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Archive for October, 2008

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San Marino Luxury Estates: New San Marino homes on the market this week

San Marino Luxury Estates: New San Marino homes on the market this week

Every Thursday, real estate agents get together to preview new San Marino homes that are listed for sale.  This week, there were five San Marino homes available for preview.

You can find information about this week’s San Marino homes for sale by clicking here.

Posted on October 16th, 2008
Posted by: Irina Netchaev

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Go to Disneyland for FREE!

Go to Disneyland for FREE!

Disneyland is giving the best present of all – a free Disney ticket to the happiest place on earth.  The only condition is that you have to visit Disneyland on your birthday.  Why not?  What a fun way to spend your birthday!  So visit the Free Disney Ticket site here.

 

Fitness for busy moms

I found the Disney information on a great new website – new to me, but has been around for awhile.  It’s called Fitness for Busy Moms and is run by my Altadena neighbor, personal fitness trainer – Stephen Cooper.  Stephen offers great exercise and relaxation tips that are quick to read and easy to incorporate into our schedule.  Check Fitness For Busy Moms website out.  You’ll be glad you did.

 

What websites are you reading?  Share them here.  I’d love to hear about them – spread the love!

Posted on October 16th, 2008
Posted in About Us, Fun Posts
Posted by: Irina Netchaev

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Pasadena Real Estate Mortgage Rates Report – October 14, 2008

Pasadena Real Estate Mortgage Rates Report – October 14, 2008

Brian Brady

By: Brian Brady

America’s #1 Mortgage Broker

If you’re closing your loan after Friday, I left you naked (not locked).  I told you that the fundamentals of the economy would bring rates lower after the bailout was announced.  Rates were at 5.875%, today they’re at 6.5%.  What’s in store for the rest of the month?

Eric Holloman of Rate Link offers this two-minute research report about why “headline risk” should be replaced by economic data as a determination of mortgage-backed securities pricing.  If he’s correct (and I think he is), the next three days will be important for the direct of mortgage rates through the end of the year.

I’m still recommending that you float your Pasadena mortgage rates; I believe we’ll see rates come back down under 6% within the next 7-10 days.  If the economic data suggest that we are NOT headed for a recession,mortgage  rates will stay in the 6.25-6.75% range.  If the data are as indicative of a downturn as I think they will be, lower rates should be on the horizon.  As always, keep checking back.

Originally posted on Long Beach Real Estate Home

Posted on October 15th, 2008
Posted by: Irina Netchaev

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San Gabriel Real Estate and Housing Market Report – September 2008

San Gabriel Real Estate and Housing Market Report – September 2008

San Gabriel single family home inventory is on the rise.  In September 88 homes were on the San Gabriel market compared to 68 in August.  The average days on the market has decreased to 70, but the absorption rate increased to 4.5 months (18.2 weeks) mainly due to increased inventory compared to the stagnant number of homes sold. 

The homes that were sold last month ended up closing escrow at 97.44% of asking price and were on average 1,521 sq. ft.  Most homes were 2 to 3 bedrooms with 2 baths.

The lowest priced home listing in San Gabriel is at 322 E. Angeleno Avenue – offered at $259,000 (reduced from the original price of $305,000)

The highest priced home listing in San Gabriel is at 616 S. Ramona Street – offered at $2,195,000.  This San Gabriel estate has been on the market for over two years now.  Price remains the same.

If you look at the San Gabriel statistics below, you’ll notice that there was an increased number of San Gabriel townhomes that went under contract or pending.  This is due to a newly built development at 128 E. Broadway.  5 out of 7 pending townhome sales were in that complex and were all priced between $538,000 to $548,000.  Even though these townhomes were a bit on the high end of the price per square foot spectrum, buyers seemed to have jumped on them and were willing to pay a premium for living in a newly constructed complex.

The new development at 153 Junipero Serra Drive didn’t do as well as the one on Broadway.  3 of the townhomes have expired and were removed from the market.  Developer is probably reviewing the pricing prior to relisting them for sale.

Lots, and I mean, LOTS of condos came up on the market in San Gabriel.  12 new listings compared to only 1 in August.  Yikes!  this increased the absorption rate to 78 weeks.  The sales remain minimal at one a month.  Interesting phenomenom is occuring.  Condos are priced higher per square foot ($349.08) than townhomes ($315.18) in San Gabriel.  San Gabriel condo sellers and their real estate agents need to get more realistic or they will just be wasting their time and efforts.

