Hugo Balarezo

Known as The Circle City, Corona is located in Riverside County in Southern California, at the upper end of the Santa Anna River Canyon. Temperatures here average 65 degrees Fahrenheit in winter and mid- to upper-90s in the summer.

Situated on about 35 square miles, Corona’s current population is about 150,000 with a median resident age of 29. As of 2009, the median household income in Corona was $74,349, up from $59,615 in 2000. Tax rates are quite affordable at around 1.1% for houses with mortgages, and about 0.6% for those with no mortgages. There are currently about 2,100 foreclosed homes for sale in Corona, from condos to single family homes, in price ranges for all potential buyers. Average estimated home values are currently $336,223. Over 83% of homes currently for sale are in short sale or are bank owned.

Families thrive in this city, with children in 61% of the households. Currently Corona boasts eight high schools, seven middle schools, and 31 elementary schools, plus nearly 400 acres of parks with amenities such as basketball courts, sports fields, tennis courts, playgrounds, two skate parks, and an outdoor pool.

Corona was founded in 1886 at the height of the southern California citrus boom. It was once known as The Lemon Capital of the World, and a museum highlights this part of the city’s history. The city’s name means “circle of light” and comes primarily from the interesting layout of its streets: a standard street grid enclosed by a circular Grand Boulevard that is one mile in diameter. This Grand Boulevard hosted several major auto races in the 1920’s.

The city has recently come to be called The Gateway to the Inland Empire (or IE), which is the area around the cities of Riverside and San Bernardino. It’s also a bedroom community for the larger cities of this area.

The city’s strong industrial base has helped Corona grow. Though the Corona-Norco Unified School District is the largest employer, many businesses call Corona home, including:

• Fender Musical Instruments Corporation – guitar manufacturer

• Hansen Natural Corporation – soft drinks manufacturer

• Watson Pharmaceuticals – fifth largest pharmaceutical company in the U.S.

• West Coast Customs – car remodeling company featured on MTV series Pimp My Ride

• Kaiser Permanente – medical insurance provider

• Corona Regional Medical Center – hospital

The median travel time from home to work is about 33 minutes, thanks in part to the Riverside Freeway.

Many employment opportunities, easy commute times, good schools, great year-round weather, and many cultural activities make Corona one of the best places to live in the country.

Hugo Balarezo is your Corona Realtor^® of choice, whether you are interested in buying, or selling, a home in our community. Although the overall economy is slowly rebounding, Hugo specializes in handling short sale transactions. If you need assistance, Hugo can help you avoid foreclosure, by smoothly maneuvering through the waters of the California short-sale process.

An area once comprised of three rural communities, the City of Moreno Valley, incorporated in 1984, has emerged as one of the fastest growing cities in the US. Located on 50 square miles in the western part of the county, Moreno Valley is surrounded by Riverside, Perris, March Air Reserve Base, Lake Perris, and the Badlands at an elevation of 1,650 feet. Moreno Valley lies under the approach path for several major airports. From almost everywhere in the city, the most obvious geographic feature is Box Spring Mountain, which was enhanced with a large lighted "M" to unite and showcase the city.

The History

The initial inhabitants of Moreno Valley were Native Americans, a renegade sect of the Shoshones. These early settlers dotted the area wherever springs or rivers provided water. The first explorers from Spain came north from Mexico, and established various routes to northern California. They set out well-defined trails, and constructed numerous missions, many of which stand today for the enjoyment of tourists and history aficionados. The Anza Trail passes northwest from San Jacinto through the former community of Edgemont, terminating at Alta, California.

In 1883, Frank E. Brown formed the Bear Valley Land and Water Company. Brown (Moreno in Spanish) built a dam at Bear Valley in the San Bernardino Mountains, and contracted to provide water to the tiny new communities of Moreno and Alessandro. When the city of Redlands won priority rights to the water in 1899, a period of drought forced the failure of numerous farmers, who had developed a strong agricultural base of deciduous and citrus fruit trees. As a result of the loss of water delivery, the residents of Moreno Valley were forced to leave the area. By 1901, few people resided in the Moreno Valley; those who remained turned primarily to the dry farming of hay, grain, and grapes.

In 1918, a new element was built into the valley's history: March Field. The military airfield was originally built on 640 acres of land purchased primarily from the Hendrick Ranch. Initially used to train fighter pilots, March Field was closed in 1922, only to reopen again in 1927 as a flight training school. Later, March became a permanent military facility encompassing more than 7,000 acres. For more than 70 years, March Air Force Base enjoyed a long and active military history in the valley; at the height of its activity, the Base supported 85,000 troops. Today, March Field has been designated as an Air Reserve base and much of the land has been made available for civilian redevelopment.

