Inland Empire real estate is booming.
Economic Growth for Inland Empire Real Estate
It’s no secret the Inland Empires reputation has made a quick shift within a short number of years. Two major counties experiencing growth are Riverside County and San Bernardino County. Both counties are grabbing attention from home buyers and top international companies such as Amazon and Wal-Mart. Snagging growth from home buyers in these areas is good for the economic growth. Having major companies expanding to the I.E. makes it even better for jobs and economic stability. In addition, growth in the fun nightlife, shopping, and dining have seen a demand increase.
The San Bernardino housing market is going strong, with a jump in the median sales price of single-family homes. From $225,000 in November 2016 to $270,000 at the same point in 2017. According to a market report by the Inland Valleys Association of Realtors (IVAR).
“It’s been a solid year,” said Mark Dowling, CEO of IVAR. “We’ve seen growth in the residential market for the last four years in a row.”
Industrial Markets Are Up
A big boost came from Amazon, with more than 5 gigantic warehouses across the Inland Empire. On the entertainment scene in late 2018 is San Jacinto’s Soboba Casino. They held their topping-off ceremony in December. The renovated complex will feature an 83,500-square-foot casino floor with 2,000 slot machines and 24 table games. The property will include bars, restaurants and other amenities in addition to a 200-key hotel. Riverside is reaping the benefits of being “in one of the hottest industrial markets in the nation,” said John Boyd. John is principal of the Boyd Company. Boyd Company counsels major firms on where to locate their facilities and has advised corporations to consider the Inland Empire area, including Riverside County.
Why Inland Empire real estate? The Inland Empire is one of the few places in the region that has enough room to erect the vast warehouses needed to accommodate growing distribution demands, CBRE broker Kurt Strasmann said in an article with the Los Angeles Times.
Monster Warehouse Planned For IE
New York developer Rockefeller Group, has plans for two gigantic buildings. This $110 million project is set for a summer finish date with one of the two buildings containing one million square footage. These two operations are for companies needing to distribute goods that arrive through the ports of Los Angeles and Long Beach. The explosive growth of online commerce in recent years has fueled development of warehouses and distribution centers in the country’s key industrial property markets near seaports. Of course, this activity in the economy is great news for Inland Empire real estate.
The growth in the industrial side of the Inland Empire has, and will, continue to create a movement in home ownership. Most noteworthy. Riverside is a top area for first time home buyers in family-friendly suburban neighborhoods. Or upgrade to larger luxury living in private residential areas. While San Bernardino also provides family-friendly neighborhoods along with more affordable homes and apartment living. Currently, the median home in Riverside is $354,600, which compares with $270,000 in San Bernardino County, $650,200 in Los Angeles County and $696,200 in Orange County, according to local MLS data. Numerous newly built communities by Lennar, KB Homes etc, are being built throughout the Inland Empire with great interest. Our agents at Coldwell Banker Blackstone are already seeing a big increase in business and have been helping clients settle in the Inland Empire.
- Looking for property in Riverside, CA? Check out these properties that just hit the market less than 7 days ago!
In conclusion, all of this economic growth is great news for home shoppers looking at the Inland Empire. They can feel more confident about the home they purchase and the future value if might bring. When you invest in a home, you invest in more than just property. What about the neighborhood? City? County? It is important to take into account all these things!
*Guest author Joel Barcenca contributed to this article.