What is going on in the Wood Streets neighborhood of Riverside CA?

Asked by Shelly, Riverside, CA Wed Apr 30, 2008

I bought in 2005 and made all the necessary repairs to the home that had been long neglected. I want to sell this home but am fearful that I won't be able to do so for many years. Are prices sliding or does it depend on the condition of the home and the street that it is located on? Your advice is appreciated.

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Christopher…, Agent, Hemet, CA
Wed Apr 30, 2008
Although pricing has come down all over California and the Wood Streets area is no exception. The good news is that there are many buyers still looking for Wood Street homes. WHERE your home is located in the Wood Streets will depend on weather a market exists. If your home is on Larchwood, Castle Reagh or Beechwood, the market, although down, is still very strong, all things considered.

The main issue is that most folks think that having a "Wood Streets" home is everything. Most of us that have been around for a while only see the first 3 streets as desirable. Where on those streets is also important. West Side as opposed to East makes a big difference. The Closer you get to Edgewood, the lower the price and desirability.

If you bought a 1920's era home there in 2005 and have completed repairs, updates and maintenance that is true to the original era, with attention to detail and left the original details unmolested, there is still a market.

The "Wood Streets" mean many different things to many different people. Location, location, location could not be more applicable there. Secondary is a historically accurate home that has had all of the mechanical systems updated and modern upgrades done that look 100% original and undetectable.

I hope this helps! Have a great day.
3 votes
Cindy Vedder, Agent, Irvine, CA
Thu May 1, 2008
The Wood Streets are still in high demand. Close to the college, the hospital, the newly rennovated Plaza and convenient for the expansion programs going on through the City's Ressaisance projects. Feel free to call or email me and I'll gladly send you the most current market data information available. Good Luck. Cindy Vedder
2 votes
Sean Giorgia…, , 92553
Wed Apr 30, 2008
Talking about values without knowing your street or house is a bit like commenting on prom dates based on yearbook pictures.

That being said, here are some stats for you to consider:

The last three months of 2005 saw 50 closed transactions in the Wood Streets neighborhood. These 50 homes averaged 1,350 sq. ft. and sold in 40 days. They listed for an average of $385K and sold for an average of $383K.

During the last 90 days that same neighborhood has seen 12 closings. These 12 averaged 2,380 sq. ft. and sold in 102 days. The average list price was $287K and the average sold price was $262K.

So let me ask you, is your home average or above average?

It's a tough time for Sellers, but if you offer the right terms and market in a way that attracts the right buyers, you can do well in this market because there are buyers willing to say yes.

If you want to sell consider spending a few dollars to get your yard and interior in tip top shape. Be sure to clear out the clutter too. There are many other nuggets like this to share, but you get the picture.

Thanks for the opportunity to answer your question and compete for your business. You can reach me directly at 951-571-9229 or sean.giorgianni@gmail.com.

In the meantime, I wish you health and success!
Web Reference:  http://frclsrtv.com
2 votes
Charlotte Mc…, Agent, Riverside, CA
Thu May 8, 2008
Hi Shelly,

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.

Charlotte McKenzie
1 vote
Larry & Rose…, , Riverside, CA
Thu Sep 8, 2011
Hello Shelly,
If you live in the Wood Streets, you should already be getting a copy of the WOOD STREETS SHEET on your door each month. The sales posted there are true and actual: you can compare basic information and price to your home. If you had followed those sales over the last couple of years, you would see that while some people perceive some streets to be more 'valuable' in the neighborhood, the actual 'sold' prices per square foot at any price range are randomly scattered throughout the entire neighborhood. Please don't feel you have to live on one of three streets for your home to have value, possibly exceptional value. Rosemary and I have lived in the Wood Streets for 30 years this year; We'd live on most of the streets here quite comfortably.
Have a GREAT day and contact us if we can help you. Rosemary and Larry
0 votes
Richard Alan…, , Riverside County, CA
Sat Jul 10, 2010
I know the area and the dynamics as well as my fellow colleagues Charlotte, Cindy, Christopher, and Sean. It is an exceptional pocket of Real Estate that is not immune to the recession or the current Real Estate cycle. In this downturn, market savvy is not enough. You will need good marketing and advertising as well as exposure and agent availability. I excel in those areas and there is no extra charge. Also, I offer the Ran Right Realty exclusive 777 policy. As my client, I am available to you 7 days a week from 7am to 7pm to get the job done. Call me when you are ready to sell this thing for top dollar in record time.
0 votes
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