THE STEPHEN MAGEE HOUSE
4529 Sunnyside Drive
PALM HEIGHTS HISTORIC DISTRICT
In 1888 the Inland Empire was a sprawling region laid out with groves of Washington Navel orange trees. The newly connected Santa Fe Railroad was delivering boxcars full of fruit all over the nation. Acres of orange groves were creating a citrus boom that would soon make Riverside the richest per capita region in the country. The groves were peppered with Queen Ann Victorians, stately California Craftsman Bungalows, and grand Farmhouses, the residences of the grove owners. Times have changed since 1888, the groves have faded away but many of the grand old homes still stand. What were once homes nestled within rows of navel oranges are now celebrated reminders of our region’s history.
Period details make this home a unique example of Victorian architectural style.
One of these grand old ladies is currently listed for sale by The Ransom-McKenzie Team with Coldwell Banker Realty. The Stephen Magee House, built in 1888 by Riverside pioneer Dr. Stephen Magee, sits in the Palm Heights Historic District of Riverside. It is one of the two remaining original Victorian homes in the neighborhood. When the Magee family built the home, it was situated on a 20-acre orange grove and faced Palm Avenue. The surrounding groves were owned by prominent Riverside founders including the Tibbets family who introduced the Washington navel orange to the region. In fact, the Parent Navel Orange Tree still stands just blocks away from the home. In the late 1920’s the post war population boom hit Riverside and the city experienced large scale residential development as a result. It was during this time that the Magee House was aligned with a new streetscape on Sunnyside Drive. The development of this neighborhood continued over the 1930’s & 40’s as Tudor, Spanish Colonial, Craftsman, Classical Revival, and Minimal Traditional homes filled in to create a typical Southern California suburban neighborhood. Today this neighborhood has been designated as the Palm Heights Historic District.
THE HOME’S RESTORATION
In the heart of this historic district the Magee House stands proud as a lovely reminder of days gone by. Since purchasing it in 2007, the current owners have taken care to lovingly restore every inch of this beautiful home. Over the years they have found period hardware, wallpaper, fixtures, and paint colors to bring this lovely Queen Ann back to its original glory. As you approach the home, take a moment to appreciate the intricate spindle work, and design detail of the home’s exterior from the ship wheel corner brackets on the front porch to the rising sun above the second story balcony.
Original interior features abound, including ceramic tiles, balustrade work on the staircase, multiple pocket doors, and hardwood flooring.
Upon entering the home, you will be presented with true Victorian style and décor. The high ceilings and prominent baseboards, together with white oak hardwood floors and multiple pocket doors dividing each room are all features that have not changed over time. Even the pocket doors’ push button hardware has been painstakingly restored so that each set of doors works perfectly. Looking up, you’ll notice several original Edison light fixtures, (converted to electric, of course) as well as period balustrade work on the staircase. Multiple fireplaces in the home feature incredibly detailed surrounds which incorporate custom glazed tile and detailed carved wood mantels. The downstairs fireplaces have been converted to gas for convenience of use.
There are six bedrooms and three bathrooms in the Magee home including a full bathroom and bedroom downstairs. The second-floor features four spacious bedrooms and a large common bathroom. The main bedroom boasts, oversized sash windows and a full walk-in closet. All the other bedrooms on this floor are large with high ceilings and oversized windows. The front bedroom has a fireplace and access to the second-floor balcony through a unique sash window style door. The third floor has been converted to a complete en-suite apartment / studio (Many Victorians do not have a finished 3rd floors). This is the perfect attic retreat for your office, art studio, teenager hang out or whatever else you can dream of. There is a whole house fan in this space, as well as supplemental air conditioning to keep the space comfortable in the summer.
MODERN UPGRADES ABOUND
While the home has been restored to reflect its rich history, there are modern amenities that have been added to bring this home into the twenty-first century. The kitchen has a 6 burner Viking cook top & hood, a Bosch dishwasher, refrigerator, and an oversized farmhouse double sink, and custom cabinetry with soft close hinges.
