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Sierra Madre Real Estate and Housing Market Report – September 2008

Sierra Madre Real Estate and Housing Market Report – September 2008

Sierra Madre’s real estate statistics for the month of September are below.  In September, only 9 homes closed escrow in Sierra Madre.  That’s a significant drop from August.  At the same time, the number of new Sierra Madre homes on the market remain pretty constant.  Steady listing numbrs and lower Sierra Madre home sales result in a significantly higher absorption rate.  It will take 19.3 weeks to sell the existing Sierra Madre inventory if no additional homes come up on the market and if the rate of sales remains the same.

Looking over the September listing inventory for Sierra Madre shows that home sellers are still signifcantly over pricing their homes.  On average, sellers are asking $463 per square foot.  While buyers were willing to pay only $417 in September.

The lowest priced Sierra Madre home is $360,000 at 261 Grove Street.

The highest priced Sierra Madre home is $1,999,999 at 380 N. Lima Street.

There are five available Sierra Madre condos and townhomes for sale.  The rate of sales for the last two months have been at two sales each month.

See: Sierra Madre Real Estate Market Report for August

Sierra Madre Real Estate Market statistics for September 2008:

 

Single Family Residence Aug-08 Sep-08
New Listings 8 7
Total Listings 37 40
Sales Pending 3 5
Homes Sold  15 9
Listings Expired 3 6
Average Days on the Market  123 91
Average Price Per Sq. Ft. $435 $417
Average Selling Price $707,000 $739,667
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 10.7 19.3
     
Condos and Townhomes Aug-08 Sep-08
New Listings 0 1
Total Listings 3 5
Sales Pending 1 0
Homes Sold  2 2
Listings Expired 3 0
Average Days on the Market  163 122
Average Price Per Sq. Ft. $340 $336
Average Selling Price $562,000 $405,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 6.5 10.8

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

For weekly updates on the real estate market activity, please feel free to request market analysis reports with detailed information by clicking on How’s the Market page on this Pasadena real estate blog.  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   

 

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Posted on October 23rd, 2008
Posted by: Irina Netchaev

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Castle Green – A Pasadena Landmark

Castle Green – A Pasadena Landmark

The majestic Castle Green in Pasadena California.

Castle Green

 

Castle Green 99 Tower of Castle Green

Castle Green

 

Castle Green Info

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Posted on October 17th, 2008
Posted in Pasadena
Posted by: Irina Netchaev

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San Marino Luxury Estates – September Million Dollar Sales

San Marino Luxury Estates – September Million Dollar Sales

September was a slow home sales month for San Marino.  There were only eight homes that were sold.  These luxury San Marino estates ranged from $805,000 to $2,580,000.  Three of the homes were under $1.5 million and five were over.

 

San Marino Luxury Homes September 08

 

1.  2370 Sherwood Road, San Marino – Listed at $1,549,000 and sold for $1,600,000 – SOLD OVER ASKING It was on the San Marino real estate market for only 18 days – this home was priced correctly and showed beautifully.

2.  2822 Gainsborough Drive – Listed at $1,920,000 and sold for $1,829,053.

3.  2855 Devonport Road – Listed at $1,880,000 and sold for $1,860,000.

4.  2890 Monterey Road – Listed at $1,850,000 and sold for $1,990,000.  SOLD OVER ASKING

5.  20 Mill Canyon Road – Listed at $2,888,888 and sold for $2,580,000

 

Information gathered from ITEC (Pasadena Foothill Association of Realtors)

If you are ready to start your San Marino luxury home search or thinking of relocating to San Marino and would like more information, please visit our San Marino website here.

READ MORE:  San Marino Schools are #1 in California again!

Posted on October 16th, 2008
Posted in San Marino
Posted by: Irina Netchaev

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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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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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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

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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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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)

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

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

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