Source: Housing Wire —
It’s such a great time to build a home that companies are building in oil fields. Nary an eyelash was batted last month when two of the housing market’s biggest homebuilders – Pennsylvania-based Toll Brothers and Florida-headquartered Lennar –acquired 173 acres of land in Montebello, California from Sentinel Peak Resources, a company that owns oil development land up and down the Golden State.
In a project the companies have dubbed “Metro Heights,” 1,200 homes are planned in Montebello Hills, which is 10 miles east of downtown Los Angeles and has pumped out oil since 1917. A new twist on an old, controversial project, the land is already permitted, and the companies are shopping for homebuyers.