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Luxury New Construction Pasadena Condos Debut

Luxury New Construction Pasadena Condos Debut

Lake@Walnut’s Luxury Condos and Live/Work Spaces Grand Opening debuts this weekend February 21st!

lakewalnut-collage

Pasadena’s Chic New Residence opened it doors last weekend for a sneak preview to their VIP guests. The turnout was a great success with over 10 units already reserved.

Luxury home designs span from 945 to 1,767 sq. ft and six of the eight home designs are single-level—which is very rare in urban living.

Lake@Walnut condominium prices range from the upper $300s to the upper $600s and homes include 1-2 bedrooms and 1-2.5 baths. Almost all units come with a patio, deck or porch. The HOA dues are very low and range approximately $233-$289 per month based on home size.

Read More: Investing in Pasadena real estate
Nine Stupid Things Buyers do to Mess Up their Home Purchase!

On February 21st, bring a friend and come admire Pasadena’s new development – Lake@Walnut’s glorious architecture, lush landscaping and tour all seven model homes.

Private model tours are now available by appointment by calling Irina, Pasadena Real Estate Home Specialist, at (626) 627-7107 or email her at Irina@PasadenaViews.com.

»crosslinked«

Posted on February 18th, 2009
Posted by: Irina Netchaev

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Pasadena Offers Help to Residents Impacted by Job Losses

Pasadena Offers Help to Residents Impacted by Job Losses

Ann Erdman, Public Information Officer for the city of Pasadena, wrote a great article titled Looking for Work? We’re Here to Help.

Ann’s post outlies various resources available to Pasadena residents including a Career Services Division where you will find computers connected to CALJOBS which matches applicants to available jobs, various free library activities and workshops focusing on essential skills and more.

Give it a read… it might help you or someone you know!

Posted on January 27th, 2009
Posted by: Irina Netchaev

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Pasadena Braces for a Wave of Bank Foreclosures

Pasadena Braces for a Wave of Bank Foreclosures

I’ve been talking for awhile now about banks holding on to their Real Estate Owned (REO) properties to help close out 2008 in a better financial position.

As the new year begins, Pasadena is seeing a lot more foreclosure listings hitting the real estate market as banks are trying to push out the backlog of repossessed homes up for sale. I expect the inventory of foreclosed homes in Pasadena to swell over the next few months.

Currently, we’re begining to see some Pasadena condos, some even next to South Lake Avenue district, in the $200,000 range. Pasadena single family homes are now more affordable and the interest rates are the lowest they’ve been in the last fifty years even with a bit of a climb over the last week into the 5% range.

According to a recent foreclosure prevention report by the Federal Housing Finance Agency (FHFA), repossessions by Fannie Mae and Freddie Mac grew by nearly 25 percent from the second quarter to the third quarter of 2008, hitting 15,196 homes nationwide.

Looking at Pasadena real estate foreclosure statistics, we’ve seen a tremendous jump in volume.

      2nd quarter of 2008, there were only 7 foreclosed homes for sale and sold in Pasadena;

 

      3rd quarter of 2008, there were 21 foreclosed homes for sale and sold in Pasadena;

 

    4th quarter of 2008 saw the highest increase in Pasadena foreclosures for a total of 54.

The next few months will be telling.

In the meantime, keep track of available foreclosure homes in Pasadena, by clicking on this foreclosure link.

 

If you would like more information about any of these Pasadena homes, please call me at 626-629-8439.

Posted on January 26th, 2009
Posted by: Irina Netchaev

11 Comments »

Pasadena Real Estate Housing Analysis – Five Years in Review

Pasadena Real Estate Housing Analysis – Five Years in Review

Pasadena real estate housing market has been on a bumpy ride in 2008, as we enter 2009, it’s always interesting to look at historical trends.

Every month, Pasadena real estate blog brings you a statistical report highlighting Pasadena housing trends.  For December’s 2008 Pasadena real estate statistics, visit Pasadena housing trends and real estate market report for December 2008.

Looking at historical data and trends is critical in understanding what the Pasadena future real estate market can bring.

