REAL ESTATE
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A new home in Santa Ana for less than $120K? No way!
Newport Beach-based RSI Development partnered with city to create sustainable, attainable homes.
By Susan BelknappPublished: June 17, 2009 03:00 AM
RSI Development is a revolutionary new homebuilding and development company backed with a $100 million commitment. The company’s mission: provide the highest quality, best priced, most attainable new homes for first-time buyers and working families in sustainable neighborhoods throughout the nation.
RSI has now joined the city of Santa Ana for its first public-private partnership. The first project for the alliance was unveiled today in the form of two new homes that meet federal and state affordability criteria, made available to the city’s first-time buyers and working families at prices that are less than half of the current market rate. The two completed homes will serve as showcase pieces for future projects and will not be sold in the immediate future.
The two floor plans, one 1,621 square feet, the other 1,968 square feet, are being offered at or under $85,000 and $95,000 respectively (yes, you read that right), exclusive of land costs and building fees. According to today’s most recent information from DataQuick, the median home price in Orange County in May was $410,000.
The homes will include central air conditioning, custom kitchens with granite countertops, tankless hot water heaters and Energy Star appliances. The final cost to new-home buyers will be approximately $119,000 for the smaller three-bedroom, two and one-half bath plan and $144,000 for the larger, four-bedroom, three-bath model. The homes will be made available to families who meet the city of Santa Ana’s criteria for income and family size.
RSI Development enjoys initial capitalization of more than $100 million, so it can remain entirely self-financed while it fulfills its aggressive expansion goals, which include a national expansion of its sustainability/attainability strategy.
“RSI Development is dedicated to revitalizing existing neighborhoods and creating new communities across the United States,” says Ronald M. Simon, RSI chairman and founder. “We believe that every financially responsible American family deserves the opportunity to buy their own home and in working closely with cities and government agencies, such as the Santa Ana, we are able to extend home ownership opportunities to those who have previously been unable to realize their American Dream.”
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RSI Development is a revolutionary new homebuilding and development company backed with a $100 million commitment. The company’s mission: provide the highest quality, best priced, most attainable new homes for first-time buyers and working families in sustainable neighborhoods throughout the nation. RSI has now joined the city of Santa Ana for its first public-private partnership. The first project for the alliance was unveiled today in the form of two new homes that meet federal and state affordability criteria, made available to the city’s first-time buyers and working families at prices that are less than half of the current market rate. The two completed homes will serve as showcase pieces for future projects and will not be sold in the immediate future. The two floor plans, one 1,621 square feet, the other 1,968 square feet, are being offered at or under $85,000 and $95,000 respectively (yes, you read that right), exclusive of land costs and building fees. According to today’s most recent information from DataQuick, the median home price in Orange County in May was $410,000. The homes will include central air conditioning, custom kitchens with granite countertops, tankless hot water heaters and Energy Star appliances. The final cost to new-home buyers will be approximately $119,000 for the smaller three-bedroom, two and one-half bath plan and $144,000 for the larger, four-bedroom, three-bath model. The homes will be made available to families who meet the city of Santa Ana’s criteria for income and family size.RSI Development enjoys initial capitalization of more than $100 million, so it can remain entirely self-financed while it fulfills its aggressive expansion goals, which include a national expansion of its sustainability/attainability strategy. “RSI Development is dedicated to revitalizing existing neighborhoods and creating new communities across the United States,” says Ronald M. Simon, RSI chairman and founder. “We believe that every financially responsible American family deserves the opportunity to buy their own home and in working closely with cities and government agencies, such as the Santa Ana, we are able to extend home ownership opportunities to those who have previously been unable to realize their American Dream.” NEXT PAGE >> Related headlines Historic Laguna Beach property hits market Disneyland Hotel gears up for revamp Orange County’s McMonigle Group ranked No. 2 in sales nationally Irvine Co. gears up for launch of new town-home development Maguire unloads Irvine property at 40 percent off Affordable rental project in Irvine set to open in July Irvine-based Trumark Cos. launches homebuilding firm |
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