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OC developers continue to bet on a vibrant real estate market. October contracts for future construction in Orange County more than doubled year-earlier totals, at $364 million, according to a report by the F.W. Dodge Division of The McGraw-Hill Companies. The residential sector accounted for $225.3 million of that total, doubling that figure for last October. Commercial contracts totaled $138.7 million, almost tripling last October's $49.6 million.
Year-to-date, the news is just as strong. Overall activity totaled $2.5 billion for the first 10 months of this year, up 47% from the same period last year, according to the F.W. Dodge report. Residential contracts led the surge, accounting for $1.5 billion, up 32% from the first 10 months of last year. Nonresidential contracts totaled $994 million, up 82% through October.
Deals:
Edward Properties has purchased a 47,420-square-foot office building at 3330 Harbor Blvd. in Santa Ana for $5.69 million from American States Insurance. Chuck Noble and Dave Hunsaker of Lee & Associates' Orange office, represented Edward Properties while Mike Meisenbach and Dave Witney of Lee & Associates' Newport Beach office represented American States Insurance ......