The Economy

During the 20^th century, attractive land prices lured developers and below-market home prices attracted families from the cities. In the 1980s, the valley began to experience explosive growth during a transition to urbanization. By 1990, Moreno Valley had exploded in population growth to become the second largest city in Riverside County, with a population of over 118,000. Growth continued until about 1992, when the robust Moreno Valley economy deteriorated, largely due to the statewide economic downturn. Things began to turn around at the end of the 90s, when the prohibitive cost of living in Los Angeles and Orange County combined to make the less-developed southern half of the Inland Empire attractive to industry.

Today, Moreno Valley is once again experiencing rapid economic growth. The growth in population and business development has led to six hotel projects in the area. The area's major employers include Moreno Valley Unified School District, Riverside County Regional Medical Center, and Moreno Valley Mall/General Growth Properties. Companies such as Aurora Modular, U-Haul, and Lowe's moved major operating facilities to the city; until parcel carrier DHL fell on hard times, they were developing a major facility on March land. Much of the new retail coming into the area is upscale.

With more than 23 million square feet of planned development and newly completed buildings, the city looks forward to the creation of more than 20,000 jobs in the near future. Moreno Valley is home to more than 32 parks and/or joint-use facilities (358.34 developed acres), and 6,000 acres of open space at Lake Perris; recreational, major medical, and educational facilities; quality housing at affordable prices, open spaces, abundant retail centers, industrial developments and social/cultural activities. Together, these amenities and the surge in job creation combine to make Moreno Valley extremely attractive to potential residents.

As of January 2010, Moreno Valley's population was 186,301. The city enjoys a diverse population, projected to reach nearly 228,427 by 2013. Fifty-one percent of Moreno Valley's population is Hispanic; 23% are white, 16% are black, and 5% are Asian. Most families own their homes, and the average family is composed of two parents and two children. The average household income last year was $70,255. In 2009, the area's major employers included March Air Reserve Base, the Moreno Valley Unified School District, and the Riverside Community Regional Medical Center. The median resident age in 2009 was 27 years.

In 2010, the average existing home value in Moreno Valley was $143,673; the average new home value was $255,000. As of January, 2011, the average home for sale was listed for was $208,735. Over 81% of the homes are in foreclosure or bank-owned, while 59% are in short sale. The majority of homes for sale are single family homes, with a few condos, townhouses, and multifamily structures as well.

Hugo Balorezo is your Moreno Valley Realtor® of choice, whether you interested in buying, or selling, a home in our community. Although the overall economy is slowly rebounding, Hugo specializes in handling short sale transactions. If you need assistance, Hugo can help you avoid foreclosure by smoothly maneuvering through the waters of the California short-sale process.

Elite REO offers short sale services after other home-saving technique such as loan modification have failed in the area of Southern California known as the Inland Empire or the I.E. Located 37 miles inland from the Pacific Ocean, this densely-populated region is the epicenter of foreclosure activity.

Consisting of Riverside and San Bernadino Counties, the IE spread over 27,000 miles and is home to over 4 million people. Considered part of the Greater Los Angeles Area by the Census Bureau, most of the population is concentrated in the southwest corner of the region which borders Los Angeles. The fabled Route 66 ends runs through the northern part of the area, bring tourists and migrants to the area.

At one time, a major agricultural center known for citrus, dairy, and winemaking, the Inland Empire became known over the past 70 year for its affordable homes and commercial and industrial development. The process started after World War II, when citrus groves were bulldozed to make way for suburbs. The prevalence of cheap land in the area has encouraged the development of bedroom communities of suburban homes on 1.4 acre lots, available for less than comparable homes in Orange and Los Angeles counties.

Over the past 20 years, shipping, logistics, warehousing, and retail have developed as the predominant industries of the Inland Empire. The recession of the past few years has hit these industries hard, which in turn, has impacted housing in the region. Since 2006, foreclosures have risen 3,500%; there has been one foreclosure filing for every 133 households. Of 104,000 properties currently on the market, nearly a third are being listed as short sales, while over 11% are in foreclosure or bank owned.

Elite REO opened its door to meet the needs of troubled homeowners by offering a compassionate alternative to foreclosure. Serving real estate needs throughout the Inland Empire, Elite REO specializes in Riverside, Corona, and Moreno Valley.

We've been one of the TOP 3 Real Estate Teams in the Inland Empire.. . for 26 years !! Our core team of 5 bring a cumulative 124 years of experience. Each of us averages nearly 25 years in Real Estate experience and we are excited to have helped nearly 4,200 families during our careers.

We've been successful in seeing what the market will need, at least 2-3 years in advance, and focusing on providing the right services at the right time.

