On Monroe Street, just South of Avenue 59, in the city of La Quinta, Coachella Valley, Riverside County.
392 Approved Lots | 423 Proposed Lots Alternate Site Plan
- Property Overview: The “Monroe La Quinta” community of 392 single family residences and commercial corner on 110 acres represents one of the only approved masterplan-scale projects with large enough land mass to encompass such in the city limits of La Quinta. The subject property is located immediately east of the actively selling “Andalusia” community with average home prices north of $1M. However the goal and opportunity at Monroe La Quinta is to offer more affordable product starting in the $400k’s on 6,000 sq. ft. average lot sizes. The average new home project in La Quinta currently offers much higher home prices from $750k to over $1M, and there are currently no new home projects in the city with new home product priced on conventional lot sizes under the $600k’s. Starting $200k to 400k± under other new home projects in the area will dramatically open up the homebuyer pool for the area, increase home sales absorption, and provide desperately needed affordable product in the affluent city of La Quinta. An alternate site plan has been designed which will consist of 423 single family lots and a commercial corner. La Quinta currently offers limited vacant land properties within the city limits and supply of these opportunities going forward will be constrained. Historically, La Quinta has been one of the most active homebuilder markets in the Coachella Valley averaging over 1,300//building permits per year last cycle (total of over 11,000 building permits from year 2000 through 2006, second only to Indio. The current land and lot supply is estimated to only be able to support less than ±25% of last cycle’s demand. Properties like this will be the few that will fill the void this cycle in the city of La Quinta.