Randall Lewis: Insight for Real Estate Development in 2015
RANCHO CUCAMONGA - This last Friday I went to Rancho Cucamonga to listen to Randal Lewis speak. Mr. Lewis is the V.P. of the Lewis Group of Companies which is a lead developer here in the Inland Empire. His talk about what he saw for 2015 was very different from what I was expecting. I’ve heard many people speak about projections for the future and it always comes back to the volume of home sales, foreclosed inventory, building permits, buildable lots, inventory, financing and the many other things that you must take into consideration when evaluating market trends. However, Randal looked at this year in real estate from a different perspective. He didn’t talk about how many units they were building, price points or affordability; instead he spoke about life style design, sustainable communities and changes in demand for certain types of home product. Although he didn’t say it, I believe Randall is preparing for the aging baby boom generation which has been the driving force in our economy for years now. Less square footage, single story living and amenities are the main factors for an older generation (excluding of course proximity to grand kids!). The Lewis Group intends to build more apartment/loft style and multigenerational housing. They’re also heavily investing in land which will keep them in the driver's seat for years to come. The fact that they, as well as other builders, are ramping up their projects for the next 5 years is a good sign for the Inland Empire since historically our economy has been based in construction.
This should lead to more jobs which will lead to more household formation and therefore home buying. It should be exciting to see how builders change their products to fit today’s needs. Randall believes we will see more California friendly landscaping in future developments, more technology integrated into the homes, similar to Virgin Hotels, and more attention paid to walkability and local amenities. We are very much a vehicle dependent society here in Southern California, especially in the Inland Empire. He did mention that they were working on alternative transportation which I think is great. If we can begin to build housing with transportation ideas incorporated into the design we can live healthier lifestyles and put a dent in traffic and pollution! Developers such as Randall Lewis have such a profound impact on our societies as they define our living experience through their developments. It was comforting to see that someone in such a pivotal position, especially as the demographics of our communities shift, was concerned about sustainability and creating an exiting living experience. I look forward to seeing his developments this year in Upland, Fontana, Rialto, Grand Terrace and Perris to name a few. ~
Andrew P Villalobos is a realtor with Coldwell Banker Armstrong Properties. He is knowledgeable about the IE and real estate transactions. He earned a B.A in Philosophy from UC Riverside where he played for the Division I Men’s Soccer Team. He coaches club soccer in Riverside with RFC Milan. An avid outdoorsman, Andrew lives in Riverside with his wife, Sofia.
