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06/24/11 - Developer expects to sell homes in Upland
Inland Valley Daily Bulletin
Andrew Edwards, Staff Writer

January 6, 2011

DEVELOPER EXPECTS TO SELL HOMES IN UPLAND

UPLAND - Another developer is taking a chance that 2011 will be a good year to sell homes. BCA Development, which is base in Costa Mesa, on Thursday commemorated its Upland Estates project with a ribbon-cutting.

"We've been building here for two or three years now, and as the market slowed, we adjusted to that," BCA Development president Ben C. Anderson said at Thursday's event. "We are in a position now where we believe the market has stabilized and we'll be building through 2011."

Upland Estates is a 24-house infill development northeast of the 18th Street and Mount San Antonio Avenue intersection, near Pioneer Park.

BCA's ribbon-cutting follows a December event in Fontana when KB Home celebrated a ribbon-cutting for 171 new homes in neighborhoods planned for that company's Aspen, Rosewood and White Oak projects.

Although BCA Development held its ribbon-cutting on Thursday, the company has already sold 10 homes there, Anderson said.

The first sales took place about three years ago and BCA initially sought to make deals in the $700,000s.

Asking prices have since dropped to the low- to mid $600,000s at Upland Estates. All 24 homes there are single story and range in size from 2,748 to 3,242 square feet.

Maria Peshkin, along with her husband and daughter, moved to Upland Estates over the summer from Diamond Bar.

"It was kind of a trade. We sold one house and paid for the other," Peshkin said.

The family moved in part because the Peshkin's daughter attends classes at the nearby St. Mark's Episcopal School.

The Peshkin's paid in the high-$600,000s for their home and are satisfied with the move, Peshkin said.

The price tag on an Upland Estates homes is higher than many area homes. The median sales price for a single-family house in Upland Estates' ZIP code, 91748, was $428,000 in November, according to DataQuick Information Systems.

Resale houses in the immediate vicinity of Upland Estates have gone in the $500,000s, Anderson said.

BCA is confident they will be able to attract buyers seeking "move up" or "move across" homes at their current asking price, Anderson said, adding that buyers are making what he termed to be moderate- to medium-sized down payments.

"Most people are pretty well settled," he said.

BCA's selling points include families being able to enroll children in the Upland Unified School District and buyers being able to avoid $50,000 or so in additional investments that may accompany the purchase of a foreclosure or short sale property.
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