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Corona Chamber of Commerce "Good Morning Corona" 2/25/10

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Presented by Darrell Talbert

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Corona Chamber of Commerce "Good Morning Corona" 2/25/10

  1. 1. CORONA CHAMBER OF COMMERCE GOOD MORNING CORONA Economic Update February 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
  2. 2. KEY INDICATORS FOR ECONOMIC DEVELOPMENT • Industrial Vacancy • Retail Vacancy • Office Vacancy • Residential Inventory/Sales • Redevelopment Activities Monday, March 8, 2010
  3. 3. CORONA INDUSTRIAL TREND • 2002 Stable Vacancy • 5.50% • 2005 Explosion Vacancy Riverside Vs. Corona • 1.43% 16.5% 8.11% • 2009 Current Vacancy • 8.11% Monday, March 8, 2010
  4. 4. INDUSTRIAL MANUFACTURING GROWTH Waggin’ Train- Pet food manufacturer and distributor First 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
  5. 5. CORONA RETAIL 2010 OVER 5,000,000 SQ FT OF SPACE Vacancy Riverside vs. Corona 21.5% 7.4% Monday, March 8, 2010
  6. 6. 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 Main Dress Barn - March at The Crossings Topsy Turvy Frozen Yogurt - April at The Crossings New Restaurants: Mantra Indian Cuisine - Now Open at North Main Austin’s Sports Grill - Now Open at Corona Pointe Monday, March 8, 2010
  7. 7. 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
  8. 8. HOME INVENTORY TRENDS City of Corona Inventory Trending 3,000 2,500 2,407 1,989 1,931 2,000 Units 1,500 1,000 907 600 500 0 Jul. 2007 Feb. 2008 Sept. 2008 Apr. 2009 Nov. 2009 Time Period Home Inventory Trend July 2007-December 2009 Monday, March 8, 2010
  9. 9. AVERAGE MONTHLY HOME SALES BY YEAR 400 Average homes by Month 357 320 326 240 160 121 80 2007 0 2008 2009 Homes on Market as of December 31, 2009 = 628 Based on Sales Velocity: 53 Days of Inventory Monday, March 8, 2010
  10. 10. AVERAGE HOME PRICE TRENDS Jul. 07 $555,435 Oct. 07 $457,039 Jan. 08 $406,535 Apr. 08 $378,413 Jul. 08 $360,350 Oct. 08 $337,586 Jan. 09 $308,980 Apr. 09 $291,922 Jul. 09 $303,005 Oct. 09 $305,153 Dec. 09 $327,891 $0 $200,000 $400,000 $600,000 Peak = July 2007 Bottom = April 2009 Current = December 2009 $555,435 $291,922 $327,891 Monday, March 8, 2010
  11. 11. HOUSING PROGRAMS www.CoronaHOAPNOW.com Home Owners Assistance Programs (HOAP Now) HOAP Now I Provided approximately $1 million in loans to 21 Low to Moderate Income Households Now Seeking New Applicants! HOAP Now II Provided approximately $400,000 in loans to 5 Low Income Households Now Seeking New Applicants! Monday, March 8, 2010
  12. 12. 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 Agency Grants/TAP Awards (Downtown) ULI Marketplace Study- $12,500+ Caltrans Grant- $200,000 Compass Blueprint- $60,000 Monday, March 8, 2010
  13. 13. TOOLS TO FOSTER BUSINESS!! TeamCorona.com FilmCorona.com InnerCircleCorona.com ShopCorona.com Monday, March 8, 2010

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