Since 2000, the I.E. has been growing and growing. The Mayor of San Bernardino, and the City Council of Fontana have it right, however there seems to be something Missing from the development of Rialto!! They are worried about closing the Airport when they have Brand New Streets and neighborhoods that are surrounding the Airport, and the new Freeway that could deliver new Business, however none...NONE of that has even started to have any building on it.
Fontana, had Lowe's and Several Business commitments that were made to the Sierra Ave I-210 corridor before the I-210 was even built there. The Home Depot, Costco, and a medical Group, the Sierra Lakes housing Complex, and several housing complexes between the 210 Freeway @ Sierra, all the way to Summit Ave, it seems that Fontana has a great Idea and Plan as to what is going to be build and what the land is going to be used for.
Rialto seems to be worried about dumping the Airport, and that is all. No building on the Easton Ave -I-210 Business Route, there has not been anything, no gas stations AM/PM's and or the like. What ARE THEY WAITING ON!! The only thing that Rialto has on the works is that there is going to be a In~N~Out Burger on the corner of Riverside at Galway Ave or what used to be Galway Ave., and now will be the parking lot of In~N~Out! Other than that What??? What is going on with the building in Rialto.
I have heard word that if the Airport is gone that the Miller Group will build or is going to build a Business such as Victoria Gardens. ANOTHER OUTDOOR MALL!! GREAT!! I really think they are nuts, because now there is a mention that there is a little back door hand shake, and not so good, trades to get the Airport land to Miller's Group or Business!!. what is next?? What gets me is every time that there is some kind of thing such as this one. the Land is closed and it goes to Millers Company for Development. Well, what gets me is every time that there is the possibility of wrongdoing regarding the City of Rialto it is always ED SCOTT that is QUOTED!!
ED SCOTT Says that, there was nothing wrong all the laws were followed, we asked Owens. LOL
BSRanch
I.E.' Center of the Universe'
By Michael Rappaport, Daily Bulletin Staff Writer
08122006
Home prices are booming.
Unemployment is low.
More than 80,000 people with college or graduate degrees moved into the two-county area between 2000 and 2004.
Happy days have definitely been here - again.
Just last year, the Inland Empire gained more jobs (56,658) than San Diego and Orange counties combined.
It has been three or four years since regional economist John Husing started calling the Inland Empire the "engine that pulls the economic train in California" and ridiculing Orange County for considering itself the center of the universe economically.
It's different now.
San Bernardino and Riverside counties aren't an engine.
"We are the center of the universe," Husing told an upbeat crowd at Thursday's RealShare Inland Empire Conference at the Ontario Convention Center.
In the last decade, median home prices in the inland counties have nearly tripled, from well under $200,000 to a little more than $400,000 in the Riverside-San Bernardino metropolitan areas.
But the days of 20-30 percent annual price appreciation are gone.
"The market is hitting the wall," Husing said. "We are clearly at the end of this housing cycle."
So what happens now? If housing prices have pumped huge amounts of wealth into the local economy, what happens when every other homeowner isn't refinancing, remodeling or selling to move to a bigger house?
"We are seeing the values of land starting to level off," said Jeff Phelan, a partner in Panattoni Development Co. "If they don't, it just isn't possible for developers to make a profit right now."
Panattoni was speaking of industrial development, but land is land and has all sorts of uses. Expensive land means it costs more to build homes, offices, retail or industrial prospects.
"We're even seeing infill sites take a tremendous growth in value," he said.
Kevin Assef, managing director of the Ontario office of Marcus & Millichap, said that generally, the overall real estate market tends to follow the trends in single-family homes.
"I think we're moving into a more normalized market," he said. "I certainly don't think the market is tanking in any way."
Assef said the most disturbing numbers were a growth in unsold inventory from one month to 4.4 months and the housing affordability index.
"In 1998, 60 percent of Inland Empire families could afford the median-priced home," he said. "In 2006, that number is 20 percent in San Bernardino County and 15 percent in Riverside County."
He added that ever since the '70s, real estate cycles have been induced by government policies.
San Bernardino County Supervisor Paul Biane said the county government should be proactive in this area.
"The biggest role local government has to play is providing the infrastructure for development," he said. "We obviously have not kept up here."
That's in part because some folks have taken the attitude that if we don't build the freeways, people won't come.
Husing says that isn't true, and he loves to show a picture of Asian peasants leading yaks burdened down with their belongings to make his point.
"They'll come anyway," he said.
Why wouldn't they?
After all, we're the center of the universe.
Michael Rappaport is business editor of the Daily Bulletin. He can be reached at (909) 483-9395
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