So, without further ado, here’s the analysis of where Pasadena real estate has taken us:

SFR 2003 2004 2005 2006 2007 2008
# of Units Sold 1402 1390 1294 1069 811 657
Ave List Price/Sq.Ft. $339 $402 $472 $502 $496 $440
Ave Sold Price/Sq.Ft. $336 $408 $479 $497 $489 $428
Ave List Price $620,750 $717,994 $835,039 $938,407 $977,794 $880,432
Ave Sales Price $616,489 $728,126 $847,985 $928,328 $959,394 $851,702
% of Sold to List 99.3% 101.4% 101.6% 98.9% 98.1% 96.7%
Ave # of Days on the Market 27 24 26 37 96
Condos & Townhomes 2003 2004 2005 2006 2007 2008
# of Units Sold 664 744 731 683 597 374
Ave List Price/Sq.Ft. $268 $341 $410 $437 $442 $409
Ave Sold Price/Sq.Ft. $269 $346 $420 $431 $432 $388
Ave List Price $343,168 $425,945 $499,323 $526,625 $571,055 $529,495
Ave Sales Price $344,487 $430,696 $507,887 $519,946 $557,042 $504,093
% of Sold to List 100.4% 101.1% 101.7% 98.7% 97.5% 95.2%
Ave # of Days on the Market 24 23 31 50 66 95

First of all, the most significant change each year has been the volume of Pasadena homes and condos sold:

  • 2003 has seen the highest number of Pasadena homes sold – 1,402 units.  Compare that to 657 Pasadena homes sold last year in 2008.  That’s a drop of over 50%.
  • Pasadena condo and townhome sales have peaked in 2004 at 744 units sold.  Again, the volume of condo and townhome sales in 2008 has dropped by more than 50% from 2004.
  • Each year, it’s taking longer and longer to market Pasadena homes.  Still, the average days on the market was a bit over 3 months for both Pasadena homes and condos/townhomes.  We are still very much in the seller’s market even though it doesn’t feel like it to those of us that has experienced the real estate market over the last several years.  The official definition of a buyer’s market is when properties stay on the market for six months or more.

Pasadena real estate is still selling close to asking price:

  • 2008 closed at 96.7% of asking prices for homes sold and 95.2% of list to sold price of condos and tonwhomes sold in Pasadena California.

Price per square foot for Pasadena Real Estate:

  • Pasadena real estate started seeing price per square foot decreases in 2007 where it dropped slightly to $489 per square foot for homes sold and then a more significant drop in 2008 of 12.5% to $428.
  • Pasadena condos and townhomes sold price per square foot was pretty flat from 2004 through 2008 and dropped by 11% this year.

Average Pasadena home sale prices:

  • Pasadena home sale prices are back to 2005 levels, ending 2008 at $851,702.
  • Pasadena condos and townhomes are paralelling, Pasadena single family homes and are also back to 2005 levels at $504,093.

So what can we anticipate in 2009:

  • More foreclosures and short sales – no surprise there.
  • Great interest rates for Pasadena home buyers and refinancing.
  • Banks tightening up lending requirements and making financing dollars more difficult to get.
  • Buyers needing to come up with more down payment funds.
  • Home sellers providing more incentives to buyers.
  • A much longer marketing period to sell Pasadena homes.
  • Internet marketing and social media playing a significant role in selling homes.

Read More:  Pasadena Real Estate Outlook for 2009
South Pasadena Real Estate Review – 2003 – 2008
San Marino Real Estate Review – 2003 -2008
Duarte Real Estate Review – 2003 – 2008

Posted by Irina Netchaev, your Pasadena Realtor.

Posted on January 2nd, 2009
Posted by: Irina Netchaev

2 Comments »

Pasadena Mortgage Rate Update: January 1, 2008

Pasadena Mortgage Rate Update: January 1, 2008

The average Pasadena mortgage rate on a 30-year, fixed-rate mortgage dropped to 5.14 percent last week to a new record low, according to Freddie Mac.

A year ago, the rate was 6.17 percent for a comparable loan.

As a result, mortgage applications last week jumped to the highest level in five years, with more than 80 percent of the applications for refinancings.

There also was an 11 percent increase in applications for home purchase loans.

If you have questions about any of these Pasadena homes for sale, call Irina, Pasadena Real Estate Agent at 626-629-8439.

Posted on January 1st, 2009
Posted by: Irina Netchaev

7 Comments »

Pasadena Real Estate Outlook for 2009

Pasadena Real Estate Outlook for 2009

A lot of folks are happy to see 2008 come to an end.  It’s been a difficult year for many given the financial crisis and the natural disasters that occurred making it one of the deadliest years on record.