There are 2 separate HVAC systems, one for the first floor of the home and an additional system to control the upper two floors. The entire HVAC system, including the ducting, has been updated in the past 10 years. A whole house fan on the top floor works to help cool the entire house down on summer evenings. The electrical panel was updated to accommodate an electric car charging station as well. The home got a new roof in 2018, which included reflective insulation over the attic room. The exterior paint was also completed in 2018.
Situated on a double lot, this home offers multiple amenities for outdoor enjoyment.
The exterior of the home offers room for numerous activities from patio dining to swimming, and gardening. The back yard has multiple sitting areas, including an outdoor living room shaded by a wood gazebo. An above ground pool offers relief from the warm summer days and a custom spa on the west side of the house is the perfect place to enjoy evening sunsets. The long side driveway offers room for multiple cars, and the carriage garage has been enhanced with interior features such as updated electrical, and lighting.
CALL US TODAY TO VIEW THIS BEAUTIFUL HOME
Located close to all that the lovely city of Riverside has to offer, you’ll be able to enjoy easy access to the Riverside Plaza, as well as Downtown Riverside’s museums, entertainment, and restaurants. Come see all Riverside and the Stephen Magee house has to offer by giving The Ransom-McKenzie Team a call today. We live in Riverside, We love Riverside, and we sell Riverside.
THE RANSOM-MCKENZIE TEAM | 951.237.2044 |CalBRE #01721257
“Newly pending sales are up 25.5% compared to the same week last year, the highest year-over-year increase in the weekly Zillow database.”
Whenever there is a shortage in supply of an item that’s in high demand, the price of that item increases. That’s exactly what’s happening in the real estate market right now. CoreLogic’s latest Home Price Index reports that values have increased by 5.5% over the last year.
This is great news if you’re planning to sell your house; on the other hand, as either a first-time or repeat buyer, this may instead seem like troubling news. However, purchasers should realize that the price of a house is not as important as the cost. Let’s break it down.
There are several factors that influence the cost of a home. The two major ones are the price of the home and the interest rate at which a buyer can borrow the funds necessary to purchase the home.
Last week, Freddie Mac announced that the average interest rate for a 30-year fixed-rate mortgage was 2.87%. At this time last year, the rate was 3.73%. Let’s use an example to see how that difference impacts the true cost of a home.
Assume you purchased a home last year and took out a $250,000 mortgage. As mentioned above, home values have increased by 5.5% over the last year. To buy that same home this year, you would need to take out a mortgage of $263,750.
How will your monthly mortgage payment change based on today’s lower mortgage rate?
Even though home values have appreciated, it’s a great time to buy a home because mortgage rates are at historic lows. The Ransom-McKenzie Team can help you find your next home. Working with a local real estate agent is the most effective way to search for a home. Especially in a market where there is a tight inventory. Call us today to find out why.
As shelter-in-place orders were implemented earlier this year, many questioned what the shutdown would mean to the real estate market. Specifically, there was concern about home values. After years of rising home prices, would 2020 be the year this appreciation trend would come to a screeching halt? Even worse, would home values begin to depreciate?
Original forecasts modeled this uncertainty, and they ranged anywhere from home values gaining 3% (Zelman & Associates) to home values depreciating by more than 6% (CoreLogic).
However, as the year unfolded, it became clear that there would be little negative impact on the housing market. As Mark Fleming, Chief Economist at First American, recently revealed:
“The only major industry to display immunity to the economic impacts of the coronavirus is the housing market.”
Have prices continued to appreciate so far this year?
Late last month, the Federal Housing Finance Agency (FHFA) released its latest Home Price Index. The report showed home prices actually rose 6.5% from the same time last year. FHFA also noted that price appreciation accelerated to record levels over the summer months:
“Between May & July 2020, national prices increased by over 2%, which represents the largest two-month price increase observed since the start of the index in 1991.”
What are the experts forecasting for home prices going forward?
Below is a graph of home price projections for the next year. Since the market has changed dramatically over the last few months, this graph shows forecasts that have been published since September 1st.
The numbers show that home values have weathered the storm of the pandemic. We are certainly seeing home prices rise here in the Inland Empire. There is still very low inventory and it is a seller’s market. If you want to know what your home is currently worth and how that may enable you to make a move this year, contact the Ransom-McKenzie Team today to see how we can help.
