While continual declines in the residential homes market in a down economy are causing big losses in the stock market, Arcadians are enjoying a bubble that has the city’s property values rising far more than any other city in the entire Los Angeles County.
Although the overall County Assessment Roll is down $18.5 billion this year compared to 2009, or an average of -1.7%, Arcadia property values are up 4.4%, according to the 2010 Assessor Report. The next closest in all of L.A. County is up 2.9%, and that is Arcadia neighbor Temple City. In fact, the three top gainers and five of the top ten in the County are in San Gabriel Valley, with San Marino third at +2.4%, South Pasadena tied for 7th at +1.8%, and San Gabriel tenth at +1.4%. Pasadena is up 1.1%.
In between are cities such as Rancho Palos Verdes, Hidden Hills, and Redondo Beach.
But most are in negative territory, such as Los Angeles, down 2.3%, Beverly Hills at -2.6%, and Long Beach at -2.9%, and some very severe like Palmdale and Lancaster, down 12.1% and 14.4%, respectively.
Why is Arcadia such a happy anomaly? The report describes Arcadia this way: “Located at the base of the San Gabriel Mountains, Arcadia is considered a desirable family community with great schools and location. This city continues to evolve from the modest homes of the 1950’s to the elegant homes of today. The majority of new homes built in Arcadia range in size from 3,000 to 6,000 square feet and some are built in excess of 10,000 square feet. The strong resale value of these luxury homes and increased demand for new construction are the main factors that led to this city’s growth.
— By Scott Hettrick
Top Ten in L.A. County: (2010 Assessed Valuation / % change) 1. Arcadia +4.4% 2. Temple City +2.9% 3. San Marino +2.4% 4. Rancho Palos Verdes +2.3% 5. Hidden Hills +2.0% 6. Walnut +2.0% 7. Redondo Beach +1.8% 7. Claremont +1.8% 7. South Pasadena +1.8% 10. San Gabriel +1.4%
Others near Arcadia: Pasadena +1.1% South El Monte +1.0% Monrovia +0.9% Sierra Madre +0.4% Duarte -0.3% La Canada Flintridge -0.3% El Monte -2.1%