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Pasadena Real Estate Mortgage Rates Report – October 3, 2008

Pasadena Real Estate Mortgage Rates Report – October 3, 2008

Brian Brady

By: Brian Brady

America’s #1 Mortgage Broker

The bailout bill passed the House after a decisive victory in the Senate; it is certain to be signed into law by President Bush.  From Bloomberg.com:

These steps represent decisive action to ease the credit crunch that is now threatening our economy,” President George W. Bush said at the White House after the vote. He said he will sign the bill into law when he receives it. House Speaker Nancy Pelosi said the measure has been sent to him.

The House approved the measure in a 263-171 vote, four days after rejecting an earlier version. The bill’s defeat on Sept. 29 caused a 778-point drop in the Dow Jones Industrial Average, prompting dozens of lawmakers to reverse their vote on the legislation, the government’s largest intervention in the markets since Franklin Roosevelt‘s New Deal.

I expect the mortgage-backed securities market to gradually improve.  The euphoric response that followed the Nationalization of Fannie Mae and Freddie Mac was a result of pent-up anxiety about the explicit government guarantee of their debt.  This “bailout” is different than the Fannie/Freddie bailout.  While this bailout will provide support for battered mortgages, which should result in lower mortgage rates, it is clearly a signal that the Federal government will assume a lot of losses.

What worries me (and mortgage-backed securities traders) is the propensity for other governments to stick their hand out and ask for help:

California Governor Arnold Schwarzenegger today warned that his and other states may need emergency loans if a $700 billion financial-rescue package isn’t passed by Congress soon.

If this bailout restores order to the credit markets, California should be able to raise money through tax-advantaged municipal bond offerings.  If this bailout is insufficient to cure the credit crunch and states need to turn to the US Treasury to solve their cash flow problems, credit markets have seized to the point of financial Armageddon.

You can safely delay your mortgage locks if you are closing on your Pasadena home sale after October 17th.  Delaying your lock is a bit different from a “float” recommendation.  It means that you should expect lower rates and jump on one when you feel it’s “good enough”. The market should remain volatile.  The par rate (with no yield spread premium to the originator) should drift as low as 5.625% in the next 60 days but it may have to go through 6.125% to get there.  If you’re planning on refinancing your home loan, get your documentation in line, watch the Pasadena mortgage rates reports carefully, and jump on the opportunity when it presents itself.

MBS traders know in their heart that the bailout package and weakened employment data will lead to lower mortgage rates but every bump in the road (like the California request) will give them reasons to sell.

Delay your lock if you have time; lock those rates if you’re closing in 14 days.

Originally posted on Millionaire Real Estate Lender

Posted on October 3rd, 2008
Posted by: Irina Netchaev

No Comments »

San Marino California Real Estate Market Housing Report – September 2008

San Marino California Real Estate Market Housing Report – September 2008

Even though, the inventory of homes in San Marino is fairly stable and is not increasing the number of San Marino homes sold is almost 50% less in September compared to August.  October will not look much better since only six San Marino homes are in escrow right now, but new home listings are holding steady at about 11 to 13 homes a month – double the buyers’ demand.  This can potentially lead to an overabundance of homes on the market and reduction of prices especially going into the slowest season of the real estate cycle – winter.

San Marino listings are also being priced higher than the average selling price over the last several months.  The average price per sq. ft. for active San Marino homes in the MLS is $653.  The sold price per sq. ft. is listed below – September closed at $625.  It’s also interesting to note that the 6 San Marino homes currently under contract average out at $598 a sq. ft.

Of the eight San Marino home sales last month, three of these homes sold over asking price, with the highest priced sale for the month at $2,580,000 for 20 Mill Canyon Road.  This home was originally listed for sale at $2,888,888.

The lowest priced San Marino home on the market is $875,000 at 1913 S Los Robles.

The highest prices San Marino home on the market is $8,900,000 at 1385 Old Mill Road.

