Ventura Developer Taking A Chance On New Construction

VENTURA (CBS) — At a time when unemployment remains in double digits and many Californians are struggling to hang onto the home they already have, one developer is taking a chance on new construction.

Deborah Bryant, no relation to me, is the marketing manager for what they call the Ventura Collection where seven homes are under construction in the first phase of what is planned to be a 47-home development.

"It's kudos to the builder. They're taking a chance. They are trying to get the economy growing again, get it stimulated and basically make the American dream happen for everybody," Bryant said.

Only a couple of homes have been sold here so far but the builder-developer Santa Ana-based City Ventures Residences has developed a plan it believes addresses current conditions in the state.

Instead of launching massive new developments with hundreds of houses being built, the company has launched small-scale developments in eight California communities from Sunnyvale up north to Encinitas down south.

"Like I said, we're doing creative financing. We're helping people to figure out the best way," she added.

Companies like City Ventures believe the sun hasn't set yet on California housing industry.

So Bryant says they work with banks to help homebuyers qualify.

But even with that help, the company offers plenty of incentives to lure nervous customers. For example, it offers an insurance policy to reimburse the buyer if the sale price for their model drops after they purchase a home.