opposite end of the spectrum that still uses Hick’s Law. Check out the homepage for Placester’s free NAR websites:

7 Clever CRO Web Design Tricks
The main choices here seem to be home search, and testimonials. Since these sites are all about generating buyer leads, this makes perfect sense.

For landing pages or home value sites, Hick’s Law is even clearer. In most cases you don’t even have the option to do anything besides enter your address and contact info.

7 Clever CRO Web Design Tricks
To learn more about applying Hick’s Law to your website design, check out Usabilla’s excellent write up here.

2. Use Heatmaps to Find Out What Your Visitors Really Want

7 Clever CRO Web Design Tricks
One of the trickiest things to do when designing your website or landing page is figuring out where your visitors are looking for information. Even if your layout and navigation seems obvious to you, it may not be obvious to all your visitors.

Luckily, there is a clever solution to this problem. Using heatmap software, you can track exactly where your site visitors are clicking and navigating. Here’s how it works:

Sign up for a service like Crazy Egg or Hotjar and add pages from your site that you want to track. After a month or so, the software will create a heatmap showing an average of where all users navigated and clicked.

How Heatmap Software works: Heatmaps

Areas where users click or navigate to often are represented in red, while areas they click or navigate less are in yellow, green, and finally blue.

Using this data, you can tweak your layout, copy, and site colors to both improve efficient navigation, and subtly encourage your visitors to take a specific action. Depending on what you’ve decided that action is, this can mean signing up for an email list, entering their address, or browsing properties.

Here are a few common mistakes that heatmap software might uncover, and how you can fix them:

Problem 
Your visitors are clicking on images or text that are not linked to anything

Solution 
Consider moving your navigation, or CTA to the area they are clicking, or link the images or text in that area to a landing page or other relevant page on your site.

7 Clever CRO Web Design Tricks
Image via Hotjar

Problem 
Visitors are navigating and clicking on too many areas of your page and ignoring what you want them to focus on

Solution 
Keep Hick’s Law in mind and simplify your page’s layout to encourage them to click where you want them to

7 Clever CRO Web Design Tricks
Image via Hotjar

How Heatmap Software Works: Scroll Depth

Another useful metric that heatmap software can measure for you is scroll depth. This is the average “depth” a visitor scrolls down your page.

The same color codes used with heatmaps are used for scroll depth. Red areas are where the majority of users scroll down to. Going from red to orange, to yellow, and finally to blue where almost no visitor scrolls to.

Here’s what a scroll depth chart looks like using Hotjar:

7 Clever CRO Web Design Tricks

As you can see, the percentage of site visitors who scroll down past “the fold” (the area of your website that is visible without scrolling) goes down dramatically toward the bottom of your site.

Scroll depth heatmaps can be a sobering wake up call for just how much of your website is never seen by your visitors. For example, on many pages, less than 10%(!!) of site visitors scroll down to the bottom of the page.

How to Use Scroll Depth data to Increase Conversions

The most common use for scroll depth data is for your blog posts. For example, if you have a post that’s more than say, 1,000 words, and less than 10% of your audience is getting to the end of the article, you need to make tweaks to get more people to finish the article.

Since longer articles do far better in search results than shorter articles, cutting down the length of your blog posts is not an ideal solution. Instead, break up the content of the article with images, graphs, and subheadings so people can skim the article.

People are busy and attention spans short. Letting your visitors skim an article and only read the subheading relevant to them will increase conversions.

3. Learn the “F” Pattern: Take Advantage of How People Scan Web Pages

According to eye tracking research by Nielsen Norman Group, people scan web pages and phone screens in an ‘F” pattern; they start at the top left then scan right, then down, then to the right again, then to the bottom of the article.

It ends up looking something like this on a heatmap:

7 Clever CRO Web Design Tricks

Image via Instapage

While the “F” pattern is not the only way people scan article or webpages, it is the most common.