Read More:  San Marino Real Estate Market Report for August 2008

San Marino Real Estate Statistics for June 2008 to September 2008:

Single Family Residence Jun-08 Jul-08 Aug-08 Sep-08
New Listings 13 14 12 11
Total Listings 41 41 31 32
Sales Pending 8 13 8 6
Homes Sold  15 12 15 8
Listings Expired 4 4 11 7
Average Days on the Market  77 60 51 48
Average Price Per Sq. Ft. $552 $601 $589 $625
Average Selling Price $1,638,045 $1,461,150 $1,416,600 $1,584,600
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 11.8 14.8 9.0 17.3

To give you a better understanding of what is happening in the San Marino real estate market, the graph below shows how the homes are selling in each quartile.  A quartile is 25% of the total San Marino homes listed.  The quartiles have been broken out as follows:

Quartile #1 – 25% of most expensive San Marino homes

Quartile #2 – 25% of upper middle priced San Marino homes 

Quartile #3 – 25% of lower middle priced San Marino homes

Quartile #4 – 25% of least expensive San Marino homes

San Marino Median Price per Quartile

In reviewing the above graph, we can see that home prices in most of San Marino quartiles have been trending higher in recent weeks except for the high-end of the real estate market, which has been essentially flat.

Data of San Marino homes for sale and San Marino solds was taken directly from ITEC (Pasadena Foothill MLS)

SUBSCRIBE TO WEEKLY SAN MARINO REAL ESTATE MARKET REPORT BY THE PREMIER REAL ESTATE REPORTING ANALYSIS FIRM, ALTOS RESEARCH

FIND SAN MARINO HOMES FOR SALE

Posted by Irina Netchaev, San Marino Luxury Home Real Estate Specialist

Posted on October 3rd, 2008
Posted by: Irina Netchaev

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Pasadena Real Estate and Housing Market Report – September 2008

Pasadena Real Estate and Housing Market Report – September 2008

As September rolls around, home buyers usually see a decrease in new homes on the market.  Not this September – Pasadena’s real estate inventory is as strong as it was during the summer months.  Pasadena home inventory increased for Single Family Homes (SFR), Condos and Townhomes – across the board.  Absorption rate is going up as well which means that these pasadena home listings will take longer to sell than before.

Pasadena SFR sales sold close to asking price at an average of 96.62%.  25 out of 59 home sales sold at full price or over asking.

The lowest priced closed SFR sale was for $230,000 at 816 Lincoln Avenue.

The highest priced closed SFR sale closed at $2,950,000.  This Pasadena luxury home was at 1805 Kinneloa Mesa Road.

READ MORE:  Pasadena Real Estate Market and Housing Report for October 2008

Looking at the Pasadena condominium statistics below, you will notice that the price per square foot of homes sold increased from $397 to $445.  The driving force behind this increase is the multiple sales of condos in the new condominium project at 217 S. Marengo in Pasadena.  Pasadena home shoppers want newly built homes and are willing to pay for them.

The Market Action Index indicator has remained relatively flat not providing strong indicators for real estate market conditions.

Pasadena Market Action Indicator

 Housing Market Statistics for Pasadena – June 2008 through September 2008:

Single Family Residence Jun-08 Jul-08 Aug-08 Sep-08
New Listings 77 140 80 78
Total Listings 388 390 325 341
Sales Pending 54 66 43 95
Homes Sold  54 65 69 59
Listings Expired 48 42 36 59
Average Days on the Market  121 104 133 115
Average Price Per Sq. Ft. $445 $417 $407 $396
Average Selling Price $968,727 $807,139 $923,986 $751,228
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 31.1 26.0 20.4 25.0
         
Condos Jun-08 Jul-08 Aug-08 Sep-08
New Listings 52 41 31               46
Total Listings 182 169 136 156
Sales Pending 30 25 9 38
Homes Sold  24 29 27 21
Listings Expired 34 17 22 35
Average Days on the Market  126 92 115 121
Average Price Per Sq. Ft. $391 $386 $397 $445
Average Selling Price $503,451 $515,788 $515,896 $459,540
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 32.9 25.3 21.8 32.2
         
Townhomes Jun-08 Jul-08 Aug-08 Sep-08
New Listings 36 21 11 16
Total Listings 90 81 57 69
Sales Pending 9 15 6 18
Homes Sold  11 10 13 15
Listings Expired 7 9 4 12
Average Days on the Market  102 84 111 130
Average Price Per Sq. Ft. $391 $374 $385 $358
 Average Selling Price   $     555,236  $ 695,800  $ 597,477  $ 512,933
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 35.5 35.1 19.0 19.9

Search all Pasadena Condos for Sale in MLS (Multiple Listing Service):

 

Search all homes (single family residences) for sale in Pasadena MLS (Multiple Listing Service):

 

Search All Pasadena Foreclosures or Bank Owned Homes for Sale (MLS – Multiple Listing Service)

 

 

SEARCH PASADENA CA HOMES FOR SALE (Single Family Residences – SFR)

SEARCH PASADENA CONDOS AND TOWNHOMES FOR SALE

Data compiled from ITEC (Pasadena Foothill Association Multiple Listing Service).

