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South Pasadena California Real Estate Market Update

South Pasadena California Real Estate Market Update

Every month, I provide a detailed review and analysis of South Pasadena housing market activity on our sister real estate site.   The entire report with statitistics for September through November 2008 for South Pasadena can be found at http://www.pasadenacarealestatehomes.com/south-pasadena-real-estate-market-report-november-2008.

Here’s the overview of the commentary on the state of South Pasadena Real Estate Market for November 2008

:

The number of single family homes sold in South Pasadena in November almost doubled from the previous several months, while the inventory of available South Pasadena homes for sale remains the same. This drives the absorption rate down quite drastically from almost 30 weeks on the market to sell existing inventory of homes to approximately 19 weeks should the rate of sales remain the same.

Usually, December is a slow month for real estate buyers and sellers. Everyone is focused on shopping for the holidays and their upcoming vacations. Having said that, it’s important to note that the home buyers who are looking are very serious shoppers with very specific requirements.

Potential South Pasadena sellers also need to keep in mind that the banks are sitting on a lot of foreclosures through the end of the year because it makes their “accounting” books look better. As soon as the 1st of the year rolls around, I believe that we’ll see an increase in inventory at significantly lower prices since banks will be looking to unload their REOs (Real Estate Owned property). If you have a South Pasadena home that you are considering selling, do not wait too long because we do not know what the 1st quarter of 2009 will bring.

South Pasadena home buyers are already getting some pretty good deals with the price per square foot for sold homes hitting a low of $462 and condos and townhomes selling in the high $300 per square foot.

There is also quite a bit of discrepancy between the price per square foot of South Pasadena homes on the market – $518 – and the price per square foot of the homes sold – $463 – which would explain why the South Pasadena active home listings are staying on the market for an average of 137 days. That is over four months. South Pasadena need to track these statistics carefully to ensure that they are not chasing the market down.

Read also: Staying Sane in an Insane Buyer’s Market

One South Pasadena home situated in the Marengo Estates area located at 838 Milan, South Pasadena, sold with multiple offers $200,000 over asking at $1,150,000. This is a prime example of great pricing and marketing.

Lowest priced South Pasadena home on the market in November was at 1108 Foothill Street – a 2 bedroom and 1 bath cottage – listed at $439,000.

Highest priced South Pasadena home on the market in November was at 1133 Buena Vista Street – a 7,500 sq. ft. estate – listed at $3,600,000.

Altos Research, one of the premier real estate statistics tracking companies in the nation, has this to say about South Pasadena:

The Market Action Index for South Pasadena has been trending down lately, indicating demand falling along with supply. Conditions point to mildly negative trends for the South Pasadena real estate market.

South Pasadena market action index

Read More: South Pasadena City Guide – relocation guide for South Pasadena

If you are interested in a list of foreclosures in South Pasadena and Surrounding cities, click on this San Gabriel Valley Foreclosure link.

Interested in more information about Pasadena and surrounding cities, check out our City Guides below:

Alhambra City Guide

Altadena City Guide

Arcadia City Guide

Eagle Rock City Guide

Monterey Hills City Guide

Pasadena City Guide

San Gabriel City Guide

San Marino City Guide

Sierra Madre City Guide

South Pasadena City Guide

And, if you are interested in fun activities to do in Pasadena, take a look at our 365 Things To Do in Pasadena® page.


Thinking of selling your Pasadena area home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Irina Netchaev at (626) 629-8439 to discuss what is happening in today’s Pasadena Real Estate Market.

Posted on December 13th, 2008
Posted by: Irina Netchaev

3 Comments »

Staying Sane in an Insane Real Estate Market

Staying Sane in an Insane Real Estate Market

Pasadena real estate market is changing daily and is becoming more of a buyer’s market than ever before.  Home sellers are having a very hard time trying to keep up with these changes and need a strong real estate agent to guide them along.

So how do you stay sane in a home buyer’s market?  First, let’s define what a buyer’s market is.  A buyer’s market is when home prices are declining and the inventory of homes is increasing.  Usually as an area starts getting close to six months of inventory, that real estate market is considered a buyer’s market.

Here are some strategies that can be employed to ensure that you are ahead of the other home sellers:

Selling Your Pasadena Home QUICKLY is CRITICAL

In a buyer’s market environment, pricing and marketing  will make or break your home sale.  The best real estate agent will be able to demonstrate the wisdom of selling NOW vs. LATER.

Ask your realtor to calculate the holding costs of your Pasadena property.  The holding costs include your normal costs of the property plus the amount the property is declining in value.  For example, if prices are declining 1 percent a month and your home is worth $500,000, it costs you, the seller, an additional $5,000 per month to hold on to your home.

Do NOT Overprice Your Pasadena Home

In a buyer’s market, if your home doesn’t sell within the first 30 days when you usually have the greatest number of showings, your home can end up staying on the market for months.  You will end up “chasing the market down” by overpricing your home.  This means that even though you lower your price, you haven’t lowered it enough to keep pace with the declining market.

