Hugo Balarezo (Inland Empire Real Estate) Real Estate Agent



Hugo Balarezo
location_on Riverside, CA — Inland Empire Real Estate
Get to Know Hugo Balarezo

Elite REO offers short sale services after other home-saving techniques such as loan modification have failed in the area of Southern California known as the Inland Empire or the I.E.  Located 37 miles inland from the Pacific Ocean, this densely-populated region is the epicenter of foreclosure activity.

Consisting of Riverside and San Bernardino Counties, the IE spreads over 27,000 miles and is home to over 4 million people.  Considered part of the Greater Los Angeles Area by the Census Bureau, most of the population is concentrated in the southwest corner of the region which borders Los Angeles.  The fabled Route 66 ends runs through the northern part of the area, bringing tourists and migrants to the area. 

At one time a major agricultural center known for citrus, dairy, and winemaking, the Inland Empire became known over the past 70 year for its affordable homes and commercial and industrial development.  The process started after World War II, when citrus groves were bulldozed to make way for suburbs.  The prevalence of cheap land in the area has encouraged the development of bedroom communities of suburban homes on 1.4 acre lots, available for less than comparable homes in Orange and Los Angeles counties.

Over the past 20 years, shipping, logistics, warehousing, and retail have developed as the predominant industries of the Inland Empire.  The recession of the past few years has hit these industries hard, which in turn, has impacted housing in the region. Since 2006, foreclosures have risen 3,500%; there has been one foreclosure filing for every 133 households.  Of 104,000 properties currently on the market, nearly a third are being listed as short sales, while over 11% are in foreclosure or bank owned.

Elite REO opened its door to meet the needs of troubled homeowners by offering a compassionate alternative to foreclosure.  Specializing in real estate throughout the Inland Empire, Elite REO specializes in Riverside, Corona, and Moreno Valley.  Other cities in their service area include San Bernardino, Fontana, Colton, Lake Elsinore, Murrieta, Temecula, Highland, Rialto, Eastvale, Wildomar, and Perris.

Since 1994, Hugo Balarezo has been the top selling agent in the Inland Empire. He has averaged closing a home nearly every other day for 14 years. This track was built on hard work, flawless systems, extensive training and an incredible staff that allows him to provide the service and results sellers expect. Having closed over a thousand REO and short sale transactions, Hugo is a seasoned veteran with an excellent pulse on what it takes to successfully negotiate a short sale any bank.

Please visit our short sale website as well as our Elite REO website for the whole story.


Riverside, California

Located 57 miles east of Los Angeles, Riverside is named for its location next to the Santa Ana River. Known as the City of Arts and Innovation, Riverside, California is the largest city in one of the fastest-growing metropolitan areas in the United States. It is the largest city in the Inland Empire,  61st most populous city in the country, and the 12th most populous city in California.

In addition to being home to the University of California-Riverside, the city's attractions include the California Museum of Photography, the Fox Performing Arts Center, and the Parent Washington Navel Orange Tree (one of the two original navel orange trees in California).

A vital part of what makes Riverside  a special place to live is its abundance of historic resources, and the preservation of those resources.  The first golf course and polo field in southern California were built in Riverside. The first orange trees were planted in 1871, but the citrus industry in Riverside began in earnest two years later.

Riverside is associated with the Raincross symbol, which appears on the city flag and throughout Riverside in the form of architectural elements, street signs and lighting standards.

The arts are also central to Riverside's community culture. The Riverside Art Museum was designed by America's most successful woman architect, Julia Morgan. Other integral pieces of Riverside's artistic culture include: the Riverside County Philharmonic; the Riverside Ballet Theater; the Riverside Children's Theater, and the Riverside Community Players (the oldest continuously-active theater group in the US). 

Riverside has a static population of approximately 300,000 (an increase of 16.7% since the 2000 census), with an additional student population of over 40,000. The estimated median household income in 2009 was $56,552. As of 2009, the top employers in Riverside were the University of California, the Riverside Unified School district, and the Kaiser Permanente health system. The median resident age in Riverside is 30 years, compared to 33 years in the state of California.

