Looking to buy a home in Temple City, Arcadia, but hosuing prices are still very high, should I wait ? I

Asked by Jim, Los Angeles, CA Fri Oct 26, 2007

I am looking to buy a 2300 - 2900 square feet home in Arcadia, or Temple City in Southern California and willing to pay up to 700k, but been looking for over a year and so far nothing. Is it pretty much impossible to find it for this price?

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Sallly M, Home Buyer, Glendora, CA
Tue Nov 20, 2007
Here are some listings in Temple city. You will not be able to find a home that big in Arcadia for under $800k. Some of these are listed above $700k, but the agents say "seller is very motivated", which mean there is room for you to negotiate. Copy and paste the link.

1 vote
ian cockburn, Agent, New Orleans, LA
Sat Oct 27, 2007
Find a Realtor to run a report showing what sold and for what price and where...this will really help you get an idea if what you want is in the price range at all.
Web Reference:  http://www.iansellsnola.com
1 vote
Eva Cheng, Agent, Arcadia, CA
Sun Oct 2, 2011
Home value in Temple City and Arcadia has not depreciate like some areas in Southern California. If you have not already found your dream home, that same budget that you were looking to buy in Temple City could be realistic, I have just that one house for you in Temple City. Feel free to contact me at echeng@brcadvisors.com.
0 votes
Robert, , SM
Fri May 30, 2008
Jim, my eyes are bleeding from realtor nospeak/marking responses to your question. Based on whats happening in the credit markets (securitization has dried up, loan standards are much tighter and banks are taking losses and need to hold on/raise capital), the weak economy and the fact that this year and 2009 a huge amount of prime option arm mortgages will reset, housing prices in CA will continue to decline. Based on most metrics, housing prices in CA are still way overvalued, dont buy now, WAIT, you will get your price or better in 09.
0 votes
Hank Hennessy, , Arcadia, CA
Thu May 29, 2008
Hi Jim,

Here are 2 recent sales in Temple City.

5723 Primrose. 4 bedrooms. 2 bathrooms. Built in 1939. 2,228 square feet. Sold for 760,000.
13,875 square feet lot size.
9622 Longden. 4 bedrooms. 4 bathrooms. Built in 2006. 2,897 square feet. Sold for 797,000.
6,750 square feet lot size.

I have sold properties in Arcadia and Temple City area. Also if you are interested in being within the Temple City school district, certain parts of unincorporated San Gabriel fall in the Temple City Unified school district.

From the two recent sales you can see that it is very hard to find a home larger than 2,000 square feet less than 700,000. It's not impossible but it won't be easy. And here's something to consider, in todays real estate market, if there ever was a larger home around 2,500 square feet listed less than 700,000...most likely there will be multiple offers, which will drive the price over 700,000.

Good luck home shopping and do not hesitate to contact me. Hank at 626-523-8787
0 votes
Dot Chance, Agent, Burbank, CA
Sat Oct 27, 2007
Hi, Jim. I work as a team with my husband and daughter (The Chance Team) and you are looking in some of our areas. My daughter is the San Gabriel Valley specialist on our team.

There are still many great deals. We represent both buyers and sellers and I have to say that we are all three excellent negotiators - whether working for a buyer OR a seller!

We would be happy to pull the listings for you. Short sales and foreclosures/REOs are an option. With these kinds of properties they are often "AS IS, WHERE IS" which basically means what you see is what you get - the good, the bad and the ugly!

My suggestion to you is to explore all types of homes and see what best suits you. There was an article in the LA Times about 10 days ago that said prices in the LA are have actually gone UP 1.2%.

No one really knows what is going to happen in this market. You hear everything from it will pick up after the first of the year to things are going down until 2009. While it is true that the market has slowed and we have about a 10 month inventory, we really haven't seen prices crashing yet - hopefully not!

Let us know if we can help you! All the best in your quest for homeownership!
Web Reference:  http://www.DotChance.com
0 votes
Maggie, your…, , Long Beach, CA
Sat Oct 27, 2007
Jim, there are great deals out there. Are you working with a BUYER'S Agent? The reason a BUYER'S Agent is so important is to benefit you and you alone. Your own BUYER'S Agent can negotiate an even better ROCK BOTTOM price and find you a home within the price you desire. My advice is to find a Buyer's Agent and ask him/her to find short sales, bank owned properties that meet your criteria. I work the Long Beach area as a BUYER'S Agent and my clients are saving anywhere from $50,000 to over $100K off the price of a home. It takes patience, skill and artful negotiating, but it CAN BE DONE!
0 votes
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