How SB-684 is Opening Up New Investment Opportunities in Carlsbad Real Estate?

[Felicia Nitu]

Hello everyone!

SB-684 is creating a buzz in Carlsbad, and if you're an investor or developer, it's worth keeping on your radar. The law streamlines approvals for housing projects up to 10 units on lots under 5 acres, opening up new opportunities for smart investments in a city with high housing demand.

Here’s where it gets interesting: SB-684 applies to multi-family zones and even vacant lots in single-family neighborhoods. You can divide lots into as many as 10 parcels, each at least 600 square feet, with units up to 1,750 square feet. Setbacks require just 4 feet from the side and rear property lines. Parking rules are generally in place but can be waived near transit, which boosts the value of properties in walkable areas.

If you're wondering about permits, SB-684 allows for ministerial approvals, which means no public hearings, just straightforward evaluations based on set rules within a 60-day review period. That’s a big win for developers who want faster project timelines.

One thing to watch out for: affordable housing units protected by agreements or laws can't be demolished or altered. On the cost side, permit fees vary depending on the number of lots and units, but as of May 20, 2024, SB-937 allows developers to delay some fees until they receive an occupancy certificate, easing those upfront expenses. Investors can see quicker returns, and agents who understand these changes can stand out by guiding buyers to newly potential properties. Now it’s the perfect time to scout new opportunities and position yourself as a market expert.

If you're curious about how SB-684 can work in other parts of California, definitely check out It's Time to Invest in California, now! The zoning changes will make California a hot real estate market. With zoning changes making California’s real estate market even more attractive, now’s a great time to dive in. I’ve done a lot of research on these projects, so feel free to ask any questions here. I’m happy to help and share what I’ve learned!