corona chamber of commerce "good morning corona" 2/25/10
DESCRIPTION
Presented by Darrell TalbertTRANSCRIPT
CORONA CHAMBER OF COMMERCE GOOD
MORNING CORONAEconomic UpdateFebruary 25, 2010
“The economy depends about as much on economists as the weather does on weather forecasters.”
Jean-Paul Kauffmann
“Economists are pessimists: they’ve predicted 8 of the last 3 depressions.”
Barry Asmus
Monday, March 8, 2010
KEY INDICATORS FOR ECONOMIC DEVELOPMENT
• Industrial Vacancy
• Retail Vacancy
•Office Vacancy
• Residential Inventory/Sales
• Redevelopment Activities
Monday, March 8, 2010
CORONA INDUSTRIAL TREND
• 2002 Stable Vacancy
• 5.50%
• 2005 Explosion
• 1.43%
• 2009 Current Vacancy
• 8.11%
VacancyRiverside Vs. Corona 16.5% 8.11%
Monday, March 8, 2010
INDUSTRIAL MANUFACTURING GROWTH Waggin’ Train- Pet food manufacturer and distributorFirst West Coast presence•230,000+ sf•100+ employees
Dunkel Motorsports- Aftermarket vehicle manufacturer and reality TV show•Expanded into 45,000+ sf•35+ employees
SMS Supercars- Manufacturer and R&D facility for legendary Saleen technology•Relocated from Irvine•40+ employees
Zumiez - Mall-based, specialty apparel store which currently caters to teens and young adults•168,450+ sf•180-200 employees
Monday, March 8, 2010
CORONA RETAIL 2010OVER 5,000,000 SQ FT OF SPACE
Riverside vs. CoronaVacancy
21.5% 7.4%
Monday, March 8, 2010
RETAIL IN CORONA REMAINS STRONG!
• Less than 8% retail vacancy rate•Median Household Income $84,168• Retailers still seeking Corona
New Retail:
Burlington Coat Factory - Spring at North MainDress Barn - March at The CrossingsTopsy Turvy Frozen Yogurt - April at The Crossings
New Restaurants:
Mantra Indian Cuisine - Now Open at North MainAustin’s Sports Grill - Now Open at Corona Pointe
Monday, March 8, 2010
NEW OFFICE TENANTS
ITT Tech- ITT Educational Services, Inc. is a leading private college system focused on technology-oriented programs of study. •19,000+ square feet•75 employees
Anchor Blue- A clothing retailer which has over 112 stores in the Western United States relocated their Corporate HQ•38,000 square feet•125+ employees
University of Phoenix- Institution of higher learning with the largest student population in Northern America.• Expanded into 4,000 square feet• 35 employees
Monday, March 8, 2010
HOME INVENTORY TRENDS
Home Inventory TrendJuly 2007-December 2009
0
500
1,000
1,500
2,000
2,500
3,000
Jul. 2007 Feb. 2008 Sept. 2008 Apr. 2009 Nov. 2009
2,407
1,989 1,931
907
600
City of Corona Inventory TrendingU
nits
Time Period
Monday, March 8, 2010
AVERAGE MONTHLY HOME SALES BY YEAR
Homes on Market as of December 31, 2009 = 628
Based on Sales Velocity: 53 Days of Inventory
0
80
160
240
320
400
Average homes by M
onth
121
326357
20072008
2009
Monday, March 8, 2010
AVERAGE HOME PRICE TRENDS
Peak = July 2007$555,435
Bottom = April 2009
$291,922Current = December 2009
$327,891
Jul. 07
Oct. 07
Jan. 08
Apr. 08
Jul. 08
Oct. 08
Jan. 09
Apr. 09
Jul. 09
Oct. 09
Dec. 09
$0 $200,000 $400,000 $600,000
$327,891
$305,153
$303,005
$291,922
$308,980
$337,586
$360,350
$378,413
$406,535
$457,039
$555,435
Monday, March 8, 2010
Home Owners Assistance Programs (HOAP Now)
HOAP Now I
Provided approximately $1 million in loansto 21 Low to Moderate Income HouseholdsNow Seeking New Applicants!
HOAP Now II
Provided approximately $400,000 in loans to 5 Low Income HouseholdsNow Seeking New Applicants!
HOUSING PROGRAMSwww.CoronaHOAPNOW.com
Monday, March 8, 2010
REDEVELOPMENT TRENDS• Downtown
• Entered into exclusive right to negotiate with a medical development company
• North Main
• Watermarke Development underway on mixed-use project: 830 condos, commercial, office, restaurants…• Grading starts April 2010
ULI Marketplace Study- $12,500+Caltrans Grant- $200,000
Compass Blueprint- $60,000
Agency Grants/TAP Awards (Downtown)
Monday, March 8, 2010
TOOLS TO FOSTER BUSINESS!!
FilmCorona.comTeamCorona.com
InnerCircleCorona.com ShopCorona.com
Monday, March 8, 2010