ABOUT CORONA ABOUT CORONA ABOUT CORONA JENNY GONZALEZ
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have lived and worked in Corona for over 25 years. It is a town that in the 1960s when my husband’s family worked here only 15,000 people were here. What we like best about it is we see the same people even though it is now a big city it feels like a small-town mentality. Corona is a melting pot of all different types of people. There is not a population that is not represented in our town. We have those that live in mobile homes, to those that live in Million Dollar mansions, to everything in between. Corona has been a popular place to move because of it’s location. We are central to the Inland Empire. We border Riverside, San Bernardino, Orange and Los Angeles County all in one. This makes it a popular place to move for commuters. With a population of 168,819 people, 49,953 houses or 80
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apartments, Corona real estate market has experienced a boom with the resale values not uncommonly reaching into the millions. Currently, according to Zillow, the median home value in Corona is $497,005 which have gone up 1.8%. Undoubtedly, real estate costs in Corona are among some of the highest in the nation, even though the housing prices in Corona are below compared with some expensive cities in California. 2020 is here with us, a new cycle has begun. Last year, we saw buyers staying away from the real estate market in areas like Newport and Corona Del Mar. What is the expected prediction this year? More importantly, the appreciation rates in Corona. In the last 10 years, Corona city has experienced some of the highest appreciation rates in the nation- 73.10% which translates an average annual home appreciation rate of 5.64% which puts it in the top 10% bracket nationally for real
estate appreciation. 2019 was a different case altogether why? Corona’s appreciation rates flattened. In the last 12 months, Corona city’s appreciation rate has been 2.29% which is lower than appreciation rates in most communities in America. Judging by these numbers, what should we be expecting in 2020. Is investing in real estate in Corona a worthy investment? 2020 has taken a turn on the uptick! In the first month of 2020 the sales prices increased! We have seen a large increase in sales compared to last year at this time, especially on the homes priced $600,000 and higher. Homes priced under $450,000 for a single-family residence is hard to find in Central Corona but South Corona has a great amount of inventory under $450,000 for first time and downsizing buyers. There is a popular section of South Corona called Butterfield Estates that are manufactured homes on permanent foundation and they are
THE POWER IS NOW MAGAZINE | MARCH 2020
