Diamond Bar Real Estate Market Report June 2012
Real estate in the city of Diamond Bar has been mixed for the month of June 2012. As you’ll see in the graph below, new listing(homes for sale) are up 40% but that number is decieving but that’s only 7 houses. That is up 2 homes from the 5 homes for sale in Diamond Bar in June 2011.
Pending sales are flat. There are 7 homes in escrow. The same as last year. Closed sales are down 25%. Only 3 homes in the entire city of Diamond Bar sold in June 2012, down from 4 the same time last year.
The average sales price for a home in Diamond Bar in June 2012 was $667,467, up 34,1% from the same time last year. Sellers are receiving about asking price. The amount of homes coming up for sale is down 21.1% to 15. If this trend continues there will be less homes coing up for sale in the coming months which could help keep home prices level, at least for the time being.
With record low interest rates buyers have been very attracted to purchase but are also waiting to wait for the right home to come on the market.
[highlight]Contact us if you’d like specific information on your home or property. We’d be happy to send you the information.[/highlight]
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Welcome to the City of Diamond Bar
As with many Southern California communities, Diamond Bar’s recorded history began with a Mexican land grant. On March 30, 1840, Governor Juan Alvarado deeded 4,340 acres, which included Brea Canyon and the eastern Walnut Valley, to Jose de la Luz Linares, who founded Rancho Los Nogales, or Ranch of the Walnut Trees. Linares died in 1847, and his widow sold a choice portion of the ranch to Ricardo Vejar for $100 in merchandise, 100 calves, and the assumption of her late husband’s debts. Vejar already owned the Rancho San Jose to the east (now Pomona), and by acquiring the rest of Rancho Los Nogales over the next ten years, became the fifth wealthiest landowner in Los Angeles County, with over 10,000 acres.
A community icon…The Windmill can still be seen at the Diamond Bar Towne Center)
Unfortunately, Vejar’s luck did not last. When the United States government took over California and resurveyed the old land grants, he ended up with only 464 acres. Then the great drought of the 1860’s forced most of the area ranchers to borrow money to feed their cattle. Vejar had been trading with two Los Angeles merchants, Isaac Schlesinger and Hyman Tischler, and they loaned him $600 for supplies at an interest rate of eight percent per month. When the note, with compounded interest, was finally called in for over $28,000, Vejar couldn’t pay, and his property passed to Schlesinger and Tischler in 1864.
The Rancho Los Nogales did not prosper under its new owners, and they were surrounded by hostile neighbors who remained loyal to Vejar. In 1866, they sold the ranch to Louis Phillips for $30,000, bringing his holdings to over 12,000 acres. Phillips sold a portion of the ranch to WiIliam Rubettom, who opened up a tavern and overland stage station for the Butterfield route near where the Orange Freeway (57) now crosses Pomona Boulevard. He called the community “Spadra,” after his hometown in Arkansas, and this became the first named settlement in the Diamond Bar area.
In 1873, the Rancho Los Nogales was sold again, this time to Wilson Beach and George Butler. After that, the property became quite fragmented as parcels were sold off to many different owners. But in 1918, Frederich E. Lewis bought up most of the original Rancho Los Nogales again, and he registered the Brand of Diamond Bar with the California Department of Agriculture. Lewis sold the Diamond Bar Ranch to the Bartholome family in 1943, and they continued to raise cattle on it for the next thirteen years.
An aerial view of Diamond Bar in the 1970’s …
In 1956, the Diamond Bar Ranch looked much as it did in 1840, with its golden hills peppered by green stands of oak and walnut trees, and grazed by large herds of cattle. The changes of the previous century were nothing, however, compared to the plans that the Transamerica Corporation had for Diamond Bar. In that year, they paid $10,000,000 for 8,000 acres of Brea Canyon, and they master-planned a community that would eventually become home to some 50,000 people. The first model homes were built at the north end of town in 1960, and a development “boom” began.
Source: City of Brea Website
Homes Currently For Sale in the City of Diamond Bar
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