We couldn’t think of anything either… But here’s an update on San Bernardino & North Central Riverside Counties:
San Bernardino & North Central Riverside Counties currently have 49 actively selling projects, up 67% from 2008, when there were only 16 actively selling projects. (Source: Hanleywood)
- K. Hovnanian takes the lead with 6 actively selling projects
- The majority of active homebuilders in this sub-market have two actively selling projects.
Rental rates have increased 2.2% in the San Bernardino-Riverside-Ontario Metropolitan Statistical Area (MSA) since October 2010
- The current average apartment rental rate is $1,066/unit
- The current average occupancy is 94%
- Article link: http://www.pe.com/business/business-headlines/20111019-real-estate-rental-rates-emerge-from-a-two-year-slump.ece
Clarion purchased 3 multi-family properties for a combined price of $100 million and a total of 586 units.
- The largest property was a 264-unit complex in Rancho Cucamonga called Village on the Green Apartments. This complex sold for $43 million.
- The complex is surrounded by fairways of Empire Lakes Golf Course and is within close proximity to Victoria Gardens and Ontario Convention Center.
- Article link: http://www.rentv.com/content/homepage/mainnews/news/14883
Number of Inland Empire foreclosures DECREASE: Foreclosure filings in San Bernardino fell nearly 17% from August to September 2011, while national foreclosure activity increased by less than 1 percent from Q2 2011 to Q3 2011. (Source: San Bernardino Sun Staff Report)
Source: Doug Jorritsma, Senior Marketing Consultant, (949) 852-8288 x13, and Winn Galloway, Marketing Consultant, (949) 852-8288 x27