About Riverside's Lake Hills

Riverside Living - Featured Home of the Week 1/19/12

An elegant hilltop community is the setting for this weeks's featured home. It is a new construction "quick move-in home" (a completed home ready for immediate move-in) located in the prestigious Lake Hills Reserve. The builder, Richmond American Homes, has included thousands of dollars in options to create an attractive, appealing home.

The Riverside Featured Home is built in a rural setting, enhanced by 500 acres of dedicated open space. The community addresses the needs of various buyers. From young families impressed by the new elementary school, through young adults seeking an active lifestyle - found in the parks, pavilions and community pool, to the empty-nester's seeking to downsize and simplify. This community exemplifies Riverside Living at its best.

The Riverside Featured Home is a beautiful single-story set in a breath taking hillside location. Panoramic views provide sweeping city and mountain views. A large lot provides the opportunity to create outdoor living spaces and the home includes a covered patio.

A gourmet kitchen, bonus room, 3 car split garage are included within the 2500 square foot single-story home in the stunning Lake Hills Reserve community.

(view from the backyard)

If you are interested in selling or buying a Lake Hills home call me. Great well priced homes are selling quickly.

Join me next week for another look at Riverside Living - Home of the Week!

Lake Hills Reserve Riverside December Real Estate

Lake Hills Reserve is a beautiful hill top community of new and newer homes. The 750 acre masterplanned reserve is set among the rolling hills of west Riverside bordering on the city of Corona. Boasting a new elementary school, community pool and several parks the community combines a rural type living (expansive lots, natural scenery) with easy access to Orange County and the Inland Empire.

Active Listings: 11 (8 Standard Sales - 3 New Construction, 3 Short Sales)

Pending Sales: 8 (2 Standard Sales, 4 Short Sales, 2 REO's- bank owned)

Closed Sales: 3 (1 Short Sale, 2 REO's)

What does this mean for you?

The average price per square foot for homes in the Lake Hills Reserve - $108. This number is important as it provides a base for calculating the value of your home. However views, size of lots, amount of upgrades will also impact the value of your home.

FHA Loans continue to be the most widely used loan with seller concessions (the amount of money the seller credits to the buyer for closing costs) ranging between $7,000 - $10,000.

The highest priced home to sell in the Lake Hills Reserve for the month of December was $486,000 with $10,000 seller credits. However the home was on the market 148 days and had 3 different buyers. For various reasons buyers may be unable to qualify for a loan, pre-approval letters and cross-qualification are critical to keep a transaction moving forward, or may change their minds - agents need to have a through knowledge of contractual obligations.

Homeowners interested in selling their Lake Hills Reserve home will require an experienced agent who has studied the real estate trends. My monthly Lake Hills Reserve Riverside Real Estate Report contains up-to-date information for buyers and sellers.

Buyers interested in purchasing a Lake Hills Reserve homes should utilize the services of an agent familiar with the area, homes and trends in order to be successful in obtaining the best deal.

Call me if you have questions or need assistance.

Let my expertise work for you!

Lake Hills Riverside Real Estate Update - November 2011

The Lake Hills Reserve is a 750 acre masterplanned community nestled in the mountains of eastern Riverside bordering the city of Corona. Conveniently located near the 91 & 15 freeways providing easy access to Orange County and Los Angeles. Panoramic city views, rolling hills and 500 acres of dedicated open space are features of this beautiful community. The community consist of homes built during two different time periods. Older homes built from 1985 and phase 2 - newer construction built during 2004 forward. This report is based on MLS data for newer & new construction homes in Riverside CA.

Active Listings: 9 (6 Short Sales, 2 Standard Sales, 1 REO bank owned)

Pending Sales: 4

Closed Sales: 3 (2 REO's, 1 Standard)

What does this mean for you?

The numbers reflect continued real estate activity within the Lake Hills Reserve. The number of short sale transactions has increased which also reflects the average number of days a home is on the market. The current reality of real estate often reflects longer days on the market. Which maybe an advantage for standard sellers. The average days on the market (DOM) for the standard sale was 36 days versus the average 169 days for short sales.