Here’s what a real estate homepage that utilizes the “F” pattern in its layout:

7 Clever CRO Web Design Tricks

Screenshot: thebotiquere.com

Here’s another:

7 Clever CRO Web Design Tricks

Screenshot: pearsonsmithrealty.com

…and another:

7 Clever CRO Web Design Tricks

Image via: labs.hawaiilife.com

Here’s how you can take advantage of the “F” pattern on a blog post. Note where they’re placing the “Watch Live” button.

7 Clever CRO Web Design Tricks

Screenshot via: inman.com

4. Make Sure Buttons and Text Boxes Are Easy to Use on Mobile

Is your website mobile friendly? If it’s not, there is a 100% chance you’re losing potential leads. According NAR’s 2017 Real Estate in a Digital Age Report 72% of home buyers used a mobile or tablet website or app in their home search. That’s a lot of lost leads…

Besides making sure the WordPress theme you’re using is responsive (aka works well on desktop and mobile) you need to pay special attention to buttons and text boxes.

In 2017, that means making your text boxes and buttons large enough even for people who are all thumbs to press. If you don’t, your leads may spend a few seconds trying in vain to get in touch with you then just give up.

Here are some of the buttons and text boxes you should pay special attention to on mobile:

  • Call now buttons
  • “Submit” buttons
  • Personal information text boxes
  • Page navigation buttons
  • Drop down menus for property searches

5. Pay Special Attention to the Color, Shape, & Copy on Your CTA Buttons

Believe it or not, even the buttons you use on your CTA’s can have a huge impact on your conversion rate. Subtle changes in color, shape, and copy on your buttons can mean more leads and more closed deals.

The only problem is that the digital marketing community just can’t seem to agree on what changes exactly lead to increased conversions. That said, there are still a few rules that most marketing and CRO experts can agree on:

  1. Orange, green, and blue buttons seem to convert the highest
  2. Buttons whose color contrasts well with the background color convert well
  3. They are actual buttons, not just text links!
  4. They use specific action words in their copy- “Get My Home Value” or “Download My Free PDF” will work better than “submit” or the dreaded “click here”
  5. They’re in a strategic place on the page- Think headline, short copy, text box, button. Also keep the “F” pattern in mind, as well as data from your heatmaps.

Here are some CTA button examples from Unbounce and Instapage that follow these principles well.

7 Clever CRO Web Design Tricks

Image via: Instapage
7 Clever CRO Web Design Tricks

Image via: Instapage
7 Clever CRO Web Design Tricks

Image via: Unbounce
7 Clever CRO Web Design Tricks

Image via: Unbounce

6. Use A/B Testing to Find the Perfect Layout, Copy, & CTA for Conversion

7 Clever CRO Web Design Tricks

Okay, now that you’ve got some new CRO inspired design ideas for your website, the next step is to test them on you site. After all, there is no secret formula for conversion. Some changes or combinations of changes may work better or worse depending on a huge number of variables.

In order to find out which changes lead to better conversion rates, you need to use what the industry calls A/B testing (also known as Split Testing). Here’s how it works.

Whenever you make an edit to your layout, buttons, CTA’s or any copy, record your conversion rate and compare it to your previous conversion rate. In order to get a more accurate measurement, it helps to switch back and forth between changes more than once.

Once You’ve identified a change that leads to a higher conversion rate, then keep it and make another small change to the site and runt the same A/B testing. After a few iterations of this, your site should be fully optimized for conversion.

A/B Testing Landing Pages

If you’re trying to optimize your landing pages, then A/B testing is pretty easy. Most landing page software (Unbounce, Instapage etc) have built in A/B testing functionality.

The best thing about A/B testing with landing page software is that they serve up different versions of your landing page to different users. This is important to rule out factors like the day of the week or season that might affect conversion rates.

A/B Testing Other Pages on Your Website

If you’re not using landing page software like Unbounce, A/B testing your website is a little trickier. If you’re using WordPress, you can simply run one version of your page, record your conversion rate, then run the second version and compare the two.

