I think there is a lot of talk on this site about the Asian community because of the demographics of Arcadia. Some issues do come up like “Single family homes rented out to multiple families”.

It’s important to look at these issues when buying a home and when picking a neighborhood. I don’t think I have seen anti-Chinese comments, we just discuss the facts, whether good or bad.

First of all, glad to have you as a reader!

Second, I don’t think we are anti-asian/chinese. Not sure if you read, but I am a Chinese American myself.

Since this is Arcadia we’re talking about, the millions of dollars of wealth that have poured in over the last decade from Asian immigrants aren’t without some problems (that we perceive of course).

Instead of sprawling landscaped yards, wall-to-wall privacy and reasonable real estate valuation, they are replaced with

- Overbuilt pink McMansions
- Single family homes rented out to multiple families
- Neighborhoods losing their character
- Reckless home bidding

Of course, it’s not all bad because in return we get:
- More academic competition
- More taxes paid
- Overload of BWMs instead of loud Civics (at least significantly less than Alhambra/Monterey Park)

http://www.chinastakes.com/story.aspx?id=531

Sales are already way down in Beijing, with some existing homes declining 15-20% yr to yr. I predict the Chinese housing market will undergo a major adjustment after the Olympics, maybe as dramatic as that China’s stock market b/c the housing bubble in China is even more ridiculous than the U.S. mkt. (-50% correction this year, w/95% of investors losing money). When that happens, even the nuveau riche Chinese will be cautious about blowing their $ on a property like this.

And when did 1/3 acre become an “Estate”? This home is perfect for the Asian version of the “Arcadia Hillbillies” show.

The real estate market is still shaking. New data suggests that home prices have hit a new record low. In every new study that comes out, homeowners from Miami, to Las Vegas, Phoenix and Los Angeles, have seen their home value go lower every time.
Is that disappointing? Of course it is.
Should we sell? Is not a good time.
Should we stick to it? Yes, if you can.
Have we hit bottom? Nobody knows.

Banks are facing their worst foreclosure crisis.
Don’t take me wrong, it’s good if you are in the market to buy a home for yourself or if you are an investor, but if you are not, and you own a home, most likely the value of your property is down at least 15 %.

Why do banks care if you are loosing your home? By having to sell repossessed homes, banks have to literally slash their prices down. It gets very costly for them, after all, they have to pay property taxes, maintenance costs, and whatever utilities that need to be paid, all of this expenses for a house that it’s just sitting there, vacant, and the bank is getting nothing in return.

The latest study by the S&P/Case-Shiller Home Price Index of 20 cities, revealed the news that for 22 consecutive months home prices dropped. Only from April to May, 2009 the decline was of 0.9 %