Peter Viles of L.A. Land gave Arcadia a nod in his blog posting yesterday about the holding pattern in the high end market amidst foreclosure meltdown, with Dataquick pointing to a year to year price increase of +6.8% for January. (Though it was the 91006 zip code cited…..by the same token, the 91007 portion of the city has suffered a dip of -8.2%…. a tale of two markets indeed)
This newly listed 307 E Colorado BLVD caught my eye for its $859,000 asking which yielded a bottom-of-the-market $265/sq.ft. This early 90′s stucco wonder is brethren to countless others from the building boom from the turn of that decade: distinctively indistinctive, built large to appeal to the changing demographical influx. It comes in at 3,243 sq.ft, with 5 bed/4 bath and definitely trends against what a fairly spacious single family home typically goes for in the city. Let’s stack that against the the current average asking for properties in the 3000-3500 sq.ft range, which comes in at $1,513,915. So it was with only partial surprise to see the very same property featured today on the Arcadia Housing Blog as an exemplification of lending stupidity. It’s a great blog with a close analytical eye on the real estate happenings in the city. Check it out!
Similar story: also in the “Highland Oaks” neighborhood and also freeway-adjacent is 35 E Forest AVE, a 3050 square-footer coming in new on the market at under $1 mil. A micro-fluctuation or indications of a leaking Arcadian bubble?