Are New Economic Signs Helping Local Housing Market?
Toscana Country Club in Indian Wells offers multi-million dollar estates with stunning views.
But even the high-end development — which started in 2003 — hit hard times when the economy tanked.
Sales got sluggish and construction stalled.
Local developer Bill Bone says 2008 and 2009 were down years, but the market appears to be bouncing back.
“People were afraid of their shadow and they were just sitting on their checkbooks. They didn’t know what was going to happen,” said Bone, founder and CEO of Sunrise Company in Palm Desert. “We sold around ten to 12 houses each of those two years. The next year went to 25 and then it went to 40. So definitely things are on the mend,” he added.
That’s great news for construction crews. The developer works with about 40 local sub-contractors at Toscana, and that’s created more than 400 jobs.
“Obviously we want to see as many people at work and homes being built here. So it’s a great sign,” said Julie Bloom, vice-president of sales and marketing at Toscana.
The country club’s master plan includes 652 homes. It’s about half-built and half-sold.
Bone says he sees the glass as half-full — not a full recovery yet, but prospective buyers appear to be more confident.
“They want to get a good deal on it. But they’re very much more positive about what they think the future holds for them — in their own businesses and investments, they feel much more financially secure,” said Bone.