San Gabriel Real Estate Market Statistics for July 2008 through September 2008:

Single Family Residence Jun-08 Jul-08 Aug-08 Sep-08
New Listings 18 15 23 29
Total Listings 91 68 68 88
Sales Pending 13 22 9 13
Homes Sold  24 22 22 21
Listings Expired 9 12 7 20
Average Days on the Market  98 79 95 70
Average Price Per Sq. Ft. $358 $354 $394 $380
Average Selling Price $580,783 $595,932 $660,745 $546,329
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 16.4 13.4 13.4 18.2
         
Condos Jun-08 Jul-08 Aug-08 Sep-08
New Listings 6 5 1 12
Total Listings 21 11 7 18
Sales Pending 0 1 1 0
Condos Sold  1 3 0 1
Listings Expired 1 2 5 6
Average Days on the Market  54 301 n/a 63
Average Price Per Sq. Ft. $325 $341 n/a $408
Average Selling Price $588,000 $438,667 n/a $368,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 91.0 15.9 10.1 78.0
         
Townhomes Jun-08 Jul-08 Aug-08 Sep-08
New Listings 3 1 9 7
Total Listings 14 7 12 13
Sales Pending 1 1 1 8
Townhomes Sold  0 1 1 2
Listings Expired 5 4 7 7
Average Days on the Market  n/a 20 244 114
Average Price Per Sq. Ft. n/a $269 $290 $270
Average Selling Price n/a $355,000 $439,500 $384,250
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 60.7 30.3 52.0 28.2

 

 

Data taken from ITEC (Pasadena Foothills Association MLS service)

SEARCH SAN GABRIEL HOMES FOR SALE (Single Family Residences)

SEARCH SAN GABRIEL CONDOS AND TOWNHOMES FOR SALE

For weekly updates on San Gabriel real estate market activity, please feel free to request market analysis reports with detailed information at How is the Market button on this site.  These real-time real estatemarket reports are gathered and updated by Altos Research and will be emailed to you weekly with my compliments.

Posted by Irina Netchaev, Real Estate Agent

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Posted on October 10th, 2008
Posted by: Irina Netchaev

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The Pulse of the Pasadena Real Estate Market by Pasadena Weekly Reporter

The Pulse of the Pasadena Real Estate Market by Pasadena Weekly Reporter

Yesterday, I met with Joanna Beresford of Pasadena Weekly. Joanna is a report writing a weekly real estate column for this local Pasadena periodical. As we chatted about the health of the Pasadena real estate, she asked me if I saw any changes in the real estate market since the Wall Street bail out announcement.

Absolutely! I thought I’d share my real estate blog’s statistics and personal observations with you to give you a sense of what is going on in the Pasadena real estate market.

This Pasadena real estate blog is barely six months old. It is still visited daily by about 100 readers and gets somewhere around 500 to 800 hits a day. I usually get one to three people each day signing up for the free home search option allowing readers to find Pasadena home listings from the comfort of their home.

Since the announcement of the bail out recovery bill and the volatility that we’ve been experiencing in our economy over the last week or so, I have not had one person register to search for homes.

I have also spoken to some of my colleagues in the real estate industry. Pretty much across the board, I hear the same thing. The phones stopped ringing and the existing home buyers are taking a wait and see approach.

Now… I am not predicting doom and gloom for the state of the real estate market in Pasadena. September’s Pasadena Real Estate Market report shows signs of stagnation in sales which is normal as we start heading into the slowest part of the real estate cycle – fall and winter months. And, I am getting phone calls from cash heavy real estate investors that are recognizing amazing opportunities to pick up Pasadena homes in this buyer’s market.

But, the average Pasadena home buyer is concerned about the bank’s tightening of credit and is feeling a lot of fear and uncertainty at this time. I’d love to hear your opinion on the Pasadena real estate market. If you were thinking of buying a home in Pasadena, are you taking a wait and see approach or are you actively taking advantage of the opportunities that a buyer’s market is offering us?

Posted on October 8th, 2008
Posted in About Us, Pasadena
Posted by: Irina Netchaev

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Monterey Hills Condos and Townhomes Real Estate Market Report September 2008

Monterey Hills Condos and Townhomes Real Estate Market Report September 2008

So what’s going on in Monterey Hills real estate market?  I find it very curious that in the month of Septmeber no townhomes came on the market in Monterey Hills.  New listings of Monterey Hills condos always remained at its lowest at only 2 condos that were listed. 

