UCLA Forecasts California Housing Recovery Next Year

Despite quickening home sales and rising prices in some parts of California, the state's housing market won't begin a full-fledged recovery until next year, economists at UCLA Anderson Forecast predict. Senior economist Jerry Nickelsburg noted that the good news is that California's housing market is expected to pick up steam in the next few years. UCLA forecasts a dramatic rise in building permits in 2014 to 130,000 - double the U.S. rate. "Twelve more months of solid gains in California and working through excess inventory, and we should be ready to declare a housing recovery," Nickelsburg said. The state's job outlook hasn't changed much from previous forecasts, despite 10 straight months of employment growth and a surprisingly strong May in which California employers added nearly 34,000 jobs. UCLA predicts continued slow and steady gains through the remainder of 2012, with faster growth beginning in 2013. The unemployment rate is expected to average 9.7% next year, falling to an average of 8.3% in 2014.

Source: Los Angeles Times

Limoneira's Santa Paula East Area I And II Positioned Well For Recovery

Santa Paula East Area I and II are well-positioned as California regional real estate markets recover. These projects will benefit from southern central California's ideal Mediterranean climate and will include new residential and commercial construction in close proximity to leading cultural, educational, entertainment, and commercial centers.

East Area I and II is a large master-planned community that includes 1,500 homes (single family and multi-family, for-sale and for-rent), 500,000 sq ft of commercial property (retail and office), and 150,000 sq ft of light-industrial property.  Housing types will be determined once market conditions are clearer and homebuilders purchase lots to build homes that target specific buyers.  Furthermore they went on to say that "successful real estate development is like Wayne Gretzky's description of the game of hockey . . . you don't play where the puck is but rather where the puck is going to be.  As market conditions firm and housing demand improves it will be easier for all of us to see where housing markets will be.  This will allow the right housing product types to be constructed to meet the demands of the market at the time they are constructed.  Limoneira is excited to follow the guidelines and conditions of the development agreement and, like the majority of Santa Paula's citizens, looks forward to the many benefits it will provide to our local community."

Windfall Farms Featured In Variety

Midway between Los Angeles and San Francisco there's a wine country without attitude or pretension. It's the farming region of Paso Robles on California's Central Coast, where property costs are well below the sky-high valuations found in the Sonoma and Napa valleys - and where many industry-ites have found their second-home destination.

Major buys by deep-pocketed outsiders are indicative of the region's investment appeal. In 2010, Roll International (part of Beverly Hills-based Stewart and Lynda Resnick's empire of food-related concerns) bought Justin Vineyards and Winery. Since then, they've doubled the winery's acreage by purchasing an adjacent agricultural spread.

Limoneira Company is developing Windfall Farms, a 724-acre, former Kentucky-style thoroughbred farm built without any expense spared and later bought-and-sold by Alex Trebek, into 10-acre residential parcels and equestrian estates aimed at gentleman farmers.

In May Chinese investors bought the former Weyrich Winery production facility, 114 acres of vineyards and the now-closed upscale Villa Toscana Inn for $7.9 million.

Paso Robles's charms provide an escape valve for industry-ites seeking a more rural, less populated area.

"There's a different of quality of life," says Carole MacDonald, a TV producer whose credits include "The Biggest Loser." She and chef/husband Santos opened downtown's well-reviewed Il Cortile eatery in 2009. "There are a lot of people who come up for the weekend who are slowly making the transition to permanent residents up here," she adds.

One area in demand is downtown's quiet residential side streets, close to the leafy city park, as well as Paso's many wine tasting rooms and restaurants, per real estate agent Jim Irving. A recently listed, $410,000 historic cottage sold within four days. Outside town, a 118-acre property with 21 acres of prime planted vineyards and a 2,900-sq.-ft. home with valley views recently sold for $1.9 million. "Paso Robles is a small, still evolving cow town," Irving says.

Ranchers, grain farmers, viticulturists, winery owners, and their clients create an interesting mix, he notes. Those interested in celebrity sightings might just spot native son Josh Brolin when he visits nearby Templeton, his hometown.

Source: Kathy A. McDonald, Variety

Canadians Pucker Up-Limoneira Lemons At Loblaws In Canada

Loblaw Companies Limited (Loblaw) is Canada's largest food retailers. Limoneira lemons can be found in Loblaw produce departments to ensure that Canadians have a fresh supply of California-grown lemons.  Loblaws is known for quality, innovation, and the value of their food offerings.  They are one of Canada's largest private-sector employers and are committed to being socially responsible by respecting the environment, sourcing with integrity, making a positive difference in their community, reflecting their nation's diversity, and being a great place to work. Their corporate social responsibility commitments link to their business through five pillars - Respect the Environment, Source with Integrity, Make a Positive Difference in Our Community, Reflect Our Nation's Diversity, and Be a Great Place to Work.

Limoneira shares Loblaw's commitment to the communities in which we operate and to our employees. Stewardship is an integral part of Limoneira's Mission.

"We're proud of our Canadian heritage and committed to carrying out our corporate social responsibilities every day, in communities across our great nation."

- Loblaw Companies