Homebuying has been on the rise over the past few months, with record-breaking sales powering through the market in June and July. Buyers are actively purchasing homes, and the momentum is continuing into the fall. It is, however, becoming harder for buyers to find homes to purchase. If you’ve been thinking about selling your house, the coming weeks might just be the timing you’ve been waiting for.
According to the Pending Home Sales Report from the National Association of Realtors (NAR):
“Pending home sales in July achieved another month of positive contract activity, marking three consecutive months of growth.
The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 5.9% to 122.1 in July. Year-over-year, contract signings rose 15.5%. An index of 100 is equal to the level of contract activity in 2001.”
This means that for the past several months, buyers have signed an increasing number of contracts to purchase homes – well above where the market was at this time last year. Lawrence Yun, Chief Economist at NAR notes:
“We are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market…Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings.”
Below is a graph that shows the impressive recovery of homes sales compared to previous years. The deep blue v marks the slowdown from this spring that turned into an exponential jump in sales that followed through the summer, skyrocketing above years past:
What Does This Mean for Sellers?
If you were thinking about putting your house on the market in the spring, but decided to wait due to the health crisis, it may be time to make your move. Buyers are in the market right now. With so few homes available to purchase, homeowners today are experiencing more bidding wars, creating an optimal time to sell.
Is This Trend Going to Continue?
As CNBC notes, there are no signs of slowing buyer demand this fall:
“The usual summer slowdown in the housing market is not happening this year. Buyers continue to show strong demand, spurred by the new stay-at-home world of the coronavirus and by record low mortgage rates.”
Danielle Hale, Chief Economist at realtor.com, concurred:
“In a typical year in the housing market, buyer interest begins to wane before seller interest causing the usual seasonal slowdown as we move into the fall. Due to a delayed spring season and low mortgage rates, we could see buyer interest extend longer than usual into the typically quieter fall. Whether this means more home sales will depend on whether sellers participate or decide to stay on the sidelines.”
As Hale mentioned, homeowners who are willing to sell their houses right now will play a big role in whether the trend continues. The market needs more homes to satisfy ongoing buyer demand. Maybe it’s time to leverage your equity and move up while eager home shoppers are ready to purchase a house just like yours.
Are You Thinking of Selling?
If your current home doesn’t meet your family’s changing needs, contact The Ransom-McKenzie Team, your local specialists, to help you sell your house and make the move you’ve been waiting for all year.
The residential real estate market has definitely been the shining light in this country’s current economic situation. All-time low mortgage rates coupled with a new appreciation of what a home truly means has caused the housing market to push forward through this major health crisis. Let’s look at two measures that explain the resilience of the real estate market.
The number of buyers getting a mortgage to purchase a home is a strong indicator of the strength of a housing market. Below is a graph of the week-over-week percent change in that number, as reported by the Mortgage Bankers’ Association:The number dropped dramatically in March and mid-April when the economy was shut down in response to COVID. It increased substantially from later in April through the middle of June. The strong increase in May and June was the result of the pent-up demand from earlier in the spring along with the normal business that would have been done during that time.
Since July, the market has remained consistent on a weekly basis, but still reflects a double-digit increase from the levels one year ago. The August 12 report shows a whopping 22% increase over last year.
Like purchase mortgages, pending contracts are also a powerful indicator of the strength of the real estate market. Zillow reports each week on the percent change in the number of homes going into contract. Here’s a graph of their data:The graph mirrors the one above, showing a drop in early spring followed by a strong recovery in late spring and early summer. Then, in July, it settles into a consistent level of deals. That level, like the one for purchase mortgages, is well ahead of the level seen last year. The last report revealed that pending deals were 16.9% greater than the same time last year.
Both indicators prove the housing market recovered quickly from the early setback caused by the shelter-in-home orders. They also show that Americans have realized the importance of their homes during this time and are buying more houses than they did prior to the pandemic. We are seeing record sales in the Inland Empire too. Give the Ransom-McKenzie Team a call today to see how we can help you.
Here’s why. As we continue to work through the health crisis that plagues this country, more and more conversations are turning to economic recovery. While we look for signs that we’ve reached a plateau in cases of COVID-19, the concern and fear of what will happen as businesses open up again is on all of our minds. This causes confusion about what an economic recovery will look like. With this in mind, it’s important to understand how economists are using three types of sciences to formulate their forecasts and to work toward clearer answers.