Is there a reason for optimism in Pasadena for 2009?

There’s an interesting overview of what caused the financial crisis by Barry Habib of Mortgage Success Source which provides an easy overview of the “whys”, “hows” and “whats” coming up in 2009.  Here’s his perspective:

The financial crisis we are in today was not caused by mortgages or housing, although they were both catalysts. The real reason was an accounting rule called “Mark to Market” (also known as FASB 157).

Few people have a strong grasp of this rule, and even those who do have a tough time explaining it on air due to time restrictions. So let’s take a few minutes to break it down, so you can have the inside track on this very important concept and understand why it represents some great opportunities.

Why does ‘Mark to Market’ exist?

Let’s go back to the stock market crash, which occurred between 2000 and 2002. With the S&P down 49% and the NASDAQ down 71%, many people lost much of their life savings and they were very angry.

Companies like Enron and Arthur Andersen were able to find ways to make their books looks more attractive, which was reflected in an artificially inflated stock price.

Both the public and Congress had a call for more transparency in business and hastened the passage of “Mark to Market” accounting.

This is the notion that all assets should be valued as if they were sold on a daily basis. Under the letter of the law, failure to do this conservatively can now result in jail time.

So what’s the problem?

Before we get into what this means for banks, let me make a quick analogy using a scenario that should make perfect sense to you.

Let’s imagine that you own a house in a Pasadena neighborhood where all of the houses are priced at around $300,000. Unfortunately, your neighbor, who owns his home free and clear, falls ill and needs emergency cash quickly. Because he is under duress, he must sell the home for $200,000 in order to get the cash he needs right away, even though the home is worth considerably more.

 before-and-after-house

Now would this mean that your home is now worth the same $200,000 that your neighbor sold his for? Of course not, because you are not forced to sell under duress. It just means that your new neighbor got a great deal.

However, if you were a publicly traded company and had to abide by Mark to Market account rules, you and the rest of your neighbors would now have to say, by law, that your home was worth only $200,000 – not the $300,000 you would get for it if you actually sold. So what’s the big deal? Read on.

So how does this principle apply to banks?

Let’s say we decide to start a bank . . . call it XYZ Bank. We raise $2 Million to open our doors. Remember that our capital account is $2 Million. Banks make money by taking in deposits and paying low rates of interest to those depositors (maybe throw in a toaster too). We then take that money and make loans with it at higher rates. We keep the difference.

So, we turn that money into $30 Million worth of loans. This puts our ratio of loans to capital (our Capital Ratio) at 15:1 ($15 Million in Loans to $1 Million in Capital). This level is acceptable, as long as we can shoulder some losses and recover.

Because we are very conservative here at XYZ Bank, the loans we make require a minimum down payment of 30%, a credit score of 800 or better (that’s nearly an 850 which is perfect), proof of income and assets, a reserve of at least two years of mortgage payments (normal is two months) and income requirements that only allow 10% of monthly income to cover all expenses (normal is 40%).

bank-before-and-afterWe do this and our loans perform perfectly. We make lots of money. Nobody is paying late and our clients are sending us holiday cards. They love us . . . it’s a party. You and I are celebrating as we see our stock price soar.

But real estate values decline and, even though all of our loans are paying perfectly, we must re-assess the loan portfolio to account for the decline in real estate values, which leaves us with less of an equity cushion. We had a minimum 30% down payment, which means the loans were 70% of the value of our assets – until we account for the decline in the market. Now, our position goes from 70% to 90%. That’s riskier and, therefore, worth less than when our loans had a 70% safety position.

Our accountants tell us that we must “Mark to Market” or risk jail. They say our value is now reduced by $1 Million. Whoa!

We must take (or write down) this loss against our capital account. It is a paper loss – we don’t write a check, we have no late payers, no defaults, no bad business decisions. Still, we must reflect this $1 Million paper loss in our Capital Account, which drops from a $2 Million to $1 Million in value.

Here’s where things get problematic.

At this level, with $30 Million in loans outstanding, we now have a capital ratio of 30:1. At
this level of leverage, alarms begin to sound.

