Area housing market limps forward
By Sylvie Belmond belmond@theacorn.com

Several large housing developments approved by the city over the past decade have been stalled or downscaled in response to the sluggish real estate market. More recently, talk about an economic recession is aggravating the situation.

"A lot of these projects are on hold as a reaction to the national economy and the housing market," said Councilmember Keith Millhouse.

The developer of the Meridian Hills project north of downtown Moorpark canceled a number of pending sales of houses that haven't been built yet, said Dave Bobardt, planning director for Moorpark.

The Meridian Hills project was approved for a total of 265 homes. To date, 72 houses have been completed, including seven model homes.

William Lyons Homes Inc. reportedly sold the remaining 193 lots on which homes were to be constructed to an investment company. However, the city has not yet received written information about the matter, according to Bobardt.

Plans to build on the vacant parcels have not been submitted to the city.

"All the lots have been graded, so now we need to figure out what needs to be done to stabilize the sites in the interim," Bobardt said.

Requirements set by the development agreement between William Lyons and the city will bind any successors. The buyer must assume the obligations that exist under the agreement, said Bobardt.

Mike McMillen, senior project manager for the local William Lyons Homes Inc. development, said he couldn't comment on the matter.

Moorpark Country Club Estates developer Toll Brothers also altered plans for two new clusters of homes approved by the City Council last year.

The projects were to flank the existing Country Club Estates west of Walnut Canyon Road, but the developer is currently proceeding with only one of the two, Bobardt said.

"They will build 49 homes adjacent to Grimes Canyon, but they don't intend to proceed with the 29-home project bordering Walnut Canyon," he said.

Another 284-home project, proposed by Pacific Communities south of Los Angeles Avenue and approved by the city in 1999, hasn't been built because the area may be impacted by a new flood map created by the Federal Emergency Management Agency.

"Pacific Communities has been in limbo because of the arroyo and the flood plain issue," Millhouse said. "There is no way for them to continue until improvements are made by the Ventura County Flood Control District on that portion of the channel."

The city appealed the new maps and officials are now reviewing an answer from FEMA. The flood map concerns and the changing real estate market horizon are driving the developer to redesign the project, Bobardt said.

The nearby 179-unit Shea Homes development, also south of Los Angeles Avenue in downtown Moorpark, was first approved by the city in the late '90s. Twentysix homes were built before a 2004 revision of the development proposal put the project on hold because of flood map concerns.

A 620-home development known as Hitch Ranch and slated for the downtown area has not yet been approved by the city. The original application was filed in 1993 and has been revised and put on hold several times. The applicant is working on an Environmental Impact Report, Bobardt said.

One project that is proceeding as planned is the Pardee Homes development in the Moorpark Highlands. Pardee sold 132 parcels to KB Homes about two years ago before the housing market downturn, Bobardt said.

KB is building three model homes and currently taking reservations for estate homes on lots that are about three-quarters of an acre, Bobardt said.

Finally, a 110home development located north of Moorpark and proposed by Moorpark LLC is pending.

"This project is proceeding and the developer is attempting to meet the city's conditions before approval." Bobardt said.

An apartment complex project proposed for Moorpark and approved by the city in October was put on hold in November when the developer cited financial concerns.

With many land parcels remaining vacant indefinitely, Millhouse said, corresponding improvements and benefits will be delayed as well.

"The developers are conditioned to make improvements on roads, contribute to the Moorpark Unified School District, provide units for affordable housing and pay fees for parks, so those improvements and fees won't materialize for now," Millhouse said.