63 new homes for under $500,000 coming to Riverside


(This article was written by Jonathan Lansner and published on www.pe.com on May 28, 2019.)

The heart of the city of Riverside is getting 63 new homes, priced in lower-$400,000 range.

KB Home has begun selling Primrose, a project located between the city’s Arlington Station and the Galleria at Tyler shopping center. The community is set on a 9-acre site that once was vacant land, a storage yard and two residences.

The neighborhood will have two-story homes ranging between 1,700 and 2,100 square feet with up to five bedrooms and three bathrooms. The Primrose website cites pricing of $419,990 to $445,990.

“With such an array of attractions and activities within a few minutes’ drive, Primrose has a lot to offer,” said John Fenn, president of KB’s Inland Empire division.

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Primrose has plenty of competition as the Inland Empire has a large inventory of new homes for sale.

At the end of the first quarter, 1,707 finished homes were unsold, according to MetroStudy. That’s up 29% over 12 months and 25% above the five-year average. Builders in Riverside and San Bernardino counties had 2,616 units under construction as of March 31, down 25% in a year and off 9% from the five-year average.

Primrose comes to market as homebuying has cooled. CoreLogic reports 1,082 new homes sold in Riverside County in the first quarter, down 2% in a year. The median sales price? $434,250.