If you are interested in receiving a weekly Pasadena real estate market report with the Market Price Index, you can request the Pasadena Market Real Estate Report here and it will be emailed to you automatically each Monday.  This is a report that I order specifically for the readers of my website from Altos Research who specializes specifically in real estate housing market activity throughout the country.

Posted on October 3rd, 2008
Posted by: Irina Netchaev

1 Comment »

Discover Neighborhoods with the Help of Google Maps and Street View

Discover Neighborhoods with the Help of Google Maps and Street View

Google Maps just introduced the most amazing new feature called Street View. Here’s a quick and funny video giving you a taste of what Street View is all about.

 

Now that you have a feel about what Street View can do, let’s take a look at some serious applications of this tool. Let’s say you wanted to get a feel for what Pasadena’s South Lake Avenue District looks like. Take a look at this street view of the South Lake Avenue District in Pasadena that I just created. Place the curser in the middle of the map and drag it to the right and to the left to move the photo around.
View Larger Map

Can you imagine, you can go to www.maps.google.com , type in any address or destination, click on the Street View link on the top of the map and actually see the location. Imagine the possibilities as you are searching for your new Pasadena home or trying to get an idea of what a Pasadena neighborhood is like. It is definitely an amazing feature. Play with it and let me know how you like it!

Posted by Irina Netchaev, Pasadena Real Estate Agent

Posted on October 2nd, 2008
Posted in Fun Posts
Posted by: Irina Netchaev

No Comments »

San Marino Real Estate – Broker's Open House Update

San Marino Real Estate – Broker's Open House Update

There were three San Marino homes on the Real Estate Broker’s Open House tour today.  Two of the homes were luxury estates over $3 million and one home was a San Marino home that has been on the real estate market for awhile and just had a price reduction.

 

San Marino Home

 

 

Let’s start with the home that just had a price reduction.  It’s a 4 bedroom, 3 bath home on 1635 Rubio Drive.  This home was originally listed at $1,790,000 and in my opinion was extremely overpriced.  It has a lot of deferred maintenance, doesn’t show well – was not prepared for sale nor has care been taken to prepare it for any showings including previous broker open houses.  All in all, it is not a surprise that the price was reduced to $1,499,000.  This home has been on the San Marino real estate market for 118 days as of today.  It is currently priced at $557 square feet and definitely falls into mySan Marino dusty deals category where the seller most likely will be willing to negotiate a bit more to move this property.  

 

 

New Home Listings this week:  Luxury San Marino estates

As discussed on this real estate blog previously, San Marino’s luxury price point starts around $3 million.  A luxury home buyer in San Marino can expect an estate with a minimum of:

  • 5 or more bedrooms with more than 5,000 sq. ft.
  • An estate on a large lot
  • A pool and a spa
  • A guest house
  • Location North of Huntington Drive
  • Gourmet kitchen

 

1.  950 Roxbury Road in San Marino  –  Asking Price $3,650,000

San Marino Luxury Estate

This is a really lovely English Tudor situated on almost 2/3 of an acre.  This home is 5 bedrooms and 5 baths with over 5,300 sq. ft.  I loved the floor plan and felt there was quite a bit of light coming into the home for a Tudor.  The grounds were absolutely beautiful with a rose garden, outdoor entertaining area, a 50 foot pool and a very charming guest house.  This estate was nicely updated and has a three car garage.  A couple of drawbacks included its location – South of Huntington Drive and close to Alhambra and this was by far the grandest home on Roxbury Road.  $677 per sq. ft. seemed a bit high for the San Marino market right now.  September San Marino home sales closed at $625/sq. ft. on average.

2.  660 Lombardy Place, San Marino – Asking Price $3,650,000

San Marino Luxury Estate

A Monterey Colonial Revival built by famed architects, Marston, Van Pelt and Maybury in 1927.  This luxury home has 6 bedrooms and 7 baths with over 5,400 sq. ft. and sits on over 25,000 sq. ft. lot.  This San Marino home has a guest house and a 4-car garage, a salt water pool and spa.  This hoem exhudes tranquility and peace.  It’s priced at $621 per sq. ft.  This San Marino home is located North of Huntington Drive, but only 1 block away from San Gabriel Blvd.

 SEARCH HOMES FOR SALE IN SAN MARINO

Posted by Irina Netchaev, Real Estate Agent

Posted on October 2nd, 2008
Posted in Homes for Sale
Posted by: Irina Netchaev

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