MARKET UPDATE

The Arcadia residential real estate market is very “hot”.  It is simple. Lack of inventory (available houses for sale) across all home price ranges coupled with very strong (in some cases frenzied) buyer demand has resulted in a very heated market.  Properties that are priced “right” and effectively marketed receive multiple offers and sell quickly.  All cash offers are common.  Many times the sales price will exceed the listed price.

The L.A. Times recently reported that Arcadia’s 91007 zip code was the first So. Calif. Zip code where in the median home sales price exceeded its peak achieved during the last real estate upturn.

If one were looking in early June for an Arcadia home in the $800,000 to $1,100,000 price range, there would only be seven homes listed and available for sale – not much to choose from.

Two sales in southwest Arcadia illustrate the temperature of the market.  A 1966 built, exquisitely remodeled (turnkey) 3,045 sq. ft.  (4BR 3BA) home situated on a 16,540 sq. ft.  corner lot sold for over $705 per sq. ft., $2,150,000. About one-half mile away, a 1962 built, 5BR 5BA, 2,532 sq. ft. home situated on a 11,941 sq. ft. lot sold for $1,320,000, $220,000 over the $1,100,000 list price.

For more information on Market Conditions give me a call.

ARCADIA RESIDENTIAL STATS

NEW SINGLE FAMILY HOME BUILDING PERMITS

No.

116   July 2011 – June 2012 (12 mos.)

 81    July 2012 – May 2013 (11 mos.)

HOMES SOLD $3 Million + SALES PRICE

No.

  8    Jan 2012 – Dec 2012 (none over $4 Million)

22    Jan 2013 - June 15, 2013  (includes 8 over $4 million)                                                                                                                                            

NEW ARCADIA HOME DEVELOPMENT FEES

A NEW 7,500 SQ. FT. ARCADIA HOME  “GENERATES” HOW MUCH IN DEVELOPMENT FEES?

A 7,500 square foot home was recently completed just down the street from our home. This distinctive Tudor-style home reflected high quality finishes and lush landscaping. I was curious how much the developer of the home paid the City of Arcadia in fees. 

The Acadia Development Services Department gave me the answer – a little over $53,000!!!!!!

The following is a breakdown:

• Architecture/Plan Check $7,500 ($1 per sq. ft.)
•  Building Permit $7,500 ($1 per sq. ft.)
•  School Fees $23,000 ($3.20 per sq. ft.)
•  Park and Recreation $14,250 ($2.85 per sq. ft. less tear down credit)
•  Misc. Fees $750.

And, when sold, the new home annual tax bill will exceed $50,000, more than ten times the previous torn down home tax bill.

ARCADIA HIGH - WHAT A SCHOOL

Interesting facts about the most recent graduating class – number of seniors 936; number who graduated 919; average GPA 3.23 out of 4.0; avg. SAT score 1863 (2400 highest possible, nat’l avg. 1550); ninety-four (94%) percent of graduates are attending a college or university. 

Being a UCLA Bruin, I was a little disappointed that more students were accepted, 75 and 28 planned to attend  that “other” school USC, versus 64 students accepted and 23 students planned to attend UCLA.

Again, congratulations to Arcadia High students, teachers, staff, parents and community.

BALDWIN STOCKER 2012 NATIONAL BLUE RIBBON SCHOOL

The U.S. Department of Education has announced that Arcadia’s Baldwin Stocker Elementary School has been named a 2012 National Blue Ribbon School. The school’s levels of academic achievement were measured by state assessments  or national tests.  Baldwin Stocker is only 1 of 257 public schools named a 2012 National Blue Ribbon School. In California, the school is one of only 23 public schools named.  Congratulations to Baldwin Stocker teachers, staff, students, parents and supporting community.

ARCADIA FIRE DEPARTMENT RATED "BEST"

Arcadia Fire Department continues to earn the National ISO Insurance Office’s Class I Fire Department Rating. This is the best rating available, # I out of X. The ISO utilizes the Fire Suppression Rating Schedule (FSRS) criteria in reviewing the firefighting capabilities of a community.  Fifty percent of this rating relates to the Department’s response to emergencies, training and equipment/facilities. Forty percent of the criteria relates to water supply, condition, maintenance and distribution of hydrants.  The last criteria is how well the fire department receives and dispatches fire alarms.

Arcadia’s Fire Department is another example of the community’s excellent Public Services.

CONTINUING ARCADIA VOTER SUPPORT FOR SCHOOLS

The Arcadia Unified School District has earned one of the highest reputations for academic achievement and excellence in Southern California. Drive around and admire  school campuses and facilities.  The condition, functionality and attractiveness of our schools/facilities contributes to our District’s reputation. In November 2006, Arcadia voters passed the $218 million Measure I School Bond issue which could only be spent on modernization and new construction of District schools and facilities. None  of the bond monies could be used to offset budget reductions. Many Measure I projects have been completed and work is currently progressing at Camino Grove Elementary, Hugo Reid Elementary, Arcadia Education Center and Arcadia High. Wow, just look at the recently completed Performing Arts Center (PAC) on Campus Drive.