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 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.
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%.
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.
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.
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 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 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%.
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 housing boom with Chinese dollars? Bloomberg BusinessWeek says kickbacks and Chinese cash deals are fueling the rapid growth of mansions in Arcadia.
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.
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 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.
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.
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.
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."
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.