Los Angeles County's median home price and sales dropped last month, a trend that was reflected statewide. Some San Gabriel Valley areas, such as Walnut, posted gains in June, but some cities, such as Duarte, Diamond Bar, and Arcadia, showed declines in their median home prices. Arcadia's median home price fell 5.8%.
California's median home price posted its biggest annual gain in more than 5 years last month, rising 20.8% to $301,790, as reported by California Association of Realtors. Arcadia has the second-largest increase in the state with its median home price jumping 40.2% in March to $726,136 compared to $518,000 a year earlier.
Los Angeles County home prices and sales continue to decline. The median price of a Los Angeles County home fell in October to $339,910, down 2.6% from September's price of $349,040. However, Arcadia led all California cities with a 40% jump from last year's median price. Currently the median home price in Arcadia is $856,000. Other San Gabriel Valley area median home prices are given.
Los Angeles County home sales rise slightly in November. Locally, 13 San Gabriel Valley cities saw their median home prices decline in November, while 11 communities posted increases. Arcadia ranked among the 10 California cities with the highest median home prices in November, according to the California Association of Realtors (CAR).
Los Angeles County home sales dropped 8.6% last month from a year earlier. Arcadia, however, shows a 4.1% increase in median home price, from a year ago December. Arcadia's median home price was $692,000 last month. Figures for California state, Los Angeles and other San Gabriel Valley cities are shown.
Property values in the West San Gabriel Valley (Pasadena and surrounding areas) continue to climb, fueled by high home prices and relatively low unemployment, despite a down economy, according to a year's worth of data released by the Los Angeles County Tax Assessor. Arcadia's combined property value rose 4.4%, more than any city in the county. The strong resale value of luxury homes and the increased demand for new construction are the main factors that led to Arcadia's growth. Jeanne Keating, a realtor and president of the Arcadia Association of Realtors, says Arcadia's great schools, availability of luxury homes, a solid city government, and a stable community, all factor into Arcadia's $713,500 median home price.
Brandywine to build seventeen 3-story townhomes in Arcadia. This development brings more affordable options to Arcadia, at 136 Las Tunas Drive. Prices are expected to range from high $600,000s to high $900,000s.
Los Angeles County total property values are on the rise again. The county as a whole saw its first increase in two years, at 1.49%, according to the 2010-201the Los Angeles County Assessor's Office annual property roll report. Walnut, Temple City and San Marino saw some of the San Gabriel Valley's greatest growth in property values last year. Arcadia's property values went up 2.8%.
Affordability: looming issue for local housing market. Increase in interest rates and tapering prices make great incentives for buyers, for now. Arcadia Association of Realtors (AAR) says the housing market was strong this spring.
Arcadia City Council today will once more reconsider whether to allow customer-requested address changes in light of concerns about a Chinese superstition involving the number four. Since the number four sounds like the word for death in Mandarin and is considered unlucky, some realtors and residents have argued that addresses that end in the number four are more difficult to sell and affect home prices. The cost of processing an address change would be about $2600.
New Arcadia city housing standards approved, new zoning codes effective as law May 20, 2016. Included in Arcadia's new standards is a sliding-scale floor-area ratio (FAR) for the first time in the city's history. The FAR is a development tool that helps determine how large a home can be built on any given lot based on a percentage of the land.
Mary Chiu sued nursing home Arcadia Health Care Center for the negligent care that her mother Sui Mee Chiu received. In October 2013, an arbitrator ruled that Sui Mee Chiu had been a victim of elder abuse, negligence and wrongful death, and her daughter Mary Chiu was awarded more than half a million dollars. The investigation is still in progress and Public Health is inquiring into the cause of the delay in the final report and closure of this case.
A Chevron gas station in Arcadia is charging $5.15 for premium gas. Governor Edmund G. Brown, Jr., has directed the California Air Resources Board (CARB) to take emergency steps to increase the state's gasoline supply by selling the "winter blend" early, to bring down fuel prices. Gas prices have skyrocketed over the past week due to a shortage caused by shutdowns at Tesoro and Exxon refineries.
Homeless initiative takes a back seat to home improvement grants. Arcadia City Council approved Community Development Block Grant (CDBG) program funds for 2017-2018 fiscal year for home improvements and repairs to low and moderate-income residents, about $230,000 and only $20,000 on the Homeless Initiative Program. Mayor Tom Beck expressed concern for the disparity.
Mansionization vote soon. Officials say no to economic impact study (on how home size affects property value) amid update to city's zoning code. Opponents and proponents packed into City Council Chambers. Resident Lee Marshall said more stringent regulations (in building height, floor area ratio (FAR), setbacks, hillside standards) would add value to homes by encouraging more harmonious development. Resident Polly Wong said she built her dream home in Arcadia and the new recommendations might significantly hurt her investment. See also Arcadia Weekly, p. 1, 16, March 17, 2016 for "No economic study for zoning code changes."
California Public Utilities Commission (CPUC) blasts Southern California Edison (SCE) for poor handling of windstorm (November 30, 2011-December 1, 2011) in a 42-page report. Report cites serious safety violations and restoration time was inadequate. Among the hardest hit cities affected by power outages were Temple City, Arcadia, and South Pasadena.
Trainer John Sadler, a 54-year old Long Beach native, watched from home with a knee injury, as his trainees Switch, Sidney's Candy, and Twirling Candy) win three stakes races on Santa Anita Park's opening day of the 2010-2011 season, its 74th racing season.