REAL ESTATE
Residential Development: One forecast for next year is already out.
Kenneth Leventhal & Co.’s Orange County real estate economist says that 1995, despite county government’s fiscal crisis, will be a good one for residential real estate development.
In his annual forecast, economist Walter Hahn said Orange County “is the only place in Southern California that has seen any significant increase in home sales and construction” in 1994. The outlook for 1995 “is much brighter,” he said.
Through the end of November, new-homes sales in the county totaled 7,955, up 30% from the same period a year earlier.
Hahn is projecting that permits for 14,000 residential units will be issued in the county in 1995, with pent-up demand for housing pushing the annual total to 18,000 in 1996.
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