Pasadena CA Real Estate

I just got off the phone with my personal mortgage consultant – Mondie Pic’l at Wells Fargo.  Today, Pasadena mortgage rates have hit the lowest that we’d seen in quite some time.  I have asked her to lock the mortgage rate for me and will be refinancing my home. 

The opportunities are tremendous TODAY to refinance your existing loan or to lock in a mortgage rate on your Pasadena home purchase.  We’re seeing rates as low as 5.75% with NO points for a 30 year fixed loan.

If you’d like to reach Mondie to discuss your mortgage options, please call her at 909-912-1847.

Don’t miss this one!

Looking for more information about Pasadena California – see Pasadena City Guide.

San Marino California’s real estate inventory remains pretty stable for October. The number of new homes listed for sale remains at 12 with no change from August and the overall number of available homes is still in the low 30s.

On average, it is taking a little over a month to market and sell a home in San Marino and the homes are still selling in the mid $1 million dollar range.

San Marino homes that sold in October sold on average OVER their asking price at 102.43%. The average home sold was 2,868 sq. ft. and had 4 bedrooms and 3 baths.

Read the full article with detailed statistics for San Marino real estate by clicking here – San Marino real estate market housing report and statistics for 2008

In the meantime, here’s a live feed of all San Marino homes for sale in California for your review:

For additional information on San Marino housing and real estate market conditions or a confidential consultation to see how your San Marino home is fairing in the market, please call Irina at 626-627-7107.

Pasadena’s real estate inventory of homes has decreased in October to 127 units overall – inclusive of single family residences, condos and townhomes.  It is not surprising as folks are getting ready for the holiday season and in the natural annual cycle of real estate, we expect to see less inventory to choose from.  The sales have closed strongly in October at 117 units.  Next month, we will see a marked decrease in this number as evidenced by the decline in the Pasadena home buyers going into escrow in October.

This month, I was able to catpure the median Pasadena home sales price and will be adding that information to all future reports.  Median home sales prices provide a more accurate picture since the median signifies that 50% of Pasadena homes sold for more and 50% of these homes sold for less.  Hope that you will find it useful.

Market Action Indicator for Pasadena’s real estate is currently in the buyer’s zone though not strongly so.  The 90-day Market Action Index stands this week at 22 so buyers should expect find reasonable levels of selection.  Inventory levels have been relatively consistent relative to sales.  Despite the fact that there is a relatively high amount of available inventory, this Buyer’s market is still seeing prices move higher.  Given inventory levels, these price conditions are relatively fragile.  If the market cools off further, the price trend is likely to reverse.

The highest sold home in Pasadena for October was at 485 South Grand Avenue, a 4 bedroom/4 bath luxury estate with 6,000 sq. ft. on a 24,345 sq. ft. lot which sold for $4,300,000 at 95.56% of its asking price.

The lowest sold home in Pasadena for October was 476 East Mountain Street, a 1 bedroom and 1 bath with 624 sq. ft of a 2,580 sq. ft. lot whcihc sold for $233,000.  This home sold over its original asking price of $226,900.

Overall, October’s single family residences sold at 95.20% of their asking price.

Housing Market Statistics for Pasadena California for August 2008 through October 2008:

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

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

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. 

This week, I was privileged to attend a presentation by Leslie Appleton-Young.  Leslie is the Vice President of California Association of Realtors and their Chief Economist.

I have never heard Leslie speak before and was surprised with her vibrant personality and down to earth style.  it’s always hard to deliver bad news to a room full of Pasadena realtors, but she did with style and ease.

It turns out that Leslie is a resident of Pasadena and has been living in our community for the last year and a half.  Pretty exciting for me since I’m hoping that I’ll run into her one day at Pete’s and will have an opportunity to pick her brain a bit. 

I will be writing a post over the next few days to share my thoughts on real estate market expectations for 2009 in Pasadena, but in the meantime, here’s what Leslie shared with the real estate community.

Personal Consumption:

American consumers have been spending more and saving less.  For the first time since 1992, personal consumption dropped.  Simply, this means that people buy less which causes employers to cut back jobs.

California is losing more jobs on average – California’s unemployment rate in August 2008 was 7.7% while United States as a whole was 6.1% in September 2008.

California Housing Permits:

New Housing Permits are down by 45.1% year to date in California – under 50,000 units compared to over 100,000 in 2007.  Builders are waiting for the existing inventory to be absorbed.

National Economy Outlook through 2009:

READ ENTIRE ARTICLE BY CLICKING HERE – ORIGINAL POST ON THE STATE OF PASADENA CALIFORNIA HOUSING MARKET

by Brian Brady

The economy is really sick:

Today’s CPI report signals deflation, or a prolonged price slide, may become another hazard facing Federal Reserve Chairman Ben S. Bernanke and President-elect Barack Obama. Deflation could worsen the economic downturn by making debts harder to pay off and countering the impact of Fed interest-rate cuts.

”The economy’s really just in horrific shape,” said Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities in New York. Fed officials will ”take rates as low as they have to” to avoid ”a deflation-type scenario, which now all of a sudden is very possible.”

