Vicki Pedersen - Riverside and Corona CA Realtor

Here is the latest look at Riverside California residential real estate. These tables show real estate sales for single family homes in Riverside in January 2009. In spite of all the "doom and gloom" that we are constantly bombarded with by the media, houses are selling in Riverside and throughout the Inland Empire and banks are lending. I have to add here that banks are lending; but they are much more restrictive than in recent years (before the housing bubble burst), and they are requiring more documentation.

The number of active listings and pending listings is as February 6, 2009. Pending listings are homes that are currently in escrow. The average list price of sold homes means the average price of the homes at the time they went into escrow. It is a buyers market but if you look at the average list price vs. the average selling price, for the most part there isn't much difference in the two. That shows that houses are selling for very close to their list price.

Some people are probably wondering if this is a good time to buy. I can answer that question with a definite "yes" but only if you can afford it. Prices of homes in Riverside CA are lower than they have been for years and interest rates are still low. But they have been rising in the last couple of weeks. Check today's interest rates here. No one knows how long the interest rates will be low - don't wait too long to buy your new home and miss out on these low rates.

If you have any questions about the real estate market in Riverside or Corona or would like to get help with buying a home, please contact me at vicki@pedersen-team.com. Visit my website.

Lake Hills Reserve, Riverside - SilverSage - Stunning, Spectacular Views

High above Riverside and Corona sits a newer development, Lake Hills Reserve which is nearly half a mile above the valley floor. The builder is Brehm Communities. There are five communities within Lake Hills Reserve and three of them are still selling homes (SilverSage, High Point, and Rock Ridge). SilverSage is the community that I'm going to discuss in this blog. The address of the models of SilverSage is: 17178 Silver Moon Ct, Riverside, CA 92503. The easiest way to get to SilverSage is to take La Sierra south of the 91 freeway and turn right at the light on Lake Crest Dr. (the second entrance on La Sierra into Lake Hills) then turn left onto Lakepointe Dr. Turn left onto Silver Moon, near the top of the hill.

SilverSage is the high-end community with the largest of the homes in Lake Hills Reserve. As of yesterday, January 27, 2009 there were 15 homes left to be sold. At the rate those are selling, they may all be sold by summer. I've gone through these models several times. They are beautiful homes.

• Residence one is approximately 4,227 to 4,4472 sq ft and the price of this floor plan starts at $481,508.
• Residence two is approximately 4,667 to 4,895 sq ft and this floor plan starts at $488,159.
• Residence three is approximately 5,120 to 5,4011 sq ft and the plan starts at $640,652.

View from the master bedroom of a model home. Wow!!

The community amenities in Lake Hills include: a very nice residents' club with a pool, park, covered pavilion and playground and a new elementary school.

The HOA will max out at $206 per month. The base tax rate here is 1.12325% and there is a CFD. The CFD for the homes in SilverSage is $5170 per year. (CFD's are explained in the next paragraph. Here is an example of what your taxes would be if you bought a home for $550,000 - base tax rate of 1.12325% plus the $5170 CFD and a few other very small special taxes would bring your total tax rate to about 1.95%. I have one client tell me that the taxes are worth it for the incredible views that you get here.

If you don't know what a CFD is, it is a Mello-Roos tax, which is a form of financing used by cities, counties and special districts to pay for costs of infrastructure, schools, and public services such as police, fire or ambulance. Money is raised by selling bonds, then properties within the CFD receive an annual special tax to pay off the bonded debt. The special tax is secured by a lien on each property, which is subject to accelerated foreclosure if property taxes are not paid on time. Click here for more information on CFD/Mello-Roos.

If you have any questions about Lake Hills Reserve or would like to see the homes for sale there or anywhere in Riverside or Corona, I'd be happy to help you. There are some great homes to be built at prices that are lower than I expected and there are also a number of foreclosures for sale in Lake Hills Reserve. You can search thousands of listings in the local multiple listing service through my website, Pedersen-Team.com

Here is the new list of the best buys and my favorite listings in Riverside CA as of today, January 19, 2009. There are no short sales included in this list. These are newer listings - mostly within the last two weeks. It is definitely still a buyers market in Riverside and we continue to have a good supply of home for sale ranging from the cheapest house, a 736-sq ft bank-owned house on Wells Ave for $49,900 and the most expensive one for $4,900,000 - a 6411-sq feet house on 28+ acres in Woodcrest.

14109 Moonridge - $229,900 - bank-owned in the Canyon Ridge area
8265 Gardenia Vista - $249,900 - bank-owned in Orangecrest
8728 Saranac - $289,500 - bank-owned in Orangecrest
4679 Elmwood - $299,000 - regular sale in the Wood Streets area
16453 Vista Grove - $299,900 - bank-owned in The Orchard
842 Kilmarnock - $300,000 - bank-owned in Orangecrest
8238 Lavendar - $324,900 - bank-owned in Orangecrest
16426 Ridgefield - $393,000 - bank-owned in Lake Hills Reserve

Click here to get more details and photos on any of these homes. None of these listings are mine. I have not seen all of these listings in person. I make up the list based on information that I find on the MLS.

Contact me if you have any questions about real estate in Riverside California or if you are thinking of buying or selling a home. I'll do my best to help you and give you the information and/or help you need. Check out my website, Pedersen-Team.com.

Riverside MLS Listings - Search for a Home or Land Here

Thinking of Selling?

If you are thinking of selling your home and purchasing a larger home, it might not be a good time to do that due to the large number of homes currently on the market, particularly foreclosure homes. It is hard for a seller to compete with these foreclosures because of their low prices. The buyers out there are looking for bargains. If you don’t want to sell your home at a bargain price, you should wait to sell.

Thinking of Buying?

But if you are a first-time buyer, the situation is probably a lot better for you. Is your job relatively stable? Do you have enough for a down payment? For a conventional loan, you will need a minimum of 10% plus closing costs. But FHA has terrific loans that are really great for first time buyers. They require a minimum down payment is 3.5% and the seller may (if they agree to) contribute towards your closing costs. The upper limit for FHA loans has gone down from the 2008 level. It is now $355,350. If you are borrowing over that amount, you will not be able to get an FHA loan. Click here to learn more about FHA loans.

First-time home buyers also can take advantage of the federal tax credit for primary residences purchased by July 1, 2009. The credit reduces the borrower’s income tax as much as $7,500 and serves as an interest-free loan. The amount of the tax credit varies depending on the home’s purchase price. Here is a good website to learn more about the tax credit.

How Many Homes Are For Sale in Riverside Under $300,000?

To give you an idea of the number of listings in Riverside right now, on our local multiple listing service (as of 1/16/0) priced at or under $300,000: 1640 single family homes, 132 condos. That’s a lot of houses. The number of houses for sale in Riverside priced between $300,000 and $400,000 is 299. These numbers don’t include for sale by owner homes. I don't think there are very many of those right now.

What is in store for 2009?

If I could predict that, I’d be heading to Las Vegas to make a fortune. I think that the number of foreclosures will continue keep the inventory of homes for sale quite high in the price range below $300,000 and will also keep the pressure on prices to stay low. But I don’t think that the prices in Riverside will go much lower. I think we are pretty close to the bottom.

If you have any questions about buying a house in Riverside California or anywhere in the Inland Empire, please contact me. My e-mail address is vicki@pedersen-team.com. To search for homes in Riverside and throughout the Inland Empire. Visit www. Pedersen-Team.com