About Riverside's Victoria

Victoria Riverside Real Estate - December 2011

If you are seeking an eclectic community than Victoria Riverside, one of Riverside's original communities, maybe a neighborhood for you to consider. Victoria Avenue is a local landmark traversing from the east to west and designed to mimic the divided carriage way from the 1800's. The community offers various architectural styles, however post war modern, homes built from 1950's - 1980's, is one of the more popular styles in the area. Remember Leave it to Beaver? The mature landscaping is highlighted by the area's natural arroyos which dictates the flow of traffic patterns and home density.

Active Listings: 6 (1 REO's, 2 short sales, 3 standard)

Pending Sales: 3

Closed Sales: 0

Obviously the holidays impacted real estate transactions in this traditional neighborhood. Two of the active listings have been on the market for more than 263 days. One is a short sale and the other is a standard sale. Pricing in a buyers market is critical and you only have one opportunity to get right. Otherwise you are chasing the market.

What does this mean for you?

Victoria Riverside Buyers - This stable community has a higher percentage of standard sales, homeowners with equity in the property. So negotiations are different. It is a buyers market however different concessions maybe offered such as home warranties, appliance package, credits for carpet, closing costs, etc. The standard listings tend to be well maintained, upgraded homes or periodically a fixer home hits the market. This is considered a desirable neighborhood based on community amenities such as Andulka Park, proximity to freeway access and highly rated school district.

Victoria Riverside Home Sellers - Now is the optimum time to begin considering a pre-season sale. Before your neighbors place their homes on the market in early spring you may take advantage of serious buyers with little competition.The distressed properties, short sales & REO's (bank owned) continue to depress the market. Sellers must be well prepared and price the home realistically. Speak with an experienced agent to determine the correct price for your Victoria Riverside home.

My monthly Victoria Riverside Real Estate report provides information on current real estate trends in your area for buyers and sellers.

If you have questions or need assistance - call me.

Let my expertise help you with buying or selling Victoria Riverside homes!

Victoria Riverside Real Estate - November 2011

Victoria Riverside is an historic neighborhood and one of the original communities in Riverside. Victoria Avenue which traverses from the east to west is a notable landmark designed to mimic the divided carriage way from the 1800's. The community offers homes with various architectural styles one dominate style is post war modern, homes built from 1950's - 1980's. The mature landscaping is highlighted by the area's natural arroyo's which dictate the flow of traffic patterns and home density.

Active: 10 (3 REO's, 1 short sale, 6 standard)

Pending: 9

Closed: 8

For closed transactions -Average price per square feet: $149 Average days on the market: 86

What does this mean for you?

Victoria Riverside Buyers - This stable community has a higher percentage of standard sales, homeowners with equity in the property. So negotiations are different. It is a buyers market however different concessions maybe offered such as home warranties, appliance package, credits for carpet, closing costs, etc. The standard listings tend to be well maintained, upgraded homes or periodically a fixer home hits the market.

Victoria Riverside Home Sellers - The distressed properties, short sales & REO's (bank owned) homes continue to depress the market. Sellers must be well prepared when pricing the home. Appraisal issues may surface after you have negotiated a price however with a thorough understanding of the real activity and well documented comparables issues can be resolved.

For both Victoria Riverside buyers and sellers the assistance of an agent experienced within the community offers advantages. Call me I would be pleased to offer my assistance.

Victoria Riverside Real Estate Trends - Sept. 2011

Active Listings: 19

Pending Listings: 12

Closed Sales: 5

What's selling in Victoria?

As summer wanes the real estate activity in Victoria, Riverside has slowed. However interesting trends are becoming apparent. During the month of August 5 homes closed. Two are REO's (bank-owned) properties and 3 Standard Sales. Two of the purchases were cash transactions. Often cash transactions maybe sold at a slight discount because they may close faster and do not require an appraisal which may induce the seller to offer concessions.

The prices for closed sales ranged from $250,000 - $330,000 with the average price at $263,000 and a average price per square foot - $139. The lower price ranges continue to sell as buyers searching in the Victoria, Riverside area, trained to look for "a great deal" continue to drive the market.

One REO was listed $70,000 below fair market value due to repairs required. REO's in a community inevitably dampens the value of homes in an area. Typically REO's sale for 10-20% below fair market value.

Secondly Sellers offered buyer concessions (or contributed towards buyers closing costs) ranging from $3800 - $9600. Indicating Sellers of homes in Victoria, Riverside should hold funds in their back pockets and be prepared to offer buyer concessions as a negotiating tool to get their homes in escrow.

Victoria OPEN HOUSE- BOTHM

(Back on the market)

Join us

when: Saturday 8/20 and Sunday 8/21

time: 1:00 - 4:00 pm

Well loved, well-maintained 4 bedroom Victoria Home

Upgraded Milgard double paned windows, new 50 gallon water heater, attic fan and newer roof - all energy efficient features found in the home.

Walking distance to Andulka Park

Victoria Riverside August Market Snapshot

Active Listings: 12

Pending Sales: 6

Closed Sales: 6

Expired Sales: 1

So what does this mean to you?

Active Listings -The active listings range in price from $299,900 - $399,900. Two are short sales which are traditionally priced 3-5% lower than fair market value. The DOM (days on the market) ranges from 15 - 162 days. Typically homes on the market over 90 days should reflect price reductions to once again generate interest and traffic.

Pending Sales: - The number of home in escrow have increased during the last month. Summers end maybe inducing buyers to get off the fence and move before school begins.

Closed Sales - Are exciting as we can now see values in the neighborhood. **5580 Cornwall "fixer home" sold for $222,000. A low price which impacts the neighborhood however I have noticed the work/improvements taking place. If this is an investor purchase it will go back onto the market at a higher price. (Fingers crossed!)

Average price $336,000 Average price per square foot: $129 (Keep in mind this reflects the low price of the Cornwall property.)

Homes that closed with higher prices often featured remodeled kitchens (removing cabinets to create an open flow) upgrades such as granite or solid surface counters and refinished cabinetry & recessed lights. Proving that kitchen remodels still offer a bang for you buck.

If you are thinking of buying or selling real estate in Riverside, CA

give me call, text me or email me.

I would love to assist you!