What’s up with all that construction? Here are 10 projects in the works

February 12, 2018 07:30 AM

Updated February 12, 2018 07:30 AM

Report: Central Valley home prices up year-over-year

 Marc Lutz

 

A recent report has shown home prices throughout the Central Valley to be up over the same time last year, but those prices might be coming down.

In its December 2017 data report, CoreLogic, an analytics and data provider, stated that home prices nationally were up 6.6 percent in December over the same time in 2016.

Locally, home prices in Stockton-Lodi and Modesto were also up. In Stockton-Lodi, prices increased by 7.8 percent year-over-year. In Modesto, prices were up 9.1 percent year-over-year. Those prices include distressed sales.

From November 2017 to December 2017, prices increased by 0.5 percent in Stockton-Lodi and decreased 0.4 percent in Modesto.

“Home prices continue to rise as a result of aggressive monetary policy, the economic and jobs recovery and a lack of housing stock. The largest price gains during 2017 were in five Western states: California, Idaho, Nevada, Utah and Washington,” said Frank Martell, president and CEO of CoreLogic in a press release. “As home prices and the cost of originating loans rise, affordability continues to erode, making it more challenging for both first-time buyers and moderate-income families to buy. At this point, we estimate that more than one-third of the 100 largest metropolitan areas are overvalued.”

Thirty-five percent of the metropolitan areas with the overvalued housing markets have prices that are 10 percent above a long-run sustainable level, CoreLogic reports.

“The number of homes for sale has remained very low,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Job growth lowered the unemployment rate to 4.1 percent by year’s end, the lowest level in 17 years. Rising income and consumer confidence has increased the number of prospective homebuyers. The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices.”

Report: Central Valley home prices up year-over-year

In downtown Fresno, buildings fall to make way for South Stadium businesses, apartments

Kern County solar farm is sold

Central Valley Business Times

  • Southern Power is buying Gaskell West 1 Solar Facility
  • “Gaskell West 1 is an excellent fit for Southern Power’s evolving business”

Southern Company subsidiary Southern Power is buying the 20-megawatt Gaskell West 1 Solar Facility in Kern County, the Atlanta, Georgia-based firm says.

“We are pleased to start the quarter with continued growth in our renewable portfolio,” says Southern Power President and CEO Buzz Miller. “Gaskell West 1 is an excellent fit for Southern Power’s evolving business as we strive to meet market demands through our commitment to develop clean, safe, reliable and affordable energy resources for the benefit of our customers.”

Construction of the approximately 280-acre project began in October 2017, and the facility is expected to begin commercial operation in March. Southern California Edison will purchase the electricity and associated renewable energy credits generated by the facility under a 20-year power purchase agreement and will have the option to keep or sell the associated credits. Southern Power purchased the facility from Recurrent Energy, which is developing the project. The purchase price was not announced.

D.H. Blattner & Sons Inc. is performing the engineering, procurement and construction services, and First Solar Energy Services will operate and maintain the facility upon completion. Southern Power plans to use third-party tax equity as part of the funding of the transaction.

The announcement marks Southern Power’s fifth solar facility within Kern County and 12th solar facility within California. With the addition of Gaskell West 1, Southern Power owns more than 3,500 MW of renewable generation from 38 solar, wind and biomass facilities either announced, acquired or under construction from California to Maine. In total, the Southern Company system has added or announced more than 6,500 MW of renewable generation since 2012.

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