Working with dozens of banks and borrowers across Southern California, Manny LaFosse of Reverse Mortgage Certified is based out of Diamond Bar, California. Centrally located in eastern Los Angeles County, Diamond Bar has 57,094 residents.
Facts about Diamond Bar
- The average household size is 3.07
- Median age is 42.9
- The average household income is $117,031.
- There are over 19,000 dwellings, 81 percent of which are owner-occupied.
- The median home price is $651,413.
- The median rental rate is $1,574.
Strategically situated at the crossroads of one of the business busiest interchanges in Southern California, Diamond Bar is home to several large organizations:
- South Coast Air Quality Management (AQMD)
- Walnut Valley Unified School District (Walnut Valley USD)
- Travelers Insurance
- Southcoast Cabinet
- Pomona Unified School District
- Auto Club of Southern California (Calif AAA)
Diamond Bar History
Like many Southern California communities, Diamond Bar began with a Mexican land grant. On March 30, 1840, Governor Juan Alvarado deeded 4,340 acres (including 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 (which is now Pomona), and by acquiring the rest of Rancho Los Nogales over the next 10 years, became the 5th wealthiest landowner in Los Angeles County. He owned more than 10,000 acres.
Unfortunately, Vejar’s luck did not last. When the U.S. government took over California and resurveyed the existing land grants, they gave Vejar just 464 acres. Then, the great drought of the 1860’s forced most area ranchers to borrow money to feed their cattle. Vejar had been trading with two LA-based merchants, who loaned him $600 for supplies. When the note, with compounded interest was finally called in, the total due was $28,000, Since Vejar couldn’t pay, his property passed to the lenders, Schlesinger and Tischler, in 1864.
Rancho Los Nogales did not prosper under the new owners, as the land was surrounded by hostile neighbors who were loyal to Vejar. So, in 1866, they sold the ranch to Louis Phillips for $30,000. Phillips sold a portion of the ranch to a man named WiIliam Rubettom, who opened a tavern and overland stage station for the Butterfield route near where the Orange Freeway (57) now crosses Pomona. He called the community “Spadra,” which became the first named settlement in the Diamond Bar area.
In 1873, Rancho Los Nogales was sold again – this time to men named Wilson Beach and George Butler. Thereafter, property was sold off in parcels. Finally, 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 in 1943, where the new owners raised cattle on for the next 13 years.
Diamond Bar, the Early Years
In 1956, the Diamond Bar Ranch boasted golden hills peppered by green stands of oak and walnut trees. Large herds of cattle grazed on the entire area. That year, the Transamerica Corporation paid $10 million for 8,000 acres of Brea Canyon, opting to develop a master plan for a community that would eventually be home to 50,000 people. When the first model homes were built at the north end of town in 1960, a development “boom” was born. Manny LaFosse has worked in the city of Diamond Bar for 15 years. He and his wife, Patti, have lived in Covina for 30 years.
Diamond Bar Reverse Mortgages
If you have questions about how much reverse mortgage capital you might qualify for, contact Manny LaFosse, your certified reverse mortgage consultant. Residents of Los Angeles County and North Orange County should look to the experts at Reverse Mortgage Certified for great rates and information about the reverse mortgage loans as well as several other available financial options. Call our senior hotline today to find out if a reverse mortgage may be right for you or for someone you love (855) 444-9798.