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'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%.
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.
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.
Real estate pros weigh in on Arcadia home size debate. Explains Arcadia residential land investment. Real estate professional Eric Rosa says big homes are not hurting real estate values and warns that the proposed ballot measure for April 12 to enact tougher limits on square footage, would be policy that can't be overturned by elected officials and would require a ballot initiative in 2018 to rescind voter-approved code amendments.
Fueld by rising prices in Arcadia, Pomona, Pico Ribera and most beach cities, the Los Angeles metropolitan area bucked a national trend this year, as it saw a 3.3% year-over-year gain in home prices, according to a report by Standard & Poor's and Case-Shiller. Arcadia saw a 39.6% increase in home prices this year.
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.
City to release first round of education campaign on Arcadia real estate rules and local zoning code in a forthcoming City newsletter. The campaign will include public meetings in November and an advisory committee comprised of Arcadia residents.
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.
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 declines to further consider moratorium on residential construction. Opponents of temporary development freeze turn out in force. State law requires a five-member municipal panel have at least four votes to approve a moratorium on real estate development. The Council could not muster majority support.
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.
Arcadia housing boom with Chinese dollars? Bloomberg BusinessWeek says kickbacks and Chinese cash deals are fueling the rapid growth of mansions in Arcadia.
Arcadia City Council approves Arcadia Highlands land development projects at 29 East Orange Grove Avenue and 1600 Highland Oaks Drive. The larger scale new construction of mansions will replace existing homes. The primary bone of contention came down to whether or not property owners' rights to maximize their investment and exercise freedom to build as they see fit should prevail over homeowners associations and residents concerned with maintaining a neighborhood's traditional aesthetic character while protecting neighboring properties' scenic views and privacy.
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%.
Arcadia City Council clears way for massive new homes at 29 East Orange Grove Avenue and 1600 Highland Oaks Drive, despite opposition to the increasing "mansionization," from several members of the Highland Oaks Homeowners Association (HOA). City Council voted to move forward with both projects, finding they complied with city's zoning codes and were exempt from the California Environmental Quality Act (CEQA). The two homes met the city's design guidelines and met the resolution that governs design in the HOA areas.
Arcadia City Council has agreed to reconsider the controversial policy of not allowing homeowners to change their addresses, after several homeowners complained they can't sell their homes at fair market value, due to a popular Chinese belief that the number four is unlucky. Arcadia Mayor Gary Kovacic said, "...I think we have to look at the true economic impact of this." Councilman Roger Chandler said, "I don't think we should operate public policy on superstition."