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:

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  

Monterey Hills townhomes are almost non-existent.  Only 4 Monterey Hills townhomes are on the market.  There was only 1 closed sale in August and it was at 4267 Via Arbolada and closed escrow at $655,000. 

READ ALSO:  Monterey Hills Real Estate Market Update May 2008 to July 2008

Below are the Monterey Hills real estate market statistics for June 2008 through August 2008 for your review:

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 here.

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  626-627-7107 

Performances by Luis Conte, Lori Andrews JazHarp Quartet and Pasadena Jazz Institute Youth All Stars kept everyone enthralled.   The festival featured several food and non-food vendors representing many different interests and cultures. 

This 14th year of Monterey Hills Jazz Festival was anticipated by many Monterey Hills residents.  Since it’s inception, the Jazz Festival has been sponsored by Monterey Hills Federation with the support of the Los Angeles City Council’s 14th District Councilmember Jose Huizar, the Arroyo Seco Neighborhood Council and the Community Redevelopment Agency.  Many local merchants and artisans have participated each year as well.

It was a lot of fun being out and meeting Monterey Hills residents.  I had an opportunity to speak with Jim Henderson and Ginger Cole.  Both Jim and Ginger were on the Monterey Hills Jazz Festival Committee chaired by Debra A. Evans.  I also spoke with Carlos Alvarado from CRA/LA who was telling me about an upcoming relandscaping project that will be most likely take place within the next 12 months or so.  Committees will be forming within the next several months and will work hand in hand with CRA/LA to decide where and what kind of landscaping will be gracing Monterey Hills.

Monterey Hills is a community of condos and townhomes located in the city and county of Los Angeles.  It is bordered by South Pasadena to the North, El Sereno to the South, and Highland Park to the West.  It is conveniently located just off of Via Marisol exit of the 110 Freeway and is 15 minutes to Downtown Los Angeles or Old Town Pasadena.

A little history on Monterey Hills.  The Monterey Hills Redevelopment Project was adopted by City Council on July 29, 1971.  The CRA LA (Community Redevelopment Agency of Los Angeles) project contained 211 acres of land.  The principal thrust of the project outlined in the Redevelopment Plan included the development of a well planned residental community that provided a variety of housing opportunities for families and individuals from all income levels and the preservation of the physical integrity of the site.

At the time of Monterey Hills project adoption, 90% of the area was underdeveloped due to its sloping configuration and improperly platted terrain.  The entire area had been subdivided in 1902 according to a coordinated grid system with lots and streets laid out at right angles to each other.

Because of the terrain, there was no possible way to develop any significant portion of the area as it was platted.  The streets were substandard and in most cases unimproved.  Land ownership was extremely complex, precluding private enterprises from assembling the stie and re-subdividing in a proper manner.  Approximately 1/3 of the area was owned by the City of Los Angeles as a result of property tax defaults by former owners.  Many structures were obsolte, public utilities were inadequate, there was a lack of usable open space, the value of land and properties was depreciated and private investments were seriously impaired.

Today, some 37 years later, Monterey Hills is a thriving community.  “The Hill”, as its known to its residents, currently has 21 condominiums with a total of 1,781 housing units that have been built to date. 

ALSO READ:  Monterey Hill Real Estate Market Report and Monterey Hills Condo Buying Tips

It is sought by first time buyers and investors alike.  It offers beautiful condominiums and townhomes with excellent amenities at reasonable prices.  Monterey Hills is always alive with residents walking its streets, using the Bud Weiner park and just enjoying the fresh air.

Living in Monterey Hills is like being on Top of the World!  Check it out for yourself.

If you are interested in finding a Monterey Hills condo or townhome for sale, this site offers a free home search for your convenience.

First, it’s the only PUD (Planned Unit Development) in Monterey Hills. It consists of 16 spacious homes with their own garages and their own individual style.

Second, built in 2001, Bradley Court is the last property complex built on the hill, making it the newest.

These beautiful PUD style homes offer majestic views and a lot of interior space. Most are 3 bedrooms and 3 baths with over 1,600 sq. ft. A little private yard, a gourmet kitchen, bathroom with a spa are just some of the amenities of Bradley Court.

Bradley Court homes were selling originally in the $800,000 range. There was a recent sale, a short sale, that closed a few months ago for $655,000. Because there are only 16 units in this very small Monterey Hills complex, it’s very rare to see a Bradley Court come up for sale on the Montere Hills real estate market.

Feel free to check the current available Monterey Hills listings here.

READ MORE: Monterey Hills Complex Overview

Monterey Hills Real Estate Market Report May through July 2008

There are 75 condos and 47 townhomes in this complex. It is beautifully landscaped and has mature trees and lush foliage. As you walk around the complex, you almost get a resort-like, almost cottage-like feel.

It is the only complex on the hill that has gas range/ovens. Everything else in Monterey Hills is electric. So if you like to cook with gas and live in Monterey Hills this complex is for you.

Amenities include a pool and a spa and home owner association fees are some of the lowest in Monterey Hills. HOA dues include water, gardening, cable TV & trash service.

There’s plenty of guest parking available throughout Temple Terrace although the townhomes have a 2-car attached garage and most condos come with 2 subterranean parking spaces.

Monterey Hills is a great place to live and is only minutes away from Old Town Pasadena, downtown LA, Paseo Colorado, the USC Health Sciences Campus and the Gold Line.

As of August 15, 2008, there is only one townhome on the market:

853 Temple Terrace, Monterey Hills 2 bedrooms/2 baths $429,000

It is nice and bright with beautiful views of the hills from each room.

READ MORE: Monterey Hills Overview

READ MORE: Top 10 Condo Buying Tips

Search for Monterey Hills condos

The inventory for condos remains pretty much the same. Even though looking at the graph below, the number of total Monterey Hills condos dropped to 16, there were 8 condo listings that expired which suggests that they will be relisted and put back on the Monterey Hills real estate market shortly. At today’s rate of condo sales of about 5 per month, there’s about 17 weeks of existing inventory available.

Investor Recommendation: Wait for condos to drop around $275,000 if you’d like to be at break even at about 25% down.

Homeowner Recommendation: The prices are much lower than the surrounding South Pasadena and are perfect for purchase to live if you see a condo that you like, especially if you’re thinking of holding on to it for 3 to 5 years. Go for it!

READ MORE: South Pasadena Real Estate Housing Market Report for May 08 to July 08

Monterey Hills Townhouses are still hard to find. Inventory of Monterey Hills Townhouse listings has dropped to 2. Only a couple sell per month, but that can be do to the lack of available townhomes to begin with.

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 here.

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 626-627-7107