Business Journal: Centex, Pulte Sell Land

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(Sacramento, CA)
Monday, March 10, 2008
National housing giants Centex Homes and Pulte Homes have unloaded 250 acres approved for new homes in Rancho Cordova for pennies on the dollar – the first major land sell-off in the region since the real estate market slumped last year. Developers Ron Alvarado and Charles Somers, who own a large janitorial and building maintenance company together, bought the land for $8 million — or about 15 cents of the original price. The ranch land, known as Montelena, has approvals for about 880 homes in the Sunrise-Douglas area. Rancho Cordova requires traffic improvements in the area before homes can be built on the property. Alvarado says he and his partner will be patient for the housing market to recover.