Total value of Downey real estate increased by $540 million last year

Photo by Pam Lane, Downey Daily Photos

Photo by Pam Lane, Downey Daily Photos

DOWNEY -- The total value of Downey real estate increased by $540 million last year, a 5.1% jump, according to data included in the Los Angeles County Assessor's 2017 annual report, which was released last week

The report reflects strong economic growth and a record-setting increase in the assessed value of all taxable real property and business personal property in the County of Los Angeles.

The report includes an updated ranking of the county’s 88 cities, including the highest valued cities and those with the highest percentage change from the prior year.
 
“The 2017 Annual Report helps the public easily access information about the Office of the Assessor, including how property values in each area of the county changed during the last year,” said L.A. County Assessor Jeffrey Prang.
 
The 2017 Assessment Roll provides a comprehensive view of the strength of the Los Angeles County real estate market. It reveals that in the last year, every city in Los Angeles County recorded an increase in assessed valuation compared to 2016.  

“I am pleased to report that the 6.04% increase in assessed property values in Los Angeles County represents the seventh consecutive year of growth,” said Prang.

The net assessed value, (excluding non-profit, homeowners’, and disabled veterans exemptions, and other State exemptions) is $1.416 trillion, $80.6 billion greater than in 2016.
 
The top five highest valued cities for 2017 are the City of Los Angeles, with an assessed valuation of $568 billion (6.6% increase), Long Beach ($54.0 billion, 5.0% increase), Santa Monica ($34.4 billion, 3.8% increase), Beverly Hills ($31.9 billion, 9.1% increase), and Santa Clarita ($30.7 billion, 7.1% increase).

The top three fastest growing cities in the county in 2017 were El Segundo at 11.6% growth, Hawaiian Gardens at 10.9%, and Avalon at 9.3%. The growth is attributed to a strong real estate market and increasing demand for new multi-family residential properties. 


 

Rives Mansion hits the market for $1.3 million

The historic Rives Mansion in Downey went on the market Friday with an asking price of $1.3 million. Photo by Alex Dominguez

The historic Rives Mansion in Downey went on the market Friday with an asking price of $1.3 million. Photo by Alex Dominguez

DOWNEY -- Downey’s historic Rives Mansion is officially for sale.

After what has been a turbulent few years for Downey’s iconic property, the foreclosed mansion officially went on the market Oct. 6 with the bank listing it at $1.3 million.

Steven Padilla of Century 21 A Better Service is the listing agent.

Located at 10921 Paramount Blvd., the mansion is a six-bed, three-bath property with a formal living room and study. Most of the bedrooms include a balcony.

According to Padilla, potential buyers must approach the city with plans for their intentions for the property. Once the city gives approval, the potential buyer can then submit an offer. The bank has no say in the mansion’s future use.

It is unclear if those plans must include use for the water tower and the garage in the back of the property.

Padilla estimated it will take about $200,000 to $250,000 to bring the mansion "back to its glory," but he admitted that was just a guess.

The City Council discussed the property during the closed session portion of Tuesday's regularly scheduled meeting but it was unknown under what context. 

Built in 1911, the home was constructed by L.A. County district attorney James Rives and is listed on the U.S. Department of the Interior's National Register of Historic Landmarks as "a most interesting link to its agricultural past before Downey's mass suburbanization after World War II." 

Average price for 1-bedroom apartment in Downey grows to $1,400

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DOWNEY -- The average rental price for a 1-bedroom apartment in Downey rose 2.2% to $1,400 last month, according to figures released today.

The average price for a 2-bedroom unit in Downey remained flat at $1,750. 

The Zumper Los Angeles Metro Report analyzed active listings in September across 19 metro cities to show the most and least expensive cities and cities with the fastest growing rents. The California state median was $1,699 last month.

Santa Monica rent grew to $3,350 last month, holding onto its position as the most expensive in the metro.  Pasadena, substantially less expensive than Santa Monica, ranked as the second most expensive city with rent at $2,190.

Palmdale rent, though the fastest growing in the metro last month, remained the most affordable by far at $760.

Pomona followed suit as the second priciest city with rent at $1,260. Bellflower barely inched out Pomona with rent at $1,270.

West Covina rent had the largest yearly growth rate in the metro, up 15.4%. Burbank followed closely behind as second with rent climbing 15.3% since this time last year. Norwalk was third with rent up 14.2%.

Today's report came on the heels of statistics released by the Downey Association of Realtors that showed house prices also escalating, with the average home now costing more than $600,000.

Open House: 7615 Brookmill Rd.


7615 Brookmill Rd.

3 bedrooms
3 bathrooms
2,299 sq ft. 
20,000 sq. ft lot on a private street
Approximately 1,000 sq. ft. pool and recreation room
 

Price: $1,199,000
Open House: Sunday, Aug. 20, 12-4 p.m.

Contact: 
Jeff Worthy
Worthy Properties
(562) 659-2245
jsworthy@hotmail.com

Open houses this weekend, July 22-23


11529 Rives Ave. 

3 beds
3 baths
1,624 sq. ft. (1/2 acre lot)

Price: $725,000
Open House: Saturday and Sunday, 10 a.m. to 3 p.m.

Contact: 
Jimmy Smith
Downey Real Estate Co.
michael@thedowneypatriot.com
(562) 555-5555


7714 De Palma St. 

3 beds
2 baths
1,736 sq. ft. (6,993 sq. ft. lot)

Price: $685,000
Open House: Saturday and Sunday, 10 a.m. to 3 p.m.

Contact: 
Jimmy Smith
Downey Real Estate Co.
(562) 555-5555


11853 Horton Ave.

2 beds
2 baths
1,743 sq. ft. (5,858 sq. ft. lot)

Price: $558,000
Open House: Saturday and Sunday, 10 a.m. to 3 p.m.

Contact: 
Jimmy Smith
Downey Real Estate Co.
(562) 555-5555

 


10408 Julius Ave.

3 beds
2 baths
1,329 sq. ft. (7,222 sq. ft. lot)

Price: $579,900
Open House: Saturday and Sunday, 10 a.m. to 3 p.m.

Contact: 
Jimmy Smith
Downey Real Estate Co.
(562) 555-5555

 


7438 Ciro St.

3 beds
1 1/2 baths
1,251 sq. ft. (5,855 sq. ft. lot)

Price: $547,000
Open House: Saturday and Sunday, 10 a.m. to 3 p.m.

Contact: 
Jimmy Smith
Downey Real Estate Co.
(562) 555-5555

 


Attention real estate agents: to have your open house listed with The Downey Patriot, contact Michael Robinson at michael@thedowneypatriot.com.