Crazy Egg also offers an A/B testing platform, but you’ll have to shell out for their software to use it. With plans starting at $29 per month, it probably won’t break the bank, but manual A/B testing using WordPress edits is free. You just have to be careful about the time periods you test.

7. Use Live Chat Buttons for Visitors Who Want Instant Answers

7 Clever CRO Web Design Tricks

There’s a funny paradox when it comes to lead generation. Some leads want to talk to you right away, but they don’t want to call you, and they don’t want to email… Short of sending a smoke signal, what else is there?

Enter the live chat button. Live chat buttons are small buttons that sit in the corner of your website and beckon your visitors to have their questions answered instantly. Of course some visitors will just waste your time, but some won’t…

While there are a lot of options on the market, the best live chat software will ping your phone and allow you to respond to live chat via text message. This way you can answer questions and ideally get them to call you while you’re on the go.

Real Estate Live Chat Options for 2018

Luckily, if you’re considering adding live chat to your website there are a ton of options on the market. ZendeskLiveChatPure Chat, and Ready Chat are all solid options.

AI Chat Bots

Amazingly, some companies even offer programmable AI chat bots to interact with your site visitors and answer basic questions. Personally, I would avoid these solutions for now, as many of your visitors will be offended that you pawned them off on a robot…

The Bottom Line

If there’s one thing you do to your website in 2018, using CRO strategies to optimize for better lead conversion should be it. Pay attention to Hick’s Law, use heatmap software to track visitors, make sure buttons are easy to use on mobile, design them well, use live chat, and remember to A/B test your changes.

40 Real Estate Social Media Accounts You Need To Follow in 2018

March 7, 2018

“Social media has been a powerful tool for the real estate industry. Real estate social media accounts have sprouted up everywhere! Brokerages, publications, investment firms and real estate agents are all on social media.” – Property Spark

The Boutique Real Estate Group

It’s safe to say that you could follow The Boutique Real Estate Group on any of their social media accounts. But, with over 30,000 likes on their Facebook page, we saw it fit to include them in this section! However, it’s not just about likes, they also get hundreds of likes, loves and wows on every post!

 

Raj Qsar // Indie Broker Summit NY 18: Live Problem Solving II

Watch the Pros Work Through Roadblocks for the Inman Audience

By Inman

Feb 27

 

 

One of the many beneficial sessions at Inman Connect New York is “Live problem solving” at Indie Broker Summit, where the pros discuss audience issues and answer tech queries live onstage.

Listen in as Michelle Walker (broker-owner, STL Buy & Sell Realtors) Raj Qsar (principal/owner, The Boutique Real Estate Group) and Sarah Richardson (president, Tru Realty) lead the second indie broker live problem-solving session and answer questions like:

  • I’m giving agents all the tools they need, but they still can’t get it right. How can I get agents to adopt and take advantage of resources that are clearly beneficial to them?
  • If my agents are not using the tools we provide, should we take them off the table completely?

Listen in to hear the answers to these and more.

Watch more sessions from ICNY 18 here.

Tech Connect NY 18: Live Problem Solving with Raj Qsar & Laurie Davis

Watch the pros work through tech roadblocks for the Inman audience
By INMAN / Feb 22

One of the many beneficial sessions at Inman Connect New York is “Tech live problem-solving” at Tech Connect, where the pros discuss audience issues and answer tech queries live onstage.

Listen in as Laurie Davis (broker/owner, BHGRE Lifestyle Property Partners) and Raj Qsar (principal/owner, The Boutique Real Estate Group) answer questions like:

  • I’m becoming overwhelmed with social media. Do I hire a social media manager? And, assuming it’s a $30,000 role, how do I keep track of it?
  • What systems are best to use when managing a team?
  • I’ve never created a listing video … where do I start?

Listen in to hear the answers to these and more.

Watch more sessions from ICNY 18 here.

