The lots for 60 new homes on the west side of the Santa Clarita Valley have been sold to Toll Brothers, according to the investment firm managing the sale of the properties for the development stage of the 1,274-acre Tesoro Highlands community.
The development pads, which will be built by Toll, are being prepared for about one mile north of Tesoro Adobe Historic Park off a street called Caminos Los Robles in Valencia.
A developer’s map of the planned communities places it adjacent to Lennar at Avila, another Tesoro Highlands tract.
Homes within the Tesoro Highlands neighborhoods of Bella Terra are 3,377 to 3,685 square feet and start at close to $1.6 million; Alta Monte homes are 4,718 to 5,088 square feet and start at around $1.9 million.
“The closing of Toll Brothers’ first finished lots is an exciting milestone in the development of Tesoro Highlands, a beautiful new community in the scenic hills of Santa Clarita,” said Chris Bley, co-president and chief investment officer at IHP Capital Partners. “IHP began delivering finished lots within the masterplan in the first quarter of 2023 and has delivered 348 finished lots to date. We are pleased to welcome another quality home-builder to the community that will bring the vision for Tesoro Highlands to life and provide an exceptional living experience for its residents.”
The mostly gated community is planning to offer four distinct neighborhoods for families and age-qualified residents, meaning aged 55 and older. IHP previously delivered lots for 288 homes within Tesoro Highlands to Lennar Homes of California, which is actively selling homes.
“Construction has already kicked off on several phases of homes in Tesoro Highlands by Toll Brothers,” said Nick Norvilas, division president of Toll Brothers in Los Angeles. “Quick move-in homes with designer-appointed features are available in the community, with late summer and early fall move-ins.”
The Toll Brothers’ first available homes at Tesoro Highlands were put on the market in January.
“New home demand in the Santa Clarita Valley remains strong, and Tesoro Highlands’ location and amenities make it an ideal choice for homebuyers looking for a well-rounded and high-quality living experience,” said Doug Neff, CEO of Newport Pacific Land Co., which developed the land for IHP to make it builder-ready.
The real estate market for February in the SCV, the most recent data available from the Southland Regional Association of Realtors, indicated there were 194 new single-family home listings last month, compared to 135 over the same period in 2023. The median list price was $1.013 million for a single-family home, which is slightly down from $1.042 million over the same period in 2023.
The active average list price for both February 2023 and February 2024 remained at the higher end of the market, $900,000 — while homes moved much faster: The average number of days a home stayed on the market reduced from 66 days to 34 days.
