The residential real estate market is down across the United States and recovery is said to be far behind, but according to a research data provider, MDA DataQuick, one of the principal valleys of Southern California— San Gabriel Valley’s housing market is going strong as housing value in the area is up by 1.6 percent compared to last year. San Marino, a small, affluent city in Los Angeles County, recorded the highest annual median housing value last year to about $1.5 million or 1.6 percent, according to DataQuick.
San Marino is known for its affluent community and stately mansions with manicured lawns, which boasted the top housing value in San Gabriel Valley, California.
In contrast to other affluent city in the state, Beverly Hills has experienced a decline in its median housing value by 18.6 percent from the housing peak in 2008, and home values in Malibu declines by about 28.4 percent from 2007.
Of the 20 Southland Los Angeles Communities with the highest home values, San Marino city is the only one with an improving year over year housing value, MDA DataQuick figures show.
San Gabriel Valley has a projected 2 million population and about 500 thousand of them are Asian American, according to a census data in the area.
Other cities that attract Chinese homebuyers include Arcadia, Temple City, Monterey Park, and Alhambra. About 75 percent of homes sold in 2010 in San Marino went to homebuyers with Asian surnames.
San Marino city’s stable housing value is partly because of there are several acclaimed schools in the area, plus the small- town setting.