Inventory, overall, is trending down each month from June to September with the sales at the all time low as well.  Even with the lower unit volume of available condos, we are still looking at 26 week absorption rate.  This means that if only 2 units continue to sell monthly at today’s inventory levels, it will take sellers an average of 26 weeks to sell the existing inventory of 12 listings.  Price per square foot ended at $313 and has been around the $300 range for awhile now.

The lowest priced condo in Monterey Hills is in Chadwick Terrace at 4260 Via Arbolada #204 – $258,000.

The highest priced condo in Monterey Hills is in Drake Terrace at 4141 Via Marisol #415 – $439,000.  In my opinion, this condo is extremely overpriced at $391 a sq. ft.  

Monterey Hills Real Estate Market Report – Juen 2008 through September 2008:

Condos Jun-08 Jul-08 Aug-08 Sep-08
New Listings 5 8 2 2
Total Listings 24 16 14 12
Sales Pending 4 3 2 3
Homes Sold  4 5 2 2
Listings Expired 2 8 7 3
Average Days on the Market  136 79 77 108
Average Price Per Sq. Ft. $297 $302 $295 $313
Average Selling Price $304,520 $344,578 $344,450 $394,500
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 26.0 13.9 30.3 26.0
         
Townhomes Jun-08 Jul-08 Aug-08 Sep-08
New Listings 0 1 2 0
Total Listings 4 2 4 0
Sales Pending 1 2 0 3
Homes Sold  1 2 1 3
Listings Expired 0 0 2 0
Average Days on the Market  154 98 122 57
Average Price Per Sq. Ft. $401 $302 $401 $307
Average Selling Price $655,000 $465,500 $655,000 $425,667
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 17.3 4.3 17.3 0.0

Data taken from ITEC (Pasadena Foothills Association MLS service)

If you are interested in beginning your search for a Monterey Hills condominium or townhouse, please click on the search home link.

For weekly updates on Monterey Hills real estate market activity, please feel free to request market analysis reports with detailed information by clicking here.  These reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

Posted by Irina Netchaev, Monterey Hills Real Estate Agent  626-627-7107  

Posted on October 8th, 2008
Posted by: Irina Netchaev

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National Economy Comparison 2000 vs. 2008

National Economy Comparison 2000 vs. 2008

I found this Chicago Tribune economy comparison at Pat Kitano’s blog.  Pat has one of the most insightful real estate/economy and social media blogs on the web today.  I read it daily and recommend that you subscribe to his blog in your google reader as well. 

As I review this, the outlook for our country is not very favorable.  Median household income is lower than 8 years ago, defense spending is up 79.3% at 545 billion dollars, we have managed to spend 643 billion dollars over the last 8 years (remember the approved financial bail out package is 700 billion dollars), and gas prices are through the roof.  How about congress considers getting out of a hopeless war and paying more attention to the health and stability of their own country. 

What do you think?

Economy comparison by Chicago Tribune

Posted on October 7th, 2008
Posted by: Irina Netchaev

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Altadena Real Estate Market and Housing Report for September 2008

Altadena Real Estate Market and Housing Report for September 2008

So, what’s going on with Altadena?  Inventory is increasing and prices are going down.  We are in a very strong buyer’s market in Altadena.  The number of homes under contract has increased which will help the situation if home buyers will be able to get financing and close escrows.  Price per square foot of sold homes has increased although the overall Altadena home price has increasedHome buyers are careful with how much they are willing to pay and are buying smaller homes.

Condos and townhomes in Altadena are non-existent at the moment. 

Altadena Real Estate Market Statistics for June through September 2008:

Single Family Residence Jun-08 Jul-08 Aug-08 Sep-08
New Listings 36 21 27 30
Total Listings 137 132 89 108
Sales Pending 37 39 13 33
Homes Sold  31 32 31 30
Listings Expired 13 13 18 21
Average Days on the Market  116 139 92 139
Average Price Per Sq. Ft. $378 $382 $345 $360
Average Selling Price $745,097 $690,833 $640,167 $553,587
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 19.2 17.9 12.4 15.6
         
Condos and Townhomes Jun-08 Jul-08 Aug-08 Sep-08
New Listings 1 2 0 0
Total Listings 4 4 1 0
Sales Pending 0 0 0 0
Homes Sold  1 0 0 0
Listings Expired 1 0 2 1
Average Days on the Market  12 n/a n/a n/a
Average Price Per Sq. Ft. $431 n/a n/a n/a
Average Selling Price $535,000 n/a n/a n/a

Real estate data based on information from ITEC (Pasadena Foothills Association MLS service)

SEARCH HOMES FOR SALE IN ALTADENA (Single Family Residences)

SEARCH ALTADENA CONDOS AND TOWNHOMES FOR SALE

Real estate market activity with real time updated data can be found on Pasadena California Real Estate Blog’s How is the Real estate Market tab.  These real estate housing reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

Posted by Irina Netchaev, Real Estate Agent.

