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Organization News  and Events

Our Installation Dinner is on

Monday September 7, 2007

at  AAA Seafood Restaurant ,  220 W Garvey Ave, Monterey Park

Sales activity in the California housing market continued to slump as it entered into what is traditionally the busiest time of year. Seasonally adjusted, annualized sales of existing detached homes fell 25 percent year-to-year to 366,370 units in May, compared to 488,260 units the same month a year ago. Sales were last below this level in September 1995 when sales fell to 361,420. Sales have averaged 416,260 units since the start of the year, down 18.7 percent on a year-to-date basis, but sales have dipped below 400,000 in the past two months.  Weakness in sales continues to be driven by tighter underwriting standards since the start of the year, low affordability, and the adverse psychological impact of news regarding foreclosures and the sub-prime situation.

The statewide median price dropped by a slight 1.1 percent from the record high of $597,640 set in April to $591,180 in May. Still the May median price was second highest on record. The median price increased 4.8 percent year-to-year from the median of $563,860 a year ago.  The month-to-month drop in the price was somewhat unexpected, as the median typically increases from April to May.  The last time the statewide median price experienced a drop from April to May was in 1995, when it declined 0.2% from $176,770 to $176,450. 

While the median price at the state level continued to increase on a year-to-year basis, price movements at the regional level were varied across markets.  At the regional/county level, year-to-year price changes ranged from a low of a 7.5 percent decline to a high of 25.1 percent gain. The month-to month changes ranged from a decrease of 10.2 percent to an increase of 8.9 percent. Again, the month-to-month declines are atypical of this time of year when the market typically gains momentum. Across the state, regional median prices averaged 4.7 percent below their peak prices of the last two years. The San Francisco Bay Area was the only region that reached a new high in May with a median price of $853,910.

The recent series of year-to-year increases in the statewide median price have been at odds with the trend at the regional level, where median prices have generally registered one or more year-to-year decreases. This has to do with the change in the mix of homes sold.  When sales are grouped by price range, it becomes apparent that the lower and middle segments of the market have been harder hit than the higher end of the market, both in terms of sales and price changes. When sales from January through May of this year are compared with the same period in 2006, sales of homes below $500,000 declined 24.1 percent, and sales of homes between $500,000 and $750,000 fell 25.5 percent, while sales of homes above $750,000 declined by just 3.1 percent. 

Because sales above $750,000 have shown a much smaller decrease than sales below $750,000, they accounted for a larger share of total sales, increasing from 22 percent of all sales from January through May of 2006 to 27 percent of total sales for the same time period in 2007. By contrast, sales of homes below $750,000 decreased from 78 percent of total sales in the market last year to 73 percent this year. Meanwhile, prices of homes sold below $750,000 fell by 0.4 percent since the beginning of the year, while prices of those above that threshold increased by 1.4 percent. Together with the change in the mix of total sales, the relative stronger performance at the high end of the market has pulled the statewide median price up, despite decreases in the other segments of the market.

To learn more about our Trends Newsletter, please contact the Research & Economics Department at  research@car.org or (213) 739-8352.

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San Marino is also regarded as having one of the best-performing schools in the Greater Los Angeles, California area. Its high school consistently ranks as the one of the highest API score among public high schools in California. All of its public schools are distinguished as California "Blue Ribbon" schools

The Edwin Hubble House, residence of astronomer,Edwin Hubble is a National Historical landmark

Another landmark is the Michael White Adobe House, located on the high school campus.

In the middle of San Marino lies Lacy Park, a huge expanse of grass and trees rare for urban areas. Lacy Park was created when Wilson Lake was drained, and was modelled after New York's Central Park.

The Old Mill, completed about 1816 as a grist mill for Mission San Gabriel, is in San Marino. The original two-story structure measured 53 by 26 feet. It is the oldest commercial building in Southern California.

The Huntington Library, Art Collections and Botanical Gardens (or The Huntington) is an educational and research institution established by Henry E. Huntington in San Marino, California, USA. In addition to the library, the site houses a rarefied art collection and renowned botanical gardens.

The library contains an extensive collection of rare books and manuscripts, including a Gutenberg Bible, the Ellesmere manuscript of Chaucer, and thousands of historical documents about Abraham Lincoln including the papers of the president's bodyguard Ward Hill Lamon. The rare books and manuscripts in the library are among the most heavily-used in the United States. The library holds some 6.5 million manuscripts and more than a million rare books. It is the only library in the world with the first two quartos of Hamlet; it holds the manuscript of Benjamin Franklin's autobiography, the first seven drafts of Henry David Thoreau's Walden, John James Audubon's Birds of America, and many other great treasures.

Botanical gardens

The Huntington's superb botanical gardens cover 120 acres (485,624 m²) and the theme gardens contain rare plants from around the world. The gardens are divided into over a dozen themes including the Australian Garden, Camellia Collection, Children's Garden, Conservatory, Desert Garden, Herb Garden, Japanese Garden, Lily Pond, North Vista, Palm Garden, Rose Garden, Shakespeare garden, Subtropical and Jungle Garden and a Chinese Garden under construction in the northern end of the property. In addition, a large open field planted with Eucalyptus trees serves as a re-created "Australian Outback". The Huntington has a program to protect and propagate endangered plant species. In 1999 and 2002, a specimen of Amorphophallus titanum, or "corpse flower", bloomed at the facility.

The Huntington Desert Garden, one of the world's largest and oldest collections of cacti and other succulents, contains plants from extreme environments, many of which were acquired by Mr. Huntington and Mr. William Hertrich (the garden curator) in trips taken to several countries in North, Central and South America. One of the Huntington’s most botanically important gardens, the Desert Garden, idealized by Mr. Hertrich, brings together a plant group largely unknown and unappreciated in the beginning of the 1900’s. Containing a broad category of xerophytes (aridity-adapted plants), the Desert Garden grew to preeminence and remains today among the world’s finest, with over five thousand species, including cacti and succulent plants, or plants that store water in leaf, stem, or root.

The Gardens are frequently used as a filming location. Footage shot there has been included in:

• Mame (1974)
• Only Yesterday (Music Video) - Carpenters (1975)
• Midway (1976)
• The "Ordinary World" music video by Duran Duran (1993)
• Beverly Hills Ninja (1997)
• Mystery Men (1999)
• Charlie's Angels (2000)
• The Wedding Planner (2001)
• The Hot Chick (2002)
• S1m0ne (2002)
• Anger Management (2003)
• Intolerable Cruelty (2003)
• Starsky & Hutch (2004)
• Memoirs of a Geisha (2005)
• Ned's Declassified Field Trip, the final episode of Ned's Declassified School Survival Guide (2007)

CONSUMER CONFIDENCE LEVELS REACH SIX-YEAR HIGH IN JULY
The Consumer Confidence Index reached a six-year high in July after falling off in June, a rebound economists view as a sign of gathering economic momentum focused away from the slowdown in the housing market and on job growth, according to The Conference Board.

The Consumer Confidence Index climbed to a 112.6 in July, up from 105.3 in June.
"An improvement in business conditions and the job market has lifted consumers' spirits in July," said Lynn Franco, director of The Conference Board Consumer Research Center. "Looking ahead, consumers are more upbeat about short-term economic prospects, mainly the result of a decline in the number of pessimists, not an increase in the number of optimists. This rebound in confidence suggests economic activity may gather a little momentum in the coming months

California Association of Realtors