Housing Market In The San Gabriel Valley
The industrial vacancy rate in the San Gabriel Valley is only 1.9%. In the year 2005, nearly 2.3 million square feet of space was under construction. The real challenge in the San Gabriel Valley is finding land for new development. The office vacancy rate in mid-2005 was only 10.0%. However, once again it is because it is not easy to find vacant land. In addition, many of the vacant land have what is known as Brownfield issues. A Brownfield is a site, or a portion of a piece of property, that has actual or perceived contamination and an active potential for redevelopment or reuse. Many areas across the country that were once used for industrial and commercial purposes have been abandoned - or are underused, given their location.
On the residential front, new homebuilding in the San Gabriel Valley is difficult because there are few large parcels of land, and communities are concerned about growth, traffic congestion and impact on public services. In addition, this economic downturn has affected many developers in the area. Pasadena has seen an increase in transit-oriented residential development and a surge in multi-family units. However, for the San Gabriel Valley as a whole, the bulk of new building permits have been for single-family residencies The resale housing market has a wide range of prices. La Canada Flintridge and San Marino are at the high end of the spectrum, with averages of $1,200,000 and $1,100,000 respectively. The most affordable cities in the San Gabriel Valley are Pomona and Baldwin Park, at $350,000 and $375,000 respectively. However, I'm sure with the economic downturn, the prices will drop even further. I know that, at the moment, homes in general are not selling.
Those who choose to live in one of the region's 31 communities find that the San Gabriel Valley offers something for everyone. Housing options range from new starter and move-up homes to select executive-level properties in some of the most exclusive neighborhoods in California. And, all these varied choices are within a short distance of quality educational institutions.
In addition, the San Gabriel Valley enjoys a year-round temperate climate. The San Gabriel Valley is within short distance from the beach, mountains, Santa Anita Horsetrack, and famous amusement parks.
In general, I would say that the San Gabriel Valley is the place to live!
ABOUT THE AUTHOR:
Richard sells real estate in the San Gabriel Valley which is about 12 miles South of Los Angeles. For more information, visit his website at http://www.westsangabrielvalleyrealestate.com
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