LaVorgna predicts the Fed will cut its main rate to 0.5 percent from its current 1 percent when it meets on Dec. 16.

Fed Vice Chairman Donald Kohn said today that while the risk of deflation is ‘’still small,” policy makers must be ”aggressive” in fighting the danger. The economy ”is declining right now” and will record a couple of quarters of contraction, he said in answering questions after a speech in Washington.

Fed policy makers last month forecast the U.S. economy will contract through the middle of 2009, with some officials prepared to cut interest rates further in response, according to a record of the group’s meeting.

If the Fed’s thinking of cutting rates further, why aren’t mortgage rates going down?  I think it’s because the Fed has done all it can do.  Future rate cuts are like that eighth scotch.  Drinking that eighth scotch isn’t going to make you feel any better than the seven prior.  It just might make you feel worse.

I advised folks, right after the election, to lock loans with rates under 6% if they were closing within 30 days.  Today, I’m suggesting that you lock any loan that is closing this year.  Today, a 45-day lock for a 6.0% rate would costs 1.25%.  While you may see rates drop below 6% , in the next 45 days, the risk of them moving higher is greater.

Take 6% and run.

Altadena real estate is still seeing an increase in home listings.  Inventory is increasing, prices are going down and sales will be decreasing in the next couple of months.  Take a look at the number of Altadena homes with accepted offers (sales pending) and you will see a significant decrease from 37 in June to 22 in October. 

Starting with October 2008, I will be able to include the Median Sales Price which will help us in tracking the real estate market a bit more effectively.

In the meantime, Altadena is still in a very strong buyer’s market.

Condos and townhomes in Altadena are still almost nowhere to be found, but for the persistent few who want to buy an Altadena condo there are a couple available for sale.

If you are looking for Altadena foreclosures, here’s a list of all Altadena homes that are bank owned and foreclosed.

Altadena Real Estate Market Statistics for October 2008 with comparison to June and September:

 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.

As a real estate agent working in and around Pasadena California, I am constantly getting phone calls from buyers looking for great deals and information on the latest real estate prices.

If you are looking for a real estate deal, you came to the right place. I will be posting my “Dusty Deals” by area on a monthly basis right here for your review.

What is a “Dusty Deal” list? It is a list of homes for sale in Pasadena including homes, condos and townhomes that have been on the market for over 100 days. Are all of these great deals? Not necessarily. BUT, the seller has been actively marketing their homes for a very long time and is probably ready to deal.

Why are these homes on the market still? The most likely reason is that they were overpriced to begin with. The first few weeks of marketing a home for sale are the most critical weeks for any seller. If the property is overpriced, or not marketed correctly, it gets stale. Local real estate agents ignore these homes and avoid showing them to their buyers. Potential home buyers look these homes up on the internet, but wonder what is wrong with these homes since they didn’t sell.

My take on this is, if you are looking for a deal, these homes are the best place to start. Why? Home sellers are tired of showing their homes and most are ready to NEGOTIATE their price and SELL!

For a complete list of dusty deals for November – homes for sale in Arcadia, Alhambra, Altadena, Burbank, Eagle Rock, Highland Park, La Canada Flintridge, Monrovia and Monterey Hills, please visit – Dusty Deals for November 2008.   With the inventory of homes being at a record high, you’ll need to scroll down to find the city that you’re interested in.  It’s a very long post.

If there’s a particular city that you’re interested in getting a list for, please leave a comment and I’ll make sure that I include it in future posts.

So here’s a list of homes for sale in San Marino California that have been on the market for over 100 days:

As you’re going through the list, please look at the last column titled DOM (Days on the Market). This will tell you how many days these homes have been on the market.

READ MORE:

Dusty Deals list for September 08 – Pasadena, San Marino, Alhambra, Altadena, South Pasadena, Arcadia, Monrovia, Sierra Madre, Monrovia

Dusty Deals List for August 08 – Pasadena, Alhambra, South Pasadena, Monterey Hills, Altadena, Sierra Madre, Arcadia, Monrovia and San Marino

As you’re going through the list, please look at the last column titled DOM (Days on the Market). This will tell you how many days these homes have been on the market.

Are you looking to buy a home in San Marino California? We are happy to give you all the information that might help you with your home purchase.  Please call us at   626-204-3340   or email Irina at Irina@Irina4RealEstate.com.

As a real estate agent working in and around Pasadena California, I am constantly getting phone calls from buyers looking for great deals and information on the latest real estate prices.

If you are looking for a real estate deal, you came to the right place. I will be posting my “Dusty Deals” by area on a monthly basis right here for your review.

What is a “Dusty Deal” list? It is a list of homes for sale in Pasadena including homes, condos and townhomes that have been on the market for over 100 days. Are all of these great deals? Not necessarily. BUT, the seller has been actively marketing their homes for a very long time and is probably ready to deal.

Why are these homes on the market still? The most likely reason is that they were overpriced to begin with. The first few weeks of marketing a home for sale are the most critical weeks for any seller. If the property is overpriced, or not marketed correctly, it gets stale. Local real estate agents ignore these homes and avoid showing them to their buyers. Potential home buyers look these homes up on the internet, but wonder what is wrong with these homes since they didn’t sell.