Also important is the List Price (LP) to Sold Price (SP) percentage. During the month of November the closed sales averaged -.50% of list price.

Understanding the current fair market value and pricing the home accordingly results in fast sales for well priced, well maintained homes in the desirable Lake Hills Reserve, Riverside, CA.

If you need assistance with the buying or selling of homes in the Lake Hills Reserve or need answers for your real estate questions call me!

Lake Hills Reserve Real Estate October 2011

The Lake Hills Reserve is a 750 acre masterplanned community nestled in the mountains of Riverside. Conveniently located near the 91 & 15 freeways providing easy access to Orange County and Los Angeles. Panoramic city views, rolling hills and 500 acres of dedicated open space are features of this beautiful community. The community consist of homes built during two different time periods. Older homes built from 1985 and newer construction built during 2004 forward. This report is based on MLS data for newer & new construction homes.

Active Listings: 11 (6 Short Sales - 2 REO's - 3 Standard Sales)

Pendings: 7

Closed Sales: 2

New Construction: 4

Average price per square foot: $112 Average Price: $414,000 Average Days on Market: 145

While touring the Lake Hills Reserve for new listings the foggy morning slowly dispersed as the rays of the sun burned through the pea soup haze. A new listing was generating a buzz. A standard sale on a large corner lot this home offers a Tuscan exterior with a stone facade and turret. Extensive upgrades are evident throughout the home - granite counters, stainless steel appliances, etc. This home should generate multiple offers quickly.

Richmond American Homes has a new single story back on the market (Single-story homes are often requested but due to building cost are rare.) The 180 degree view is spectacular, while the lot backs up to open green space of the undulating hills. The warranties offered by builders are definitely a value-add feature to be considered.

What does this mean for you?

Sellers: the peak buying/selling season has passed however as proven by the two new listings sellers continue to list homes during fall into the holiday season. But it is important to show your home in the best possible light to generate the best offers. Curb appeal, fresh paint, clean carpets, decluttered and depersonalized are minimium standards to be met by eager sellers.

Buyers: have the opportunity to purchase two single story homes; a resale home offering wonderful upgrades (fireplace in the master bedroom) and a brand new construction home with unbelievable views.

If you would like additional information about these homes or others in the Lake Hills Reserve give me a call. I assist buyers and sellers in the Riverside area.

Lake Hills Riverside Real Estate Update - Sept. 2011

Active Listings: 15

Pending Sales: 6

Closed Sales: 2

Average price: $418,000 Average price per square foot: $120 Average Days on the Market: 108

What does this mean to you?

The number of Lake Hills Standard Sales on the market has increased over last year when REO's (bank owned) properties dominated the market. The 15 active listings consist of:

• 9 Standard Sales
• 4 Short Sales
• 2 REO Sale

The Lake Hills Standard sales also include 5 new construction homes by Richmond American Homes. Typically the price of new construction homes is higher than resale homes. The average price of resale homes in the city of Riverside is $200,000 while new construction homes average $259,000. However in the upsacale Lake Hills Reserve community the higher priced homes are standard sales (1 listed at $559,000 on the market 83 days) with a longer number of days on the market yet netting a higher closed price.

If you are considering selling your Lake Hills home the statistics reflect recent homes have closed at approximately $120 per square foot. Often resale homes compare well to new home construction with backyard landscaping already present.

If you are a distressed seller, or your mortgage is upside down, you may wish to speak with an agent regarding your options. The banks have become more willing to consider shorts sales as opposed to homes going into foreclosures.

Last month 2 homes closed in the Lake Hills Reserve priced at $368,000 (REO) and $465,000 (Short Sale)

Many of the Riverside newer home communities and subdivisions homeowners are currently upside down (homeowners owe more than current market value) but the presence of closed standard sales, impacts the overall value of each home in the community.