The Los Angeles Times reports that San Marino is the "only wealthy residential community that hasn't seen home values decline in the housing slump" in the region. Pictured is a home near Huntington Gardens that's asking $4.65 million. More from the Times: "Credit goes in part to San Marino's acclaimed schools, its stock of mansions with curb appeal and its small-town ambience. But it also has something else going for it, real estate experts say: an influx of money from Asian home buyers and investors.
"If you go to mainland China and someone asks, 'Where do you live?,' San Marino represents that you are wealthy," said YanYan Zhang, a real estate agent whose clients include overseas buyers looking for homes here."
While the story doesn't mention it, sales in the last couple of years at both Evo and the Loft at Concerto were helped by Asian buyers and investors, according to real estate agents we've spoken with.
· Housing crisis hasn't touched San Marino [LAT]
· 1779 LOMBARDY Rd [Redfin]
Loading comments...