Now that I have your attention... the royal couple is NOT relocating to Arcadia, but what if they did? Where would they live?
With the Royal Wedding behind them, the newly titled Duke and Duchess of Cambridge, like any other newlywed couple, is trying to decide which castle they will call their home. If they were to consider purchasing their royal digs in Arcadia, how would the real estate market treat them? Let's take a look at the recent Arcadia home sales statistics to get some insight.
Trendgraphix Inc. reports in April 2011, that the average price of an Arcadia home currently listed for sale is close to $1.5 million, $1,432,000 to be exact for homes that closed escrow in March of 2011. And, the average price of the homes sold in Arcadia is $1,097,000 reflecting a 4.4% increase from March 2010.
Here's a look at the last 15 months to give us a better understanding of what the Royals' real estate agent is sharing with the newlyweds to educate them about the market.
What about the available inventory of homes? Prince William and Princess Kate would have 174 properties to choose from. However, should they want to narrow down their choice to single family homes, they'd start with a pool of 125 homes. Half of these homes were under $862,000. The other half is probably going to be closer to the Royal Couple's tastes and expectations. But, let's take a look at what they can expect to pay by bedroom count:
- 2 bedrooms have an average list price of $583,923 and are usually around 1,192 sq. ft.
- 3 bedrooms have an average list price of $870,314 and are usually around 1,935 sq. ft.
- 4 bedrooms have an average list price of $1,345,331 and are usually around 3,120 sq. ft.
- 5 bedrooms or more have an average list price of $2,427,459 and are usually around 5,216 sq. ft.
Most likely, the homes with over 5 bedrooms would be to their liking since they'll have important dignitaries to entertain when they visit them. Having beautiful grounds and a guarded and gated community would be a necessity so maybe this beautiful estate listed by Coldwell Banker - Beverly Hills North would fit the bill. It's listed for sale at a flat $7 million. Here's an inside peek:
368 Whispering Pines in Arcadia
Offering 6 bedrooms and 8 bathrooms and built in 2006, this luxury estate resides on a 40,000+ sq. ft. lot with 7,819 sq. ft. of interior space. Of course, you'd need to drive the 100+ ft drive way to get to this majestic property with five fireplaces, a chef's gourmet kitchen and mature trees on magnificent grounds.
For us, country bumpkins, you can find a list of all Arcadia homes for sale here.
What is your dream home? Have you seen any in Arcadia that capture your imagination? Let me know by commenting below.
Data from Pasadena Foothill Association of Realtors Multiple Listing Service.