Our current focus is helping families find the right solutions in this foreclosure market. Since the market shifted in 2008, we've helped 1472 families by doing what we do best . . . "TELLING IT TO YOU STRAIGHT"

We created EZShortSaleProcess.com as a tool to help you if you are behind In payments, upside down, and want to make the best decision for your family. As our government has already shown, kicking the can down the road does not work and you need to know you have a top group of professionals ready to help you implement the right decision now. We invite you to watch our new video for a handy overview of thesort sale process.

Check back in regularly, and be sure to recommend both our property site and our short sale site to your friends and relatives . . . our goal in 2011 is to help 1,000 struggling families . . pass this information along.

Located 57 miles east of Los Angeles, Riverside is named for its location next to the Santa Ana River. Known as the City of Arts and Innovation, Riverside, California is the largest city in one of the fastest-growing metropolitan areas in the United States. It is the largest city in the Inland Empire, 61^st most populous city in the country, and the 12^th most populous city in California. In addition to being home to the University of California-Riverside, the city's attractions include the California Museum of Photography, the Fox Performing Arts Center, and the Parent Washington Navel Orange Tree (one of the two original navel orange trees in California). Though Riverside is famous for its contribution to the citrus industry, there is a lot more than oranges to Riverside

The History

A vital part of what makes Riverside a special place to live is its abundance of historic resources, and the preservation of those resources. The city of Riverside was founded in 1870, by a group of utopian-minded explorers from the east coast led by John North, searching for the perfect spot to establish a colony dedicated to education and beauty. Riverside was built on land that was once a Spanish rancho.

Investors from England and Canada transplanted traditions and activities enthusiastically adopted by its prosperous citizens: the first golf course and polo field in southern California were built in Riverside. The first orange trees were planted in 1871, but the citrus industry in Riverside began in earnest two years later, when a local woman received two Brazilian navel orange trees sent to her by a friend at the Department of Agriculture in Washington. The trees thrived in the southern California climate, and the navel orange industry grew rapidly. By 1882, there were more than half a million citrus trees in California, almost half of which were in Riverside.

The Mission Inn, which is the largest Mission Revival Style building in the US, was built by expanding what was originally the Glenwood Tavern. The Tavern was owned by Captain Christopher Columbus Miller, who moved to Riverside in 1874. His son, Frank, developed a lasting interest in culture and the arts, and took over the expansion of the Inn. Over the years, he embellished and expanded it into a unique and world-renowned resort. It has played host to numerous movie stars, musicians, and heads of state.

Riverside is associated with the Raincross symbol, which appears on the city flag and throughout Riverside in the form of architectural elements, street signs and lighting standards. The symbol was designed by Frank Miller of the Mission Inn, and architect Arthur Benton. The bell of the Raincross is inspired by the mass bell of Father Junipero Serra, founder of the California missions. The double-cross is said to be an ancient Native American symbol for the dragonfly which emerged each year after the summer rains.

The Arts in Riverside

The arts are also central to Riverside's community culture, and downtown Riverside's concentration of unique, eclectic architecture and distinguished cultural institutions is renowned throughout California.

The Riverside Art Museum was designed by America's most successful woman architect, Julia Morgan, (best known for William Randolph Hearst's Castle in San Simeon). It was originally constructed for the YWCA on land donated by Frank Miller. Benedict Castle was built as a private residence by Henry Jekel, and is now occupied by Teen Challenge. Like many of Riverside's historic homes and neighborhoods, it is frequently used for filming by the nearby Hollywood entertainment industry.

Other integral pieces of Riverside's artistic culture include: a concert band which has a history of over 100 years of performing; the Riverside County Philharmonic; the Riverside Ballet Theater; Riverside Community College's Civic Light Opera; Riverside's Performing Arts Program; the Riverside Children's Theater, and the Riverside Community Players (the oldest continuously-active theater group in the US).

Demographics

Riverside has a static population of approximately 300,000 (an increase of 16.7% since the 2000 census), with an additional student population of over 40,000. Forty-nine percent of Riverside residents are Hispanic, 36% are white, 7% are black, and 5% are Asian.

The estimated median household income in 2009 was $56,552. As of 2009, the top employers in Riverside were the University of California, the Riverside Unified School district, and the Kaiser Permanente health system. The median resident age in Riverside is 30 years, compared to 33 years in the state of California.

Housing in Riverside largely single family homes with some multi-family dwellings, condos and townhouses in the mix. The estimated median house or condominium value in 2009 was $254,000, and the mean price for all housing units was $293,267. Currently, the median home value is $199,000, with an average list price is $247,071. Over 75% of the homes currently for sale are in short sale or bank owned.

There's a lot more ot Riverside than oranges, and it is a great place to live. Hugo Balorezo is your Riverside Realtor® of choice, whether you interested in buying, or selling, a home in our community. Although the overall economy is slowly rebounding, Hugo specializes in handling short sale transactions. If you need assistance, Hugo can help you avoid foreclosure by smoothly maneuvering through the waters of the California short-sale process.