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).
Arcadia Association of Realtors cancels city council candidate forum that had been scheduled for March 7 at the Arcadia Public Library. But since the city elections have moved from "at large" elections to district elections, the public would be better served by other, upcoming district-specific forums.
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.
Arcadia housing boom with Chinese dollars? Bloomberg BusinessWeek says kickbacks and Chinese cash deals are fueling the rapid growth of mansions in Arcadia.
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.
Arcadia City Council hears residents' concerns about large housing development and its associated loss of native sycamore trees. Council official abandons China and Taiwan (sister city) trip for now.
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.
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.
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.
Arcadia Downtown Street Market now on Saturdays, 5-9 PM. It is run by Green Leaf Events on First Avenue between Santa Clara Street and Huntington Drive.
Gift cards to Picasso's Cafe, Bakery and Catering Co. are now selling at Costco warehouse stores. Each purchase also supports two local non-profits--Pacific Clinics and Our Neighborhood Homework House. Pacific Clinics is headquartered in Arcadia and is a community behavioral health care agency.
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."
Major changes on tap for Arcadia in the new year. Delta Marriott Hotel slated for the old Santa Anita Inn; Arcadia's tallest building, currently housing Bank of America at 150 N. Santa Anita Avenue, has gone up for sale. The current Arcadia Self Storage at 35 W. Huntington Drive is proposed to become a modern food vendor location, reminiscent of the Grand Central Market in Downtown Los Angeles or the Anaheim Packing House.
Documents reveal fraud case against Arcadia-based Gemcoin, a cryptocurrency investment scheme. The Securities and Exchange Commission's (SEC) ultimate goal is to make Gemcoin chief Steve Chen return alleged fraudulently acquired millions with interest, pay hefty fines, and ban him from the securities business.