Well… it’s the top 5 list of cities that San Gabriel and Pasadena really do NOT want to be on.
Los Angeles Times just posted an article listing the Top 5 Cities being hit with the largest increase of property tax assessments by Los Angeles County Assessor’s Office over the last year.
The explanation provided by LA Assessor is following:
Pasadena has seen an increase in property values due to its efforts in promoting the integrity of its historical neighborhoods and the expansion of multi-family housing projects near major corridors and transit hubs. Major investment in the renovation of Pasadena’s Central District and the development of mixed-use projects such as the DeLacey at Green, TRIO, Del Mar Station, Westgate Pasadena, and Archstone Pasadena apartments increased the value of the city’s properties, which were further enhanced by important educational, business, and recreational centers.
San Gabriel’s growth in assessed value over the last year was driven by the demand for homes in a community close to major business centers in downtown Los Angeles and important residential communities such as San Marino. The city has implemented zoning laws to allow a greater population density in major corridors and has also invested in the redevelopment of its Mission District. Much of the city’s value increase comes from changes in ownership and new construction.
I fully agree that both Pasadena and San Gabriel are great cities to live in. Both are close to downtown Los Angeles. Both Pasadena and San Gabriel have historical homes and beautiful tree-lined streets. San Gabriel and Pasadena have seen increased construction and redevelopment.
Forgive me though for questioning the LA County Assessor’s Office, BUT shouldn’t they be looking at the actual real estate activity and what is happening with the prices of homes in these cities in making their tax assessment decisions. It’s time to reassess these Pasadena and San Gabriel homes DOWN not up.
ALSO READ: Property Tax Increases on your Pasadena Home
Please help me understand this!
Looking at San Gabriel and Pasadena Real Estate Statistics, it’s clear to see that both cities are trending DOWN, not UP in both the median price of a home for sale and price per square foot.
I subscribe to Altos Research Real Estate Reports to ensure that my home seller and home buyer clients get the latest and the most competitive information. These reports along with Multiple Listing Data (MLS) help my clients make informed decisions.
I respectfully suggest that LA County Recorder’s Office should look at some of these statistics as well:
Pasadena Real Estate Market Overview for the 18 months:
The median price of a home in Pasadena California moved down by about $150,000 between January of 2007 and July of 2008.
Price per square foot of Pasadena homes sold went down to under $425 from a bit over $500.
It doesn’t look like Pasadena home owners should be reassessed and gifted with higher property taxes!
San Gabriel Real Estate Market Overview for the 18 months:
San Gabriel median home prices topped at around $700,000 in the beginning of 2007 and is botoming out at a bit under $600,000.
Price per square foot for San Gabriel homes dropped by around $100 per square foot from its peak of early 2007.
Interested in more information about Greater Pasadena Area cities, check out our City Guides below:
And, if you are interested in fun activities to do, take a look at our 365 Things To Do in Pasadena™ page.
Thinking of selling your home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Irina Netchaev at (626) 629-8439 or email her to discuss what is happening in today’s Southern California Real Estate Market.