Median home prices in California surged to a record $305,940 in March, up 19 percent from last year. In Arcadia, prices averaged $355,000, up 9.2 percent.
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.
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 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.
Anoakia Estates model homes to open for viewing by this spring. The community is made up of 31 luxury homes. Developer is Tom Hover. The homes were constructed on the site of Anoakia, an estate owned by Anita Baldwin, daughter of Arcadia city founder, Elias J. "Lucky" Baldwin, at Foothill Boulevard and Baldwin Avenue. The homes will be 2-stories, and 5,000-6,000 square feet.
Santa Anita Park has been purchased by Frank Stronach for $126 million through MI Development, the real estate, entertainment unit of Magna International Inc., Canada's largest auto-parts manufacturer, of which Stronach is chairman.
Arcadia City Council delays vote on Arcadia Highlands home building projects. Council will address the matter again on February 3, to allow for more time to vet newly received petitions from area residents and a detailed letter from an attorney representing a leading opponent of the developments, that the City received last week. Both projects, one at 1600 Highland Oaks Drive, the other at 29 East Orange Grove Avenue, and both designed by Robert Tong of Arcadia-based Sanyao International Inc., involve the demolition of vintage homes to make room for larger residences.
Ballot initiative targeting large scale homes in Arcadia (often referred to as McMansions) will not make it on the ballot after all. The city clerk's office discovered a discrepancy in the number of qualifying signatures. Saving Arcadia is the local activist group behind the initiative.
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.
No resolution has been reached on the lawsuit brought by police officer Sharleen Wilson against the city for alleged sexual discrimination and harassment.
How Measure A is expected to affect Arcadia. Arcadia City Council will put a sales tax increase of 3/4 percent on this year's June ballot. The added sales tax would be added to the city's income to benefit the current deficit.
Arcadia Weekly columnists:Donna Baker reports on real estate, p. 18; John Luke writes on sports, p. 14; Billy McLellan writes movie reviews, p. 11; Dawn Mueller writes theatre reviews, p. 7; Bill Peters writes music reviews, p. 13; Vince Pirolli is the wine guy, p. 7; Jack Von Bulow, D.D.S. reports on dental news, p. 21; Kelvin Wong writes about real estate, p. 19.