Raj Qsar at Inman NYC- The Boom Real Estate Podcast

Raj Qsar at Inman NYC // It’s time for Inman—it’s Inman time! In this episode, Raj Qsar is a blinding, brilliant light from heaven. He brings all of his energy and passion for video in real estate and just CRUSHES it. You’ll be inspired—just like we were—when you hear Raj talk about how he broke into the luxury market using video; the ROI of video in his business; and how much he can bench press. For real. He can bench press a lot.” -The Boom Real Estate Podcast

Check out the podcast here:

 

 

 

Top 5 ICNY 2018 Takeaways

via Raj Qsar / The Boutique Real Estate Group

As I landed back into LAX after yet another ICNY I am again humbled and optimistic about the future of our industry. There is just something about being around so many amazing people from all over the world. I am thankful for the opportunity not only to attend but to present on multiple subjects on the main stage. From technology problem solving, to video marketing to lead generation & conversion.
Some of the most amazing conversations happen in hallways, after parties and intimate dinner convos at amazing restaurants. This is where you get time (precious time) with people who are shaping our industry. Their thoughts, ideas, and stories simply encourage me to push forward. People who have paved the way for the next generation and people who are simply up and coming and blazing their own trail.
Every year I try and take a few things with me. Things that will not only change my mindset and pull me out of my box but also instruments I can put into motion within my workspace. With that in mind, here are my top 5 takeaways from ICNY 2018.
1. One of my favorite quotes came from Rayni Williams and she said, “you have to be obsessed with this business or else you will be just average.”  Let that sink in a bit. It really made me think of what we are doing day to day, minute to minute. Is it obsessed? From every phone call, text, email, handshake, signed contract, design, marketing, technology…. Are we obsessed with excellence?
2.  Indy Connect is such a highlight now at ICNY. Many of these “indy’s” are not so small anymore. WE are not “mom & pop” shops working out of our neighbors’ garage! We are pushing our industry and making decisions that impact everyone. We are agile, nimble, aggressive and able to compete at the highest level on a global scale. I love what Vanessa Jones Bergmark said on Day 1 at Indy Connect, “Ignore the big boys. The revolutionary war was won by a group of scrappy independents.” OMG! #TRUTH We are quality over quantity. Depth over width.
3. This years keynote was Simon Sinek who was interviewed by Andrew Flachner with RealScout. What resonated with me was when Simon was chatting about working hard & being fulfilled, “Working hard for something we do not care about is called stress; working hard for something we love is called passion.”
4. There was a nice focus this year on coaching and being coachable. I think so many agents are just scared of the word “coach.” Maybe they do not want to open up? Maybe they do not want to dive deep into their business? But having a coach is now the norm in our industry as they are able to give and provide something just a bit different than your office manager, broker or owner. One particular session was led by Alyssa Hellman from Compass South Consulting. She said, “coaches are not a crutch, they are an asset to help you reach peak performance but you have to be coachable. You need to decide if you are committed.” 
5. And rounding out my personal Top 5 for ICNY 2018 is the #womanup initiative driven by C.A.R. leader Sara Sutachan. In 2017, C.A.R. launched its Women’s Initiative. Even though the real estate industry is predominantly female, women are underrepresented in leadership positions at both the brokerage and senior management levels. The goal of C.A.R.’s Women’s Initiative is to create a community where mentors and leaders can communicate, collaborate, advocate for, and support one another. Download the white paper here. Register for the 2nd Annual Woman Up Conference Here.

 

 Since You Made It This Far it is only fair to throw a few bonus tips out!

