I guessing you haven't ever heard this Corona real estate history before...
Many decades ago in a neighborhood of South Corona, there were a few oil wells just outside the Corona city center. A motivated sales crew did a great job of selling the public a story about the production of those oil wells along with the likely occurence of oil in surrounding areas. And now, as Paul Harvey would say, "the rest of the story".
The Corona Oil Wells were FAKES... non-working well caps installed specifically for the purpose of selling worthless real estate to the unsuspecting.
How do I know all this you ask? One of my clients owns a parcel included in these scam sales transactions. He's inherited it from his grandmother who bought it some decades ago from someone touting the sure value of owning a piece of property so close to the working oil wells. Unsuspecting, she bought a 7,500sq.ft. plot just west of the 15 Freeway at El Cerrito. Of course there was no oil discovered below her land, nor was any oil in the land that contained the oil wells, as they were just a prop.
The lot now sits, ungraded, undeveloped, and practically worthless. It is in an underdeveloped area with many unkept homes. I'd guess the value of the land wouldn't be much more than about $10,000... which is less than the cost of keeping it fire compliant over the past several years.
The moral to this story... always make sure you're working with a reputable real estate agent / company when purchasing or selling a home (or land).
Corona Real Estate Agent Team
The Homefinding Center
951-212-7479
P.S. If you or anyone you know needs help buying or selling a Corona Home, my team will be happy to help.
topic: Corona Oil Wells... brought to you by your area Corona Real Estate Agents
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