In most cases, you’re better off pricing your home a bit under market (1% to 2% lower) which will create excitement with buyers and local real estate agents and generate additional showings and offers – sometimes, multiple offers.  This will result in the maximum net amount and a quick sale to you, the home seller.

Hire a Real Estate Agent with an AGGRESSIVE Marketing Plan

Look for Pasadena real estate agents who have an aggressive marketing plan and who are selling their home listings despite the bad real estate market conditions to net the most from your home sale.  Make sure that your real estate agent uses the cutting edge, latest internet marketing along with the traditional marketing techniques.

You may need to pay a HIGHER commission

To attract buyers’ agents to show your property first, you many need to pay a higher commission.  Now is not the time to be asking for commission discounts.  Real estate agents have a number of homes to choose from when they are setting up appointments for their clients, commission is a nice incentive to ensure that your home gets to be shown FIRST!

STAGE your home

It is critical that your home looks inviting and feels comfortable. Buyers buy homes on emotion. Look at homes that are for sale in your neighborhood.  What does your competition look like? Make sure that your home sparkles and shows better than any other homes currently on the market.

Remember, a home seller will always be better off in a buyer’s market to realistically price their property.  This is NOT the time to test the market with a higher price.  When you are in a declining real estate market, each month you wait to sell means less money for you at closing.

Buyers’ market is also a great opportunity to trade up to a bigger home.  Yes… you will receive less fro your existing property, however, the trade-up property will cost you less.  This also helps with your property taxes!

As you interview Pasadena real estate agents, ask them about what they are seeing in the market place.  What kind of incentives are other sellers offering?  Be competitive and do whatever it takes to sell your Pasadena home as quickly as possible.

Read More: 

Top 10 Home Seller Mistakes

Real Estate Agent Interviewing Tips

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

No Comments »

Why rent when you can own? Prime Pasadena Condo

Why rent when you can own? Prime Pasadena Condo

With interest rates in the low 5% for a 30 year fixed loan, there’s no reason to take advantage of an opportunity to buy a Pasadena condo vs. renting.

Take a look at this beautiful unit – in prime Pasadena location – minutes from Old Town Pasadena, South Lake Avenue district, the Gold Line and next to shopping:

[realestateshows]357380[/realestateshows]

UPDATE:  Open House January 31, 2009 from 1 pm until 4 pm.

This Pasadena condo will be open on Sunday, December 7, 2008 from 1pm until 4 pm.  Stop on by and take a look.

Additional information for your review:

List Price: $288,000

MLS#: 22118220

Year Built: 1981

Bedrooms/Bathrooms: 1 bedroom and 1 bath

Interior Square Footage – Data per Assessor: 728

HOA – $275

Parking – subterranean 1 space

Amenities – 3rd Floor Unit, Large Balcony, Inside Laundry, Pool

Offered for sale by Irina Netchaev, Pasadena Real Estate Agent

For a private showing, please call 626-627-7107

Description:

Located in the heart of Pasadena close to South Lake Avenue District and Old Town Pasadena, this 1 bedroom and 1 bathroom condo is waiting for someone to make it their own and lovingly update.

It is a 3rd floor, sun-filled, spacious unit with an oversized balcony (Southern exposure) facing greenery and offering extra privacy.

This Pasadena condo features a beautiful entry with wide double doors, central air conditioning and heating, dining area, eating bar and a fireplace. There is a stackable washer & dryer inside the unit. The complex itself is open and airy, with security access, subterranean parking for owners and guests and a wonderful pool and spa.

Close to public transportation including the Gold Line, next to shopping and restaurants.

Pasadena Real Estate Market Report – October 2008

Pasadena Real Estate Market Report – September 2008

How does this Pasadena condo compare to other 1 bedroom condos in Pasadena?

This condo, unit #425, is priced at $405 per sq. ft.

Last 3 condos at Prado on Lake sold averaged a sales price of $562 per sq. ft.

217 S. Marengo #301 1 br/1 ba with 614 sq. ft. sold at $552/sq. ft. (new construction)

355 South Marengo #101 1 br/1 ba with 728 sq. ft. is currently in escrow at $479/sq. ft. (updated)

360 South Euclid Ave #221 1 br /1 ba with 675 sq.ft., sold for $502/sq. ft.

If you would like to schedule an appointment to take a look at this Pasadena property and to see if you qualify to buy a home, please call Irina at 626-627-7107 or email at Irina@Irina4RealEstate.com

CLICK HERE FOR ALL PASADENA CA HOMES FOR SALE (Single Family Residences – SFR)

CLICK HERE FOR ALL PASADENA CONDOS AND TOWNHOMES FOR SALE

Click on the zip code below for a list of homes (SFR) for sale in tht zip code:

91101

91103

91104

91105

91106

91107

»crosslinked«

Posted on December 4th, 2008
Posted by: Irina Netchaev

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Irina Netchaev
Pasadena Views
2100 Huntington Dr #2

San Marino, CA 91108
CA DRE License #00872112
Cell: 626-627-7107
Direct: 626-629-8439
Fax: 800-584-4632
irina@irina4realestate.com

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