- Business Science – How has the economy rebounded from similar slowdowns in the past?
- Health Science – When will COVID-19 be under control? Will there be another flareup of the virus this fall?
- People Science – After businesses are fully operational, how long will it take American consumers to return to normal consumption patterns? (Ex: going to the movies, attending a sporting event, or flying).
Sam Khater, Chief Economist at Freddie Mac, says:
“Although the uncertainty of the crisis means forecasts of economic activity are more unclear than usual, we expect that most of the economic damage from the virus will be contained to the first half of the year. Going forward, we should see a recovery starting in the second half of 2020.”
This past week, the Bureau of Economic Analysis released the advanced estimate for Gross Domestic Product (GDP) for the first quarter of 2020. That estimate came in at -4.8%. It was a clear indicator showing how the U.S. economy slowed as businesses shut down and consumers retreated to their homes in fear of the health crisis and of contracting COVID-19.
Experts agree that the second quarter of 2020 will be an even greater slowdown, a sign more businesses are feeling the effects of this health crisis. The same experts, however, project businesses will rebound, and a recovery will start to happen in the second half of this year.
What Does This All Mean?
As time goes on, we’ll have more clarity around what the true economic recovery will look like, and we’ll have more information on the sciences that will affect it. As the nation’s economy comes back to life and businesses embrace new waves of innovation to serve their customers, the American spirit of grit, growth, and prosperity will be alive and well. Give The Ransom-McKenzie Team a call if you have questions about our local real estate market as we work through this time.
The Riverside Chamber of Commerce has created a local shopping group on Facebook to feature businesses that are open for business during this time of sheltering in place.
As we all struggle with the reality of business not as usual, this is a good resource to help local businesses that are finding creative ways to still offer their product to consumers. Be sure to check this page when you’re shopping so we can keep our local businesses up and running.
Another great resource is from the City of Riverside. They have created a map that shows businesses that are remaining open during this time. The map is interactive and includes businesses that qualify in Governor Newsom’s essential business list. The map includes businesses throughout the city. Check it out!
The Ransom-McKenzie Team truly believes that we are best served by supporting our local community. Be sure to check these resources first so we can keep Riverside’s economy going in these trying times.
The real estate market is expected to do very well this year as mortgage rates remain at historic lows. One challenge to the housing industry is the lack of homes available for sale. Last week, move.com released a report showing that 2020 is beginning with the lowest available housing inventory in two years. The report explains:
“Last month saw the largest year-over-year decline of housing inventory in almost three years with a dramatic 12 percent decline, pushing the number of homes for sale in the U.S. to the lowest level since January 2018.”
The report also revealed that the decline in inventory stretches across all price points, as shown in the above graph. George Ratiu, Senior Economist at realtor.com, explains how this drop in available homes for sale comes at a time when more buyers are expected to enter the market:
“The market is struggling with a large housing undersupply just as 4.8 million millennials are reaching 30-years of age in 2020, a prime age for many to purchase their first home. The significant inventory drop…is a harbinger of the continuing imbalance expected to plague this year’s markets, as the number of homes for sale are poised to reach historically low levels.”
The question is: What does this mean to you?
If You’re a Buyer…
Be patient during your home search. It may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage, be ready to make a competitive offer from the start, and understand that a shortage in inventory could lead to the resurgence of bidding wars. Calculate just how far you’re willing to go to secure a home, if you truly love it.
If You’re a Seller…
Realize that, in some ways, you’re in the driver’s seat. When there is a shortage of an item at the same time there is a strong demand for that item, the seller of that item is in a good position to negotiate. Whether it is price, moving date, possible repairs, or anything else, you’ll be able to demand more from a potential purchaser at a time like this – especially if you have multiple interested buyers. Don’t be unreasonable, but understand you probably have the upper hand.
The housing market will remain strong throughout 2020. Understand what that means to you, whether you’re buying, selling, or doing both. The Ransom-McKenzie Team is here to help you understand the local Riverside Market. Give us a call today!