Our ratios are out of the safe zone; we could go under with just a few losses, deposits are in jeopardy. Hello FDIC examiner, we are on the watch list, the Securities and Exchange Commission (SEC) is asking questions and our stock starts to tumble. The business networks are showing coverage of our now troubled bank. We are in big trouble.

The problem, we are “over leveraged”. The solution? We have to “de-lever” . . . and do so
quickly. But there are only two ways to do that, and one of them isn’t really an option.

The first way is to raise capital, but that’s not going to happen when our ratios are out of whack and we are in serious trouble as well as on the FDIC watch list. It is unlikely that anyone will be willing to invest cash in XYZ Bank.

The other option is that we can sell assets, like the outstanding loans, which are increasing our capital ratio. Like your neighbor, who owned his home outright but needed cash for medical bills, we are now under duress. The paper we are holding has a lot of value, but we have to sell it quickly and, because of that, cheaply. So, we offload the loans at a loss, which exacerbates the problem because those losses further reduce our capital account.

Very quickly, like a flushing toilet, things start to spiral – we are going down.

The problem multiplies

 

The problem doesn’t stop there. The fire sale we just had on our loans makes things worse – even for the banks that bought them up and thought they were getting a great deal.

bank-workflow

 

Under Mark to Market, the loans we just sold must be included in the comparables that other financial institutions use to value their assets. This is how the problem spread and got so bad so fast. Other good institutions, with good loans, have to mark down. Just like us, they become over-leveraged. It’s a chain reaction, all triggered by a well intentioned, but over-reaching accounting rule.

Financial institutions fold, sell, or freeze. Credit – the life blood of our economy – is cut off at the source. Because of a lack of available credit, home sales and refinances crawl, auto sales drop and jobs are lost. Additionally, the economy enters a recession.

During the last recession in 2001, the economy recovered relatively quickly thanks to $3 Trillion worth of home equity withdrawals. But, more restrictive programs, a lack of available credit, and lower home values will make it difficult for us to use home equity to help pull us out of a recession this time around.

Fixing the problem

The Federal Reserve has passed a rescue plan, which, over time, will provide some level of help. Some banks will get money to infuse into their capital accounts. Others can sell some assets to the government in an effort to “de-lever”.

But, the big thing that is not talked about, not well understood, is the part of the rescue plan that traces this financial crisis back to the source.

The US Congress has given the SEC its blessing to modify “Mark to Market” accounting. And by January 2, SEC Chairman, Chris Cox has to get back to Congress with ideas, if any, on how to fix Mark to Market accounting.

It won’t be eliminated, as we will not want to go back to the Enron days. But he is likely to adjust the Mark to Market provisions.

Here’s one potential solution – even rental or commercial real estate properties can be valued two ways:

1. The comparable sales method, which determines the value based on what other assets have sold for, which is the way Mark to Market work currently.
2. A cash flow method, which values the property based upon cash coming in.

If we see Mark to Market modified to use cash flow to value assets, without requiring a large percentage discounting mechanism – wow! What a shot in the arm that would be. We’d likely see the stock market rally, with financial stocks leading the uphill charge.

Consider that, in today’s market, fund managers are holding 27% of their assets in cash, compared with just 3% they held in cash when the stock market peaked in October of 2007. That means there is a lot of money on the sidelines that can push stock prices higher.

Additionally, think about the redemptions from hedge funds that eventually need to be put
back to work. That’s another reason to be optimistic about stocks in the first quarter of 2009 – provided that Chairman Cox modifies Mark to Market accounting in a meaningful way. And a good stock market helps individuals feel better about purchasing homes.

Additionally, stronger balance sheets for financial institutions will allow them to lend more money.

The bottom line

With some potentially very good news around the corner, there might be reason for optimism as we head into 2009.

It’ll be interesting to see what happens and we’ll keep you updated on the changes to the Mark to Market accounting rule.

In the meantime, I’ll take this opportunity to take my 2009 crystal ball out and share my Pasadena real estate market predictions with you:

  1. Pasadena mortage rates will remain under 6% through the 2nd quarter of 2009 and will begin to rise in the 3rd quarter of the year.
  2. We will see an influx of REO (bank-owned) properties hit the Pasadena real estate market around March and April of 2009. 
  3. A lot more Pasadena sellers will try to negotiate a short sale with their banks which will provide opportunities for first time buyers and real estate investors.
  4. Pasadena housing units available for sale will begin increasing as more foreclosures and short sales hit the real estate market.
  5. Pasadena SFR (single family homes) have seen a drop of 10.5% in price per square foot from 2007 to 2008.  I believe the market will continue to see a decline in prices through June of next year of another 4 to 5%. 
  6. We will start seeing a turn around in the market place by July of 2009 with the changes in the Mark to Market rules, additional first time housing programs and availability of conventional programs.