Posted on October 6th, 2008
Posted by: Irina Netchaev

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South Pasadena Real Estate Market and Housing Report – September 2008

South Pasadena Real Estate Market and Housing Report – September 2008

The inventory of South Pasadena homes for sale has increased in Septtember mostly because of homes falling out of escrow last month.  The number of newly listed homes has remained consistently at around 10 a month.  Even though the average # of days of sold South Pasadena homes is running a bit over 2 months, the homes that are currently available for sale have been on the market for over 3 months, an average of 107 days.

Most South Pasadena homes sold last month were closed at 8% below asking price.  Only one home sold over asking price at 822 Arroyo Drive.  It was originally priced at $699,000 and closed escrow at $715,000.

It will take over 28 weeks to sell the South Pasadena home inventory given no additional listings and the same rate of sale as in September.

The lowest priced home in South Pasadena is at 1800 Meridian Avenue – $474,900. 

The highest priced home in South Pasadena is at 851 Lyndon Street – $3,450,000.

Condos and townhouse sales in South Pasadena have remained pretty flat with no major changes from last month.

The lowest priced condo for sale in South Pasadena is at 116 marmion Way #10 – $339,000

The highest priced townhome for sale in South Pasadena is at 1907 Leman Street – $829,000

South Pasadena Real Estate Market Statistics for June through September 2008:

Single Family Residence Jun-08 Jul-08 Aug-08 Sep-08
New Listings 10 11 8 10
Total Listings 38 24 26 33
Sales Pending 9 14 1 9
Homes Sold  14 8 11 5
Listings Expired 6 4 3 3
Average Days on the Market  93 39 119 68
Average Price Per Sq. Ft. $532 $607 $483 $499
Average Selling Price $1,579,714 $1,525,000 $795,273 $1,145,178
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 11.8 13.0 10.2 28.6
         
Condos and Townhomes Jun-08 Jul-08 Aug-08 Sep-08
New Listings 8 10 3 6
Total Listings 19 21 15 18
Sales Pending 2 5 1 5
Homes Sold  2 1 3 5
Listings Expired 1 9 4 5
Average Days on the Market  95 147 77 111
Average Price Per Sq. Ft. $402 $331 $352 $397
Average Selling Price $635,944 $418,000 $561,000 $637,200
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 41.2 91.0 21.7 15.6

 

Real estate data based on information from ITEC (Pasadena Foothills Association MLS service)

South Pasadena real estate market activity with real time updated data can be found on Pasadena California Real Estate Blog’s How is the Real estate Market tab.  These South Pasadena real estate housing reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

Posted by Irina Netchaev, Pasadena Real Estate Agent.

Posted on October 6th, 2008
Posted by: Irina Netchaev

Comments Off on Alhambra Real Estate Market and Housing Report – September 2008

Alhambra Real Estate Market and Housing Report – September 2008

Alhambra Real Estate Market and Housing Report – September 2008

Inventory for Alhambra single family homes for sale was lower from August to September for both new home listings (18 new Alhambra listings to 14) and overall homes on the market (67 active listings in August to 54 active Alhambra listings in September.)  Closed Alhambra sales unfortunately were down drastically in September from the summer high of 21 homes sold in August to only 13 Alhambra homes closing contract in September.

If homes don’t sell as quickly, but the inventory is still pretty much the same, we’re looking at higher absorption rates and lower prices down the road, especiallly moving into the slower fall and winter months.  This will create excellent opportunity for cash rich and credit strong buyers and lower profits for sellers

If you have an Alhambra home for sale or are considering selling your Alhambra home, t is more critical now than ever to track the real estate market trends and not overprice your house.  There’s no point in putting your home on the market and listing it in the MLS if you are not serious about selling or if you do not have to sell right now.

The market’s downward trends are shared across both price and value.  Consumers are recently placing less value on homes (you can see the recent declines in price per square foot for SFR – single family homes – as evidence.) <a title=”Market Action Indicator changes” href=”http://www.pasadenacarealestatehomes.com/buyera-039-s-or-a-sellera-039-s-market-m

Posted on October 5th, 2008
Posted by: Irina Netchaev

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