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.