READ MORE:  Pasadena real estate market comparison between 2006 and 2007

What do you think of my Pasadena real estate predictions?  Agree or disagree?  Put your 2009 predictions in the comments below.

Would love to hear from you.

Posted by: Irina Netchaev

1 Comment »

Pasadena California: Real Estate Comparison 2006 vs. 2008

Pasadena California: Real Estate Comparison 2006 vs. 2008

you’ve been reading this Pasadena real estate blog, you know that I keep talking about how we need to look at the local activity in the real estate market. National and California housing statistics are great, but if you’re looking to buy a Pasadena home or are a Pasadena home seller, you really need to understand what’s going with Pasadena’s housing market.

When I work with my home buyers and home sellers, we take this real estate data even further and narrow it down to the individual neighborhood. I recommend looking at real estate statistics within a 1/4 mile radius of the home that you are buying or selling.

For the purposes of this post, we’ll keep it a little more general, and look a how the city of Pasadena is weathering the housing market.

Looking at these Pasadena housing statistics side by side, it’s interesting to note the following:

  • Median List price is 20% lower in 2008 vs. 2006
  • There are properties for as low as $120,000 in 2008. The lowest priced home in January of 2006 was $459,000.
  • Average price per square foot of Pasadena homes for sale dropped by 17.6%.
  • The available Pasadena home inventory increased by almost 54%!
  • It is taking twice as long to market a home now – almost 4.5 months.
  • 44% of homes listed expire and have to be relisted by Pasadena realtors compared to only 17% in December of 2006. Main reason for re-listing Pasadena homes is incorrect and overly high pricing.
  • Which leads to 2 out of 3 properties needing a price reduction – 40%.

READ More: Pasadena real estate market statistics – October 2008

State of Pasadena Housing Market by Chief Economist of California Association of Realtors

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 19th, 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

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

1 Comment »

Pasadena Property, Real Estate Market Update and Housing Report – October 2008

Pasadena Property, Real Estate Market Update and Housing Report – October 2008

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.

 

Pasadena Real Estate Market Action Index October 2008

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:

Single
Family Residence
Aug-08 Sep-08 Oct-08
New
Listings
80 78 72
Total
Listings
325 341 303
Sales
Pending
43 95 61
Homes Sold 69 59 71
Listings
Expired
36 59 54
Average Days
on the Market
133 115 141
Average
Price Per Sq. Ft.
$407 $396 $411
Average
Selling Price
$923,986 $751,228 $811,092
Median
Selling Price
$657,000 $655,000 $620,000
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
20.4 25.0 18.5
Condos Aug-08 Sep-08 Oct-08
New
Listings
31 46 43
Total
Listings
136 156 165
Sales
Pending
9 38 26
Homes Sold 27 21 31
Listings
Expired
22 35 16
Average Days
on the Market
115 121 135
Average
Price Per Sq. Ft.
$397 $445 $401
Average
Selling Price
$515,896 $459,540 $442,758
Median
Selling Price
$399,500 $350,000 $415,000
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
21.8 32.2 23.1
Townhomes Aug-08 Sep-08 Oct-08
New
Listings
11 16 12
Total
Listings
57 69 68
Sales
Pending
6 18 3
Homes Sold 13 15 15
Listings
Expired
4 12 10
Average Days
on the Market
111 130 72
Average
Price Per Sq. Ft.
$385 $358 $347
 Average
Selling Price
 $
597,477
 $
512,933
 $
544,820
Median
Selling Price
 $
539,000
 $
500,000
 $
519,900
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
19.0 19.9 19.6

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

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

SEARCH
PASADENA CONDOS AND TOWNHOMES FOR SALE

 

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 November 23rd, 2008
Posted by: Irina Netchaev

No Comments »

Pasadena Real Estate Dusty Deals – November 2008

Pasadena Real Estate Dusty Deals – November 2008

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 Novemberhomes 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:

 

Address BR BA Price Price/Sq.Ft. MLS # DOM
790 Wright AV Pasadena, CA 91104 1 1 230,000 392.49 418008992 238
560 W Washington Blvd Pasadena, CA 91103 3 1 239,000 199.17 22105636 209
566 W Washington Blvd Pasadena, CA 91103 2 1 239,000 258.66 22105644 209
486 Anderson PL Pasadena, CA 91103 2 1 244,900 320.55 408074687 341
856 Mountain Pl Pasadena, CA 91104-4414 1 1 255,000 486.64 22108513 283
1404 N Summit Ave Pasadena, CA 91103-2247 2 1 279,999 357.14 22104502 232
554 W Washington Blvd Pasadena, CA 91103 2 1 289,000 359.45 22106408 190
1181 Lincoln Ave Pasadena, CA 91103 2 1 290,000 290 12108880 194
1384 Sunset Ave Pasadena, CA 91103-2145 2 1 299,000 366.42 22105041 375
1459 N El Molino Ave Pasadena, CA 91104 2 1 320,000 330.58 22110989 175
110 E Claremont ST Pasadena, CA 91103 3 1 329,900 422.95 418029680 196
515 Cypress Ave Pasadena, CA 91103 2 1 339,000 477.46 12110512 243
720 Manzanita AV Pasadena, CA 91103 2 1 345,000 304.23 488064483 170
102 E Mountain ST Pasadena, CA 91103 4 3 378,000 232.04 418062910 133
240 Wyoming ST Pasadena, CA 91103 5 2 379,900 265.66 418074214 205
788 E Ladera St Pasadena, CA 91104-2355 3 1 399,000 342.78 22104224 239
255 Santa Paula Ave Pasadena, CA 91107 2 1 399,000 554.17 22109750 287
464 Macdonald St Pasadena, CA 91103-2050 2 1 399,000 385.14 12111222 136
1505 Locust ST Pasadena, CA 91106 3 1 399,900 356.42 438063285 133
1146 Armada Dr Pasadena, CA 91103 1 1 400,000 420.17 22109199 198
546 W Washington BL Pasadena, CA 91103 3 2 410,900 320.27 418050626 156
1874 Mentone AV Pasadena, CA 91103 2 1 416,999 394.89 407142108 344
1280 S La Pintoresca DR Pasadena, CA 91103 3 2 420,000 312.5 448086976 104
428 Del Rey AV Pasadena, CA 91107 2 1 430,000 501.17 418036434 239
601 W Montana St Pasadena, CA 91103 3 2 449,000 312.46 22110518 111
391 E Montana St Pasadena, CA 91104 3 2 449,900 353.7 22110763 216
1030 N Mentor Ave Pasadena, CA 91104 4 2 469,000 421.01 22110704 107
3718 Arboleda St Pasadena, CA 91107 2 1 470,000 385.56 22109947 119
65 N San Marino Ave Pasadena, CA 91107 2 1 475,000 519.13 22110400 114
354 Glenullen Dr Pasadena, CA 91105-2100 2 1 478,000 516.76 22108838 145
147 S Daisy Ave Pasadena, CA 91107 2 1 479,000 409.05 12110156 120
1205 Forest Ave Pasadena, CA 91103-2423 2 1 495,000 435.36 22101661 121
1795 Navarro Ave Pasadena, CA 91103 3 2 495,000   12105617 562
1024 N Garfield Ave Pasadena, CA 91104 3 2 499,000 605.58 22109859 126
101 W Howard ST Pasadena, CA 91103 1 1 499,900 746.12 417136762 365
314 Barthe Dr Pasadena, CA 91103 6 3 500,000 184.09 22107183 174
1709 Navarro Ave Pasadena, CA 91103 3 2 502,000 285.23 22109056 176
191 S Meridith Ave Pasadena, CA 91106 4 2 509,000 356.44 22109373 317
1657 Navarro Ave Pasadena, CA 91103-1543 3 1 519,000 579.24 22091478 492
110 Backus Ave Pasadena, CA 91107 2 1 525,000 549.16 12110743 106
1610 Kenilworth AV Pasadena, CA 91103 3 2 529,000 258.55 408073902 356