My take on this is, if you are looking for a deal, these homes are the best place to start. Why? Home sellers are tired of showing their homes and most are ready to NEGOTIATE their price and SELL!

For a complete list of dusty deals for November – homes for sale in Arcadia, Alhambra, Altadena, Burbank, Eagle Rock, Highland Park, La Canada Flintridge, Monrovia and Monterey Hills, please visit – Dusty Deals for November 2008.   With the inventory of homes being at a record high, you’ll need to scroll down to find the city that you’re interested in.  It’s a very long post.

If there’s a particular city that you’re interested in getting a list for, please leave a comment and I’ll make sure that I include it in future posts.

So here’s a list of homes for sale in South Pasadena California that have been on the market for over 100 days:

Dusty Deals list for September 08 – Pasadena, San Marino, Alhambra, Altadena, South Pasadena, Arcadia, Monrovia, Sierra Madre, Monrovia

Dusty Deals List for August 08 – Pasadena, Alhambra, South Pasadena, Monterey Hills, Altadena, Sierra Madre, Arcadia, Monrovia and San Marino

As you’re going through the list, please look at the last column titled DOM (Days on the Market). This will tell you how many days these homes have been on the market.

Are you looking to buy a home in South Pasadena California? We are happy to give you all the information that might help you with your home purchase.  Please call us at  626-204-3340  or email Irina at Irina@Irina4RealEstate.com.

As a real estate agent working in and around Pasadena California, I am constantly getting phone calls from buyers looking for great deals and information on the latest real estate prices.

If you are looking for a real estate deal, you came to the right place. I will be posting my “Dusty Deals” by area on a monthly basis right here for your review.

What is a “Dusty Deal” list? It is a list of homes for sale in Pasadena including homes, condos and townhomes that have been on the market for over 100 days. Are all of these great deals? Not necessarily. BUT, the seller has been actively marketing their homes for a very long time and is probably ready to deal.

Why are these homes on the market still? The most likely reason is that they were overpriced to begin with. The first few weeks of marketing a home for sale are the most critical weeks for any seller. If the property is overpriced, or not marketed correctly, it gets stale. Local real estate agents ignore these homes and avoid showing them to their buyers. Potential home buyers look these homes up on the internet, but wonder what is wrong with these homes since they didn’t sell.

My take on this is, if you are looking for a deal, these homes are the best place to start. Why? Home sellers are tired of showing their homes and most are ready to NEGOTIATE their price and SELL!

For a complete list of dusty deals for November – homes for sale in Arcadia, Alhambra, Altadena, Burbank, Eagle Rock, Highland Park, La Canada Flintridge, Monrovia and Monterey Hills, please visit – Dusty Deals for November 2008.   With the inventory of homes being at a record high, you’ll need to scroll down to find the city that you’re interested in.  It’s a very long post.

If there’s a particular city that you’re interested in getting a list for, please leave a comment and I’ll make sure that I include it in future posts.

So here’s a list of homes for sale in Pasadena California that have been on the market for over 100 days:

Dusty Deals list for September 08 – Pasadena, San Marino, Alhambra, Altadena, South Pasadena, Arcadia, Monrovia, Sierra Madre, Monrovia

Dusty Deals List for August 08 – Pasadena, Alhambra, South Pasadena, Monterey Hills, Altadena, Sierra Madre, Arcadia, Monrovia and San Marino

As you’re going through the list, please look at the last column titled DOM (Days on the Market). This will tell you how many days these homes have been on the market.

Are you looking to buy a home in Pasadena California? We are happy to give you all the information that might help you with your home purchase.  Please call us at   626-204-3340  or email Irina at Irina@Irina4RealEstate.com.

Over the last few months, Pasadena home buyers have been learning about short sales.  A short sale simply means that a bank is willing to accept less money than what the owner owes on his or her home because the property can not sell at a price high enough to cover the mortgage and selling expenses fully.  In essence, an owner is “upside down” on their property.

Short sales create an opportunity for Pasadena home buyers to get a potential deal on the home of their dreams.  Short sales are not the easiest sales to pull together and it takes a real estate agent with experience, excellent negotiating skills, and perseverance to work with the banks.  I say banks, because in most cases, there are several banks involved in the transaction since the home sellers usually have more than one loan on their property.

Short sales also take a lot of patience on the buyer’s side.  They have a tendency to drag on, sometimes for months.  But, having said that, we can not ignore the fact that they present potential opportunities.

Here’s a list of short sales in Pasadena and surrounding cities for your review.  Feel free to call me at    626-627-7107    or email me at Irina@Irina4RealEstate.com for more information or to set up an appointment for a private showing.

Also, feel free to search the multiple listing service at your convenience.  This home search service allows you to create your own account where you can create multiple home and condo searches for Pasadena, San Marino and other areas.  As new home listings become available, you will be notified via email automatically.  This way, you will always have the most current and latest home inventory information.