As Visalia grows and market improves, hundreds of new homes being built

VISALIA, Calif. (KFSN) -- Years ago, Visalia developer Sam Sciacca had big plans for some land in North Visalia. Homes were selling fast, so he bought more property.

But after the housing market collapsed, he had to sit on the 78-acres, because no one was interested in it.

"During that 2009-era, builders were not building," Sciacca said. "They knew that they couldn't sell what they built because they couldn't move what was on the shelf, so they didn't buy."

Eventually, Lennar Homebuilders bought some of the property, and Sciacca is now finishing his part of the project---more than 30 new homes.

In 2017, Visalia homes are affordable, renters want to buy, but Sciacca says there's a shortage of inventory, hence the new development.

"Resale homes finally got to the lowest number that they've ever been in 30 years," Sciacca said. "They just don't have homes that are existing because they either got foreclosed on or they got a short sale and now they got sold."

Last year, Visalia saw 575 homes built. There have been 231 permits issued so far this year, and city officials think that number could top 600.

Some homes have already been built, some are still under construction, and even more homes are being proposed on vacant land. The average cost of a single-family dwelling is $269,000, a 3.5% increase over last year.

Sciacca says people are moving to Visalia from places like the Bay Area and Los Angeles, and paying cash.

"(There are) good schools, low crime, and affordable housing," Sciacca said.

As long as interest rates stay low, and home values don't soar out of control, Sciacca believes the building trend will continue.