670 E Howard ST Pasadena, CA 91104 3 3 529,900 288.93 408054283 129
327 Avenue 64 Pasadena, CA 91105 2 1 530,000 408.64 418062704 134
2044 Beverly DR Pasadena, CA 91104 2 1 549,900 483.22 418092261 443
1751 Navarro Pasadena, CA 91103 3 2 550,000 350.77 610960643 242
948 N Hudson Ave Pasadena, CA 91104 3 2 550,000 474.14 22109003 140
925 Worcester Ave Pasadena, CA 91104 4 2 550,000 282.34 22110527 261
1966 N Lundy AV Pasadena, CA 91104 4 2 555,000 280.3 418076622 112
375 Barthe DR Pasadena, CA 91103 4 2 559,900 526.22 417168458 291
565 Palisade St Pasadena, CA 91103-2057 3 3 560,000 407.57 22108829 300
51 N Roosevelt AV Pasadena, CA 91107 2 2 575,000 465.96 408020499 306
3215 Mataro ST Pasadena, CA 91107 3 1 575,000 570.44 438036259 183
363 Montana St Pasadena, CA 91104 3 2 579,000 293.76 22107722 169
415 Avenue 64 Pasadena, CA 91105 2 1 580,000 522.05 448018683 240
542 E Elizabeth St Pasadena, CA 91104 3 2 589,000 440.21 12105546 210
832 Chapman Ave Pasadena, CA 91103 3 1 589,900 386.06 22107787 168
1385 N Hill Ave Pasadena, CA 91104 5 3 598,500 275.05 12108551 281
990 S Marengo Ave Pasadena, CA 91106-4255 2 1 599,000 665.56 22101294 318
780 N Allen AV Pasadena, CA 91104 4 3 599,000   408032133 306
1735 N Madison Ave Pasadena, CA 91104 3 2 599,000 442.72 22107750 169
262 S Allen AV Pasadena, CA 91106 3 1 625,000 459.56 418044500 168
1750 Casitas Pasadena, CA 91103 3 2 625,000 367.65 22108959 141
2227 E Villa St Pasadena, CA 91107 3 2 625,000 370.04 22110081 121
1575 N El Molino Ave Pasadena, CA 91104 3 1 640,000 666.67 22109088 140
1786 Asbury Dr Pasadena, CA 91104-3116 3 2 649,000 587.33 12102461 365
360 Glenullen Dr Pasadena, CA 91105-2100 2 2 649,000 476.86 22104045 392
2056 Rose Villa St Pasadena, CA 91107 2 1 649,000 467.58 22107799 335
250 Alpine St Pasadena, CA 91106-3602 2 1 649,000 488.7 22108681 327
1368 N Raymond AV Pasadena, CA 91103 4 2 649,900 392.45 418056223 148
1658 N Allen Ave Pasadena, CA 91104 4 2 650,000 373.78 22109182 138
3572 E Green ST Pasadena, CA 91107 4 2 659,000   487170348 509
455 Cliff Dr Pasadena, CA 91107 3 2 665,999 433.03 22108440 154
2418 Loma Vista St Pasadena, CA 91104-3403 3 2 675,000 422.4 22105012 139
1299 Eastlyn Pl Pasadena, CA 91104 3 2 679,000 369.02 22110902 103
310 Elmwood Dr Pasadena, CA 91105-1327 3 2 680,000 382.88 22115632 201
1167 Palm Ter Pasadena, CA 91104 3 2 685,000 358.26 22109357 130
1175 N Los Robles Ave Pasadena, CA 91104 4 4 699,000 249.11 22107211 165
1253 N Marengo Ave Pasadena, CA 91103 3 3 699,000 277.38 22110171 128
1799 Kenneth Way Pasadena, CA 91103 5 5 699,000 353.39 22109093 111
1853 N Summit AV Pasadena, CA 91103 5 2 700,000 286.3 418037306 212
3933 Mohawk St Pasadena, CA 91107-3910 4 2 711,000 359.82 22104536 1072
995 Brentnal Rd Pasadena, CA 91105 3 3 728,000 390.56 22109283 135
735 Rim Rd Pasadena, CA 91107 3 2 739,000 553.56 22106839 62
245 E Howard St Pasadena, CA 91104-2122 3 2 740,000 390.3 12099772 348
