Hard Money Loans in Riverside County: A Developing Paradise with Room to Grow Your Real Estate Dreams
Riverside County encompasses some of the finest real estate in the United States. Ideally situated adjacent to Los Angeles and Anaheim, Riverside County offers the proximity to all the major urban centers of the Pacific Coast without the astronomical real estate prices that can be seen closer to the water. Increasingly, urban professionals from Los Angeles and Orange County have turned to Riverside for its relatively affordable cost of living, Mediterranean climate, and gorgeous natural landscape, which includes the likes of Joshua Tree and Coachella Valley. With a hard money loan from Socotra Capital, you can get in on this growing market ahead of the curve as it becomes a hot-spot for residential and commercial development.
Understanding the Riverside County Real Estate Market
As of the 2014 census estimates, the population of Riverside County was 2,329,271, making it one of the most populous in California. Riverside has also seen significant growth in recent years as the area continues to attract residents from surrounding metropolises. Despite its large population, the county is not densely populated, affording developers the opportunity to expand out into the suburbs and develop new residential buildings at relatively affordable rates. In addition to the urban professionals, the area also attracts tourists to its resort cities like Palm Springs, La Quinta, and Palm Desert in the Coachella Valley. Many new residents are also arriving in southern Riverside County from the San Diego and Tijuana metro areas: 20% of the new growth in Riverside County between 2000 and 2007 was in the cities of Temecula and Murrieta.
While Riverside has an eclectic economy, its foundation is in manufacturing. Manufacturers here primarily work in light industry, making goods such as aircraft and automotive parts. Several industrial parks and rail lines serve the industrial sector, and laborers are always in need of affordable residential housing for singles and families in the surrounding areas. As Riverside attracts more residents from surrounding areas, property values have appreciated steadily, but they remain affordable.
The per-square-foot average for Riverside County was $202 as of September 2015, which is an increase of 5.2% in a year-over-year measurement. Compared to the July – September period one year ago, median home sales prices are up 5%, or $15,500. Popular neighborhoods for homebuyers in Riverside County include La Sierra and Canyon Crest, listing at $349,892 and $483,808 respectively. [1. “Real Estate Overview for Riverside.” Trulia, CA. Accessed October 12, 2015.] This is the ideal market for the investor looking to rehab an older home to suit a family that wants a contemporary lifestyle at a reasonable price. With a hard money loan from Socotra Capital, you can capitalize on this growth and see your residential rehab project become part of a thriving community. With increasing outward migration from Los Angeles, the market is also poised to show demand for mixed-use and commercial developments that can provide a wider range of shopping opportunities in the area.
Socotra Capital: Hard Money Loans for the Riverside County Market
Don’t miss the chance to capitalize on the growing real estate market in Riverside County. Its location and affordable cost of living have this area poised to be a successful site for residential rehab and mixed-use development. At Socotra Capital, we understand Riverside County real estate and our hard money loans can get you the liquidity you need to make your development market-ready.
Socotra Capital is California’s premier hard money lender for your real estate investment needs. Contact us today to get started on your quick approval!