Zillow: Sierra Madre Home Values are Hot - Arcadia Home Values are Not

Property value killer?

Mod: Despite the wacko myths created by the building and Realty trades that manzionization and other forms of unwise real estate development improve the value of a market's housing stock, the truth is something entirely different. Nowhere is that more evident than when you do a Zillow comparison of what is going on in Sierra Madre and Arcadia. We are going to start with the good news first because bad news is always more entertaining and you want save that for an impactful finish.

Sierra Madre (link): 91024 Home Prices & Values - The median home value in 91024 is $1,027,000. 91024 home values have gone up 2.5% over the past year and Zillow predicts they will rise 0.7% within the next year. The median list price per square foot in 91024 is $596, which is higher than the Sierra Madre average of $590. The median price of homes currently listed in 91024 is $1,062,500.

Foreclosures will be a factor impacting home values in the next several years. In 91024 0.0 homes are foreclosed (per 10,000). This is the same as the Sierra Madre value of 0.0 and also lower than the national value of 1.2

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in 91024 is 0.4%, which is lower than the national value of 1.1%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of 91024 homeowners underwater on their mortgage is 2.2%.


Arcadia (link): Arcadia Home Prices & Values - The median home value in Arcadia is $1,106,000. Arcadia home values have gone up 3.1% over the past year and Zillow predicts they will rise 3.3% within the next year. The median list price per square foot in Arcadia is $578, which is higher than the Los Angeles-Long Beach-Anaheim Metro average of $431. The median price of homes currently listed in Arcadia is $1,554,000. The median rent price in Arcadia is $3,200, which is higher than the Los Angeles-Long Beach-Anaheim Metro median of $3,100.

Foreclosures will be a factor impacting home values in the next several years. In Arcadia 0.0 homes are foreclosed (per 10,000). This is lower than the Los Angeles-Long Beach-Anaheim Metro value of 0.4 and also lower than the national value of 1.2

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Arcadia is 0.3%, which is lower than the national value of 1.1%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Arcadia homeowners underwater on their mortgage is 2.9%, which is lower than Los Angeles-Long Beach-Anaheim Metro at 4.1%.


Mod: Of course, all of this could change. With the City of Sierra Madre now capitulating to Mansionizers at One Carter and elsewhere in its rapacious search for revenue to pay down its CalPERS and water bond debt, the advantages it now enjoys could quickly go away.

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