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Homebuilding Revival Sparks Rush for Best California Land

Guy Asaro, president of McMillin Homes LLC, bought three land parcels in Texas this year while coming up empty in the San Diego area, where the closely held builder is based.

Ready-to-build lots around San Antonio, where McMillin has constructed houses since 2005, cost $55,000 to $70,000, or as little as one-sixth the going price in San Diego, Asaro said. He keeps searching in California, the most populous state, because a little land in the right place can yield a big return.