Housing in Riverside largely single family homes with some multi-family dwellings, condos and townhouses in the mix.  The estimated median house or condominium value in 2009 was $254,000, and the mean price for all housing units was $293,267.  Currently, the median home value is $199,000, with an average list price is $247,071.  Over 75% of the homes currently for sale are in short sale or  bank owned.

Corona, California

Known as The Circle City, Corona is located in Riverside County in Southern California, at the upper end of the Santa Anna River Canyon. Temperatures here average 65 degrees Fahrenheit in winter and mid- to upper-90s in the summer.

Taking up about 35 square miles, Corona's current population is about 150,000 with a median resident age of 29. As of 2009, the median household income in Corona was $74,349, up from $59,615 in 2000. Tax rates are quite affordable at around 1.1% for houses with mortgages, and about 0.6% for those with no mortgages.  There are currently about 2,100 foreclosed homes for sale in Corona, from condos to single family homes, in price ranges for all potential buyers. Average estimated home values in 2009 were $329,700; currently, they are $337,086.

Families thrive in this city, with children in 61% of the households. Currently Corona boasts eight high schools, seven middle schools, and 31 elementary schools.

Corona was founded in 1886 at the height of the southern California citrus boom. It was once known as The Lemon Capital of the World, and a museum highlights this part of the city's history.  The city's name means "circle of light" and comes primarily from the interesting layout of its streets: a standard street grid enclosed by a circular Grand Boulevard that is one mile in diameter. This Grand Boulevard hosted several major auto races in the 1920's.

The city has recently come to be called The Gateway to the Inland Empire (or IE), which is the area around the cities of Riverside and San Bernardino. It's also a bedroom community for the larger cities of this area.

Many businesses call Corona home, including:

Fender Musical Instruments Corporation - guitar manufacturer Hansen Natural Corporation - soft drinks manufacturer Watson Pharmaceuticals - fifth largest pharmaceutical company in the U.S. West Coast Customs - car remodeling company featured on MTV series Pimp My Ride Kaiser Permanente - medical insurance provider

The median travel time from home to work is about 33 minutes, thanks in part to the Riverside Freeway.

Many employment opportunities, easy commute times, good schools, great year-round weather, and many cultural activities make Corona one of the best places to live in the country. 

Moreno Valley, California

Incorporated in 1984, Moreno Valley merged the rural communities of Moreno, Sunnymead, and Edgemont. Located on 50 square miles in the western part of the county, Moreno Valley is surrounded by Riverside, Perris, March Air Reserve Base, Lake Perris, and the Badlands at an elevation of 1,650 feet.

Today, Moreno Valley is experiencing rapid economic growth, which can be attributed to a range of housing options, including high-end executive homes, affordable single-family homes and condominiums, a family-friendly lifestyle, good schools, and amazing quality of life amenities. The city also looks forward to the creation of more than 20,000 jobs in the near future.

Moreno Valley has parks with playgrounds and picnic areas, bike trails along many streets and in Lake Perris State Park, as well as equestrian trails for horseback riding. The city also sponsors community events throughout the year. Nearby cultural attractions include the Riverside Art Museum, California State Citrus Park, and Castle Park amusement. These amenities and the surge in job creation combine to make Moreno Valley extremely attractive to potential residents.

As of January 2010, Moreno Valley's population was 186,301. The city enjoys a diverse population projected to reach nearly 228,427 by 2013. Most families own their homes, and the average family is composed of two parents and two children. The average household income last year was $70,255. In 2009, the area's major employers included March Air Reserve Base, the Moreno Valley Unified School District, and the Riverside Community Regional Medical Center. The median resident age in 2009 was 27 years.

In 2010, the average existing home value in Moreno Valley was $143,673; the average new home value was $255,000. Today, the average value of homes listed is $212,122, while the median list price is $212,122,



Since 1994, Hugo Balarezo has been the top selling agent in the Inland Empire region of So CA that includes Riverside & San Bernadino Counties. He specializes in Riverside,Corona, & the Moreno Valley.