Thursday , March 28 2024
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Real Estate

Housing affordability index remains low

State housing affordability slips

Only 29 percent of all California households could afford a median priced home – $550,990 – during the fourth quarter of last year, a year-over-year drop of three percent, according to data recently released. An annual income of $111,260 was required to make that purchase, assuming monthly payments of $2,780 …

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Class A office building changes hands

Inland Empire Office Space

A Riverside office building has been sold. The five-story structure at 1650 Spruce St., which covers 58,300 square feet, sold for $7.2 million, according to CBRE. Magnon Cos., a Riverside developer, was the seller.  Providence Capital Group Inc., a real estate investment and management firm in Encinitas, bought the building. …

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Local mortgage delinquencies fall slightly

Only 4.3 percent of all Inland Empire mortgages were delinquent by at least 30 days during November, a year-over-year drop of 0.5 percent, according to data released today.’ The region’s serious delinquency rate – 90 days or more past due – was 1.3 percent, down 0.4 percent compared with November …

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Inland multifamily rents rise

Multifamily rents in the Inland Empire rose 3.8 percent year-over-year in January, one of the largest increases of any major U.S. submarket during that time. Nationwide, rents rose only $1 during the first month of the year, to an average of $1,362 per month, according to Yardi Matrix, a commercial …

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High Desert attracts corporate development

Circle K, the international convenience store chain, and Chevron will develop projects on parcels they purchased recently in the High Desert. The properties, both of which are next to Interstate 15, sold for a combined $4.8 million, according to a statement released Monday by Progressive Real Estate Partners in Rancho …

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Corona industrial property sells

Industrial Market Stays Hot

A manufacturing-distribution facility in Corona has been sold. Alere Property Group LLC, a real estate investment firm in Newport Beach, bought the building for $12.1 million, CBRE has announced. The seller was 66 River Partnership LP, a development firm also in Newport Beach. CBRE represented both parties in the transaction, …

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