Comstock's magazine 0919 - September 2019 | Page 77

special supplement Newlyweds Sanchita and Nimish Agashiwala moved into their new house in Folsom Ranch in November 2018, the first homebuyers in the new development to do so. I n November 2018, first-time homebuyer Nimish Agashiwala moved into Folsom Ranch, a new planned residential com- munity south of Highway 50 in Folsom. Weary of renting, the 28-year-old Intel engineer began searching for a home in Folsom at the end of 2017 but couldn’t find anything that matched his budget and wish list. “I wanted a single-story home with a big backyard that I could design to my lik- ing,” he says. But the houses he saw were beyond his $500,000 budget. After several months of house hunting, Agashiwala found what he was looking for when homebuilder Taylor Morrison opened its first tract in Folsom Ranch in early 2018: a new single-story home he could custom- ize and afford in a family-friendly commu- nity with bike trails, community parks and new schools. He chose his lot and selected his upgrades (with input from his parents and fiancée), then went to India for his wed- ding. After returning, he and wife Sanchita moved in on Nov. 15 — the first homebuyers in the project to do so. Young adults like Agashiwala who have previously been priced out of the escalating housing market are looking to communi- ties outside of urban centers to realize their goal of home ownership. And homebuilders are happy to oblige, designing affordable and energy-efficient suburban homes with technology upgrades not found in older abodes. The city of Folsom is particularly appealing with its abundant open space, biking and walking trails, upscale shopping centers, and highly rated schools. And, now, a new planned community. ADDING ON With Folsom’s growing population, the an- nexation of more than 3,500 acres south of Highway 50 was proposed in 1992. Years of public hearings and input by residents and the city council culminated in Measure W, an annexation measure Folsom residents passed with specific caveats: 30 percent of the land must be designated as open space; a dedicated and available water sup- ply must meet planned capacity; schools, parks and transportation improvements must meet the new residents’ needs; and, most importantly, no additional taxes could be imposed on existing residents. The final plan was adopted in 2011, and the landown- ers spent the next several years working out the infrastructure construction. The first two homebuilders, Taylor Morrison and Lennar, began construction in Folsom Ranch in early 2018. By June 2019, 220 homes were sold in the new community. Of these first sales, more than 87 percent are buyers from Folsom and the surrounding region, and nearly all were former renters. At build-out in 25-30 years, approximately 11,500 homes are expected to be construct- ed, and 25,000 people are expected to live in the community. In all, the city has plans for an estimated 1,770 single-family units to be built over the next eight years, includ- ing subdivisions in Folsom Ranch, Prospect Ridge, The Harvest, Mangini Ranch, Russell Ranch, Empire Ranch and Islands. Another 1,062 multifamily units are planned over the next three years at Bidwell Pointe, Talavera Ridge, The Hub, The Pique and Parkway. “You see a lot of mixed use, higher density, condo options, small lots — options you might see in other more metropolitan areas, like the city of Sacramento.” Pam Johns, community development director, City of Folsom A YOUNG DEMOGRAPHIC Folsom has been called the Silicon Valley of the foothills because of the number of tech-heavy companies there, including In- tel, which employs more than 6,000. Per demographic data from the Greater Sacra- mento Economic Council, the city’s median age is 38, and median household income is $116,904. Comparatively, the median age and income for the greater six-county Sac- ramento region is 37 and $71,644, respec- September 2019 | comstocksmag.com 77