6. Sharran Srivatsaa Top 10 Tips for Success from the nations highest performing sales teams: “Success Leaves Clues”
7. Hey Carpool Fans! Enough said. Watch here!
8. Book Review via The Notorious ROB: Disrupters, Discounters & Doubters
Connect with Raj Qsar:

Bring a bottle…bring a friend…

🍷Please join us on the 1st Wednesday of EVERY MONTH for our infamous “Book Club.” Why do we call it a book club? Well, we tried to start a book club a few years ago at our office. The goal was to review one book a month that related to our business and just get our team together to network and build an amazing community. I can proudly say that we did not get through one single book, but we did find out that we all enjoy wine. And we had the best time! So we decided to make it official and invite all of you to our book club!! 😂

Where: The Boutique Real Estate Group, 3385 E. Imperial Hwy, Brea, Ca 92823

When: 1st Wednesday of Every Month

What: Wine (Bring one bottle of wine valued at $20+ and please bring a friend). No books, please.

Who: Everyone is welcome

RSVP: If you want to or just show up. Raj@TheBoutiqueRE.com // 714-412-5019

 

No End in Sight for Toll Brothers’ Luxe Push in OC

Toll Brothers Inc. is adding another high-end housing development to its Orange County portfolio.

Its latest addition, a 47-lot site in Yorba Linda, will likely be one of its highest-priced local communities, which is saying something for the Horsham, Pa.-based builder, whose local developments’ homes top $2 million.

The builder, whose market value is about $8 billion, recently reached a deal to buy the Stonecliff Estates development site in Yorba Linda, roughly 30 acres on the northwest corner of Lakeview Avenue and Bastanchury Road. It’s a little more than a mile northeast of the Richard Nixon Museum and Library.

The site was listed for sale a few months ago by Sal Provenza and Curt Crandall at the Irvine office of land brokerage WD Land.

It traded hands for about $44 million, a little under $1.5 million per acre, or nearly $940,000 per lot, among the highest per-lot prices for an OC housing development site not along the coast.

The land was technically bought by an undisclosed land banking firm that will sell the lots to Toll Brothers in phases, according to Provenza.

Stonecliff Estates has been in the works for nearly a decade and was sold by an entity listed in marketing documents as Bastanchury Holding Co. LP.

The sellers are affiliated with Kuwait Finance House, a large Islamic banking firm that was one of the initial equity investors in the development, according to Provenza. The property is believed to be its only OC land investment; it also has some commercial property holdings in the Los Angeles area, he said.

Toll Brothers, which bills itself as the country’s largest luxury homes builder, is no stranger to Yorba Linda (or OC, where it’s now selling at 16 different projects), and has built a few developments in the city over the past three years.

Its latest, the 119-unit Enclave project, is about a half-mile from the recently bought property. It opened last year with prices near $2 million, and was about half sold as of a few months ago, according to brokerage data.

Stonecliff Estates will likely have a higher price point, thanks to some of the largest lot sizes—about a half-acre, or a little more than 20,000 square feet—for a recent OC housing development.

Most of Toll Brothers’ other area luxe homes in Irvine and other parts of OC have lots in the 6,000- to 12,000-square-foot range. Its Alta Vista development in Irvine’s Orchard Hills community, for example, with some homes priced at nearly $3 million, has lots of about 11,000 square feet, according to WD Land.

Homes at Stonecliff Estates were envisioned to be a little more than 4,000 square feet to nearly 6,000 square feet on the half-acre lots under the prior ownership group’s proposed designs, which Toll will likely tweak.

A community opening should be in about nine months, according to WD Land’s Provenza, who previously worked on land acquisitions for Toll Brothers.

Record Year, Rents

Apartment construction in OC is projected to reach an all-time record this year, according to a new multifamily research report by the local office of Marcus & Millichap.

Nearly 7,500 units will be completed at large apartment projects across the county, a record level and one that will increase OC’s base of rentals by 3%, the report said.

The heavy development is having a slight impact on vacancy rates, which have ticked up to 4%. But that hasn’t slowed rental appreciation, which has also risen 4%. Average monthly rents now stand at $1,972.

Construction should keep pushing on into next year. There were nine apartment projects with more than 300 units under way in Anaheim and Irvine combined at the start of the fourth quarter, and two projects, each larger than 500 units, were going up in Huntington Beach, the report said.

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