2006 Annual Report - Los Angeles County Assessor

CITIES WITH THE GREATEST PERCENT CHANGECityLancasterPalmdaleAzusaSignal HillMalibuPercentChange29.2%21.1%17.7%15.2%14.3%CommentsLancaster’s population increase of 4.5% makes it the fastest growing city inLos Angeles County and the 14th fastest in the nation (with a population ofover 100,000). Accelerated residential new construction and strong growthin the commercial and industrial sectors continue to accommodate therising population, which in turn helps escalate selling prices of both vacantland and improved properties. Higher selling prices also resulted from anincrease in apartment rents.Like Lancaster, Palmdale’s population increase of 3.8%, the second fastestpopulation growth rate in the County and 31 st in the nation, drives the rapidexpansion in both residential and commercial new construction. Housingprices experienced substantial gains during 2005. Both the pressure of highprices and lack of developable land in other areas of Los Angeles Countyhelp fuel the population boom in the Antelope Valley.Azusa has experienced significant gains in property value due, in part, to therecent acquisition of 550 acres for the development of a planned communityknown as the “Rosedale Project.” The land value assessment for this formersite of the Monrovia Nursery makes up almost half of the city’s total growth.When completed, the development will consist of 1,250 new single-familydwellings, a K-8 school, commercial and retail space, a fire station, andnumerous parks and trails.The community of Signal Hill continues to draw home buyers to its cityand ocean views and to the safety of its neighborhoods. High-end homeson the hill have attracted affluent home buyers, spurred demand, andtriggered more residential development including condominium complexes.Residential use is balanced by a thriving commercial and industrial sectorwhere redevelopment is a contributing factor to value.High demand for homes along Malibu’s 21 miles of shoreline and in thecity’s secluded canyon and hillside neighborhoods, coupled with a limitedsupply, create market conditions that have helped fuel a boom in remodelingand renovation in the area. These same conditions have also had significantimpact on property values and changes of ownership, which account forapproximately 80% of the city’s growth.The above comments do not represent a comprehensive in-depth analysis.10