$1 million does not go very far in prime Southern California cities. While sales volume is still very low, home prices in some markets are making new peaks. Overall, the market has hit a lull in the summer and inventory is definitely returning. House lusting is still very much in vogue and sticker shock is only tempered by very low interest rates. Up in the Bay Area, we see people tapping out equity at a more common interval to upgrade their properties. Today we’ll take a look at three very prime cities in Southern California. Santa Monica, Arcadia, and San Marino are truly prime areas. With that said, your dollars will not go very far in these markets. In some cases, homes are making new peaks. For now, we continue seeing a shrinking middle class while these very selective markets continue to become even more selective. Let us go shopping in these prime areas.

A look at Santa Monica, Arcadia, and San Marino

The housing mania from 2013 is still going on in some niche markets. While the overall market certainly cools down, some areas are setting new records. Some cities are seeing wicked price jumps causing plain old vanilla homes to sell for $1 million dollars or more.

The first area we should examine is Arcadia. Arcadia has benefitted from heavy investor demand and continues to be a target for hot money.

325 Laurel Ave, Arcadia, CA 91006

2 beds, 1.5 baths, 1,522 square feet

For Sale:               $960,000

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