I live in the wood streets, actually I grew up here. As some of the previous replies to your question mentioned, the Wood Streets have been affected by the current down trend in the market just as much as other areas in Riverside. The answer to your question truly depends on how much you spent to make the improvements, what you owe on the property, and how much you plan to make from a sale of the home.
There are many factors that will affect the price you are able to sell your home for. The condition of the home is important, location is important and the condition of the neighborhood as a whole also has an impact on how potential buyers will see your home and what they are willing to pay for it.
The prices in Riverside have not started to go up yet, however, we are seeing a lot more activity this year than we did last. A lot of that has to do with the fact that the prices for homes have come down to more realistic levels for the average home buyer. The Wood Streets have come down some, but not as much as other areas in the city. I don't think you are going to have to wait "many years" to sell your home. If it is in good condition and you price it right, you can sell in any market. The real question is, will the current market value be high enough to make you willing to sell? :) To determine that, you should have a real estate professional give you a comparative market report for your home.
If you are interested, let me know...I live, work and play in the Wood Streets neighborhood.