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| Housing:
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The industrial
vacancy rate in the San Gabriel Valley is
only 1.9%. In 2005, nearly 2.3 million square
feet of space was under construction, expected
to rent for $0.51 per square foot per month
(lower than the Los Angeles county average
of $0.56). The real challenge in the Valley
is finding land for new development.
The office vacancy rate in mid-2005 was
10.0%. At this healthy level, developers
tend to start thinking about new projects,
but again there is the challenge of finding
suitable locations. Sites that are available
often have 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. Pasadena has seen an increase
in transit-oriented residential development
and a surge in multi-family units. For the
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 $1,250,000 and $1,200,750
respectively. The most affordable cities
in the Valley are Pomona and Baldwin Park,
at $375,000 and $380,000 respectively.
Those who choose to live in one of the region's
31 communities find that the San Gabriel
Valley truly has 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 and
enjoy a year-round temperate climate.
To find housing in the San Gabriel Valley,
you can visit the House and Home San Gabriel
Valley website at:
http://www.socalhomesmls.com/. This
site features useful San Gabriel Valley
real estate information for buyers and sellers,
as well as interesting links.
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Average |
January 2005
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January 2006
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% Change
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Sales Price |
$405, 991
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$457, 157
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13%
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$/SGFT |
$234
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$236
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13%
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Days on Market |
89
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92
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3%
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Total Transactions |
5,534
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3,854
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-30%
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San Gabriel
Valley Housing & Real Estate SWOT Analysis:
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Strengths:
Wide variety
of housing options available in
all price ranges.
Low vacancy rates
indicate a large potential labor
force.
Large manufacturing
base.
Higher re-sell
value of homes over time.
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Weaknesses:
Running out of
land for any type of development.
Some economically
disadvantaged areas.
Workforce education.
Ability to attract
talent pool needed for technology-based
industry.
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Opportunities:
Desirable location
with close access to many other
markets.
Redevelopment
of Brownfield sites.
Ability to develop
high-tech firms.
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Threats:
High land prices
drive up development costs.
As high tech
startups get larger, they often
move out of the San Gabriel Valley
due to cost issues as well as availability
of an educated talent pool.
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