Smart Zip Corona Top10 Real Estate Investment Market Report July 2009
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TM Local Expert Insights • Home prices are down 33% in last 14 months, but have stablized in May/June • Very low inventory level, only 615 listings on MLS (12% REO, 58% short sale) • Average time from active to pending is 2-3 days and multiple offers are common • Income play: zip code 92883 (specifically Sycamore Creek community) where there are many 2-3 year old homes with a high spec level, elementary school, ~3,000 SF of living space, priced in the mid-$300k range that rent for $2,200 to $2,500 per month • For lower priced, older homes, try zip code 92879 for homes with 1,200 to 1,500 SF of living space, priced in the $150k range Overview Founded in 1896, Corona is located in Southern California in Riverside County and is a city of over 131,000 people. Corona is approximately fifty minutes southeast of Los Angeles and thirty minutes northeast of Long Beach. It is near the Cleveland National Forest and in a region known as the “Inland Empire”. In recent years, Corona has become a bedroom community for Orange County and the larger cities of the Inland Empire. The development of commerce and industry in the city has been accelerated by congestion on the Riverside Freeway, with many firms leaving northern Orange County to be closer to their employees’ homes in Corona and Riverside. On the Map July 2009 | www.SmartZip.com CORONA, CA Key Investment Metrics Average SmartZip Score™ 69 Growth 57 Income Average Market Value: $315,886 $161 per Sq. Ft. 10-Year Proj. Appreciation: 50% Average Monthly Rent: $1,999 Average Cap Rate: 3.0% 10-Year Proj. Population Growth: 25%
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SmartZip's Analysis and insights into Corona, CA as a fundamentally strong real estate market for investors and homebuyers, based on SmartZip's investment ratings and local insights
Transcript of Smart Zip Corona Top10 Real Estate Investment Market Report July 2009
TM
Local Expert Insights
• Home prices are down 33% in last 14 months, but have stablized in May/June
• Very low inventory level, only 615 listings on MLS (12% REO, 58% short sale)
• Average time from active to pending is 2-3 days and multiple offers are common
• Income play: zip code 92883 (specifically Sycamore Creek community) where there are many 2-3 year old homes with a high spec level, elementary school, ~3,000 SF of living space, priced in the mid-$300k range that rent for $2,200 to $2,500 per month
• For lower priced, older homes, try zip code 92879 for homes with 1,200 to 1,500 SF of living space, priced in the $150k range
Overview
Founded in 1896, Corona is located in Southern California in Riverside County and is a city of over 131,000 people. Corona is approximately fifty minutes southeast of Los Angeles and thirty minutes northeast of Long Beach. It is near the Cleveland National Forest and in a region known as the “Inland Empire”.
In recent years, Corona has become a bedroom community for Orange County and the larger cities of the Inland Empire. The development of commerce and industry in the city has been accelerated by congestion on the Riverside Freeway, with many firms leaving northern Orange County to be closer to their employees’ homes in Corona and Riverside.
On the Map
July 2009 | www.SmartZip.com
CORONA, CA
Key Investment Metrics
Average SmartZip Score™ 69 Growth
57 Income
Average Market Value: $315,886
$161 per Sq. Ft.
10-Year Proj. Appreciation: 50%
Average Monthly Rent: $1,999
Average Cap Rate: 3.0%
10-Year Proj. Population Growth: 25%
Corona, CA Heat Maps
About the Top 10 Markets The SmartZip Top 10 Markets™ is a featured list of the top rated markets hand-picked by our panel of investment analysts. Candidates for the list are identified using our proprietary SmartZip Score™ ratings averaged across the Growth and Income investment strategies. Learn more at www.SmartZip.com
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