corona chamber of commerce "good morning corona" 2/25/10
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Presented by Darrell TalbertTRANSCRIPT
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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
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KEY INDICATORS FOR ECONOMIC DEVELOPMENT
• Industrial Vacancy
• Retail Vacancy
•Office Vacancy
• Residential Inventory/Sales
• Redevelopment Activities
Monday, March 8, 2010
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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
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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
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CORONA RETAIL 2010OVER 5,000,000 SQ FT OF SPACE
Riverside vs. CoronaVacancy
21.5% 7.4%
Monday, March 8, 2010
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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
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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
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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
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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
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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
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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
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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
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TOOLS TO FOSTER BUSINESS!!
FilmCorona.comTeamCorona.com
InnerCircleCorona.com ShopCorona.com
Monday, March 8, 2010