As noted in our
post, 7
Surprising Inland Empire Real Estate Predictions for 2018, the Inland Empire is a red hot real estate market, and is unlikely to
cool off anytime soon. But what is the secret? Why not Ontario or Cucamonga?
Here are some thoughts on that subject.
Riverside is the
centroid or hub of a new urban region
Like it or not, Riverside is not about oranges
anymore. Every major city in America is now
surrounded by other urban centers.
Unlike suburbs, these cities have their own high-rise city centers, freeway
interchanges, and culture. LA has several, including Long Beach, Santa Monica,
and Pasadena. Riverside is now in that group. Ontario, Rancho Cucamonga, Parris,
Fontana, San Bernadino, Redlands, Moreno Valley, Corona, Norco, and Jurupa
Valley surround the city and feed into and off of the resources unique to
Riverside. Taken together these communities now have a population of 1,700,000
folks.
Riverside has the largest population by over 100,000
at 313,000 compared to San Bernadino with only 209,000, and in total land mass.
But more important that sheer numbers, Riverside’s location serves as a hub to
the surrounding area. The next closest hubs are Anaheim and Irvine.
Riverside is the
historic center
Only the Cities of San Bernadino could compete with
Riverside for the historic center of the Inland Empire. Founded a few years
earlier and sitting at the foot of the highest local mountains, San Bernadino
had a very different set of attributes. But the Mission Inn created a cultural
center that would serve to create a great deal of national attention to
Riverside, including visits by multiple US presidents and movie stars.
Riverside Chamber
of Commerce
As one of the most influential chambers in the state, the
Riverside Chamber works closely with local government and other entities to
strengthen the local economy. The Chamber is pro-actively involved in every
important issue facing Riverside business. One of the largest Chambers in
Southern California, the Riverside Chamber is comprised of nearly 1,300
business enterprises, civic organizations, education institutions, and
individuals.
Riverside
is diverse
Riverside is amazing diverse with almost 50% Hispanic or
Latino, 34% white, 7% black, 7% Asian, and 1% Native American.
Riverside is largely Christian and home to Catholic, Eastern
Orthodox and Protestant churches, and an Islamic mosque, Mormon churches,
Jewish synagogue, Hindu temple, several Buddhist temples, and a Universalist
Unitarian church. Riverside is also home to the Inland Empire Atheists and
Agnostics organization.
Riverside
is an education center
With four major colleges or universities and 50,000 students
attending institutes of higher learning, Riverside is truly a college town. This
concentration of brains and talent has led to a very active business community
and helped to spawn the cities claim of being a center of arts and innovation.
The business community, educational leadership, and city
government have joined together in a successful attempt to keep the graduates
of the local schools in the Riverside area. The overall combination of
resources is beginning to draw larger enterprises to Riverside.
Riverside
is at the crossroads of America’s best playland
In an hour or less you can be in the snow, at the beach,
crossing sand dunes, doing Disneyland, fresh water fishing, or at the top of
the tallest building in the West. In under 2 hours you can add San Diego,
Malibu, and be halfway to Las Vegas by car.
Within that two hour drive you have so many icons of SoCal
that it would take a book to write them all down. Beverly Hills, Hollywood, the
Getty museums, LACMA, LA and San Diego Zoos, Venice, the Rose Bowl, and so much
more.
Riverside
has great weather 10 months of the year
Sure, it gets hot in Riverside. But compared to the rest of
the US, Riverside is paradise. Today is December 30 and it was 76 for the high.
Take that Seattle or Chicago, or Denver.
You can be sure that many who live in SoCal for the weather
would prefer to live in West Los Angeles or Newport, but the housing cost is
double that of Riverside in those more perfect weather locations. $700,000 gets
you 3000 square feet on a half-acre in Riverside. That might buy a one bedroom
condo in Santa Monica.
Riverside
still feels like a community
No one can predict whether this will still be true in 20
years or even 10, but at least for now, there is still a small city feel in
Riverside. You can run into your friends at the Regal or Stater Brothers. The
Festival of Lights at the Mission Inn is a community event. 6% of the residents
are veterans and the local March Field Air Museum is a rare treasure.
Riverside
is thinking about the future and doing something about it
Here are recent distinctions that Riverside has earned:
- #2
Millennial Boomtown – Forbes 2014
- #8
Coolest City in America – Forbes 2014
- California
Association for Local Economic Development - Award of Merit, Small Business
Direct Installation Program – 2013
- #
1 for Job Growth in 2013- Riverside and the surrounding metro area
topped the nation with 4% job growth according to a report by Professor
McPheters from the W.P. Carey School of Business at Arizona State University.
- Intelligent
Community of the Year 2012 – Selected from over 400 of the world’s best
cities, Riverside was recognized by the Intelligent Community Forum
(ICF) for its efforts to improve the quality of life and is confirmed as
a community that is a great place for people to work, do business, and
raise a family.
- #3
in America’s 20 Can-Do Cities by Newsweek
- Top
25 City for Business – Executive Outlook Magazine named Riverside as a
top 25 city for business and identified it as a bright spot in a tough economy.
- Great
Places in America – The American Planning Association listed Fairmount
Park as one of the great places in America. Public Spaces and City Parks
wrote that revitalization efforts in Fairmount Park, “Exemplified the
catalytic power of parks to transform urban areas.”
- #2
in Cities with the Fastest Broadband – Business Insider listed Riverside
as #2 of 10 U.S. cities utilizing broadband technology.
- #6
Happiest City for Young Professionals by Forbes – Riverside earned an
impressive 6th place ranking out of the top 10 cities in the U.S.
- 2013
Playful City USA Award – Riverside has been recognized five consecutive
years by KaBoom! National Campaign for Play for American cities that
have made innovation play for children a priority for the community.
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