745 E Rio Grande St Pasadena, CA 91104 3 3 749,000 483.23 22110067 121
445 Cliff Dr Pasadena, CA 91107 3 2 749,000 392.97 22110432 114
1255 Valley View AV Pasadena, CA 91107 3 2 753,000 463.67 408069822 334
1241 E Villa St Pasadena, CA 91106-1138 3 2 759,000 409.16 22103991 457
1830 N Altadena Dr Pasadena, CA 91107 3 3 759,000 281.11 22106210 177
1071 Avoca Ave Pasadena, CA 91105-3402 4 3 759,000 345 22104741 110
2935 Hermanos St Pasadena, CA 91107 3 2 764,000 399.79 22106503 180
3779 Mayfair Dr Pasadena, CA 91107-2215 3 3 779,000 427.79 22103944 185
1893 Kaweah Dr Pasadena, CA 91105 3 2 795,000 550.94 22106959 185
738 N Holliston Ave Pasadena, CA 91104 3 0 795,000 466.55 22111088 99
1165 N Hill Ave Pasadena, CA 91104-3049 3 2 799,000 350.44 22099883 345
90 N Parkwood Ave Pasadena, CA 91107 4 3 799,000 367.02 22110488 106
2735 Morningside St Pasadena, CA 91107 4 4 810,000 366.85 22106606 191
1407 Kinneloa Mesa Rd Pasadena, CA 91107 3 2 850,000 485.99 22110346 102
184 Avenue 64 Pasadena, CA 91105-1302 3 4 875,000 381.26 22103389 356
1865 N Arroyo Blvd Pasadena, CA 91103 5 5 899,000 208.97 22109200 441
1745 La Cresta Dr Pasadena, CA 91103-1262 3 3 938,000 419.12 22101199 321
1745 La Cresta DR Pasadena, CA 91103 3 3 938,000 419.12 407155985 321
2620 Deodar CR Pasadena, CA 91107 3 2 939,000 427.4 488057405 177
299 Patrician Way Pasadena, CA 91105 3 2 949,000 478.09 22108767 524
450 Allendale Rd Pasadena, CA 91106 4 3 950,000 436.78 12110337 374
317 WOODCLIFFE Rd Pasadena, CA 91105 2 2 985,000 602.82 22110324 112
468 Sycamore G Pasadena, CA 91105 4 4 990,000 308.6 22110699 382
812 N Mar Vista AV Pasadena, CA 91104 5 4 998,000 415.49 408045433 166
80 N Euclid Ave #602-3 Pasadena, CA 91101-1702 2 2 1,100,000 694.01 22101794 965
745 Linda Vista Ave Pasadena, CA 91103 3 2 1,150,000 668.22 22109436 133
370 S Craig AV Pasadena, CA 91107 3 4 1,190,000 426.37 408070345 127
1415 S Marengo Ave Pasadena, CA 91106 4 3 1,199,000 381.6 22110476 282
3285 New York Dr Pasadena, CA 91107 4 3 1,275,000 321.4 12111846 85
425 S Berkeley Ave Pasadena, CA 91107 4 3 1,295,000 523.02 22109713 107
401 Scott Pl Pasadena, CA 91103 4 4 1,345,000 542.34 22107142 174
1759 Loma Vista Street Pasadena, CA 91104 5 4 1,399,000 406.69 620958856 288
57 N Wilson ST Pasadena, CA 91106 3 2 1,400,000   408046152 182
684 S Oak Knoll Ave Pasadena, CA 91106-3808 4 4 1,520,000 375.87 22100335 338
3240 Fairpoint St Pasadena, CA 91107 4 3 1,529,000 384.94 22110003 105
465 Linda Vista Ave Pasadena, CA 91105-1119 4 4 1,549,000 455.59 22099567 489
2350 E Orange Grove Blvd Pasadena, CA 91104-4913 4 4 1,600,000 325.27 22109275 430
617 Arbor St Pasadena, CA 91105-1501 4 4 2,095,000 590.14 22109584 451
96 Club Rd Pasadena, CA 91105-1410 5 5 2,259,000 523.89 12101490 295
200 N Grand Pasadena, CA 91103 6 6 2,495,000 445.54 22108963 142
90 Patrician Way Pasadena, CA 91105-1022 4 5 2,500,000 570.13 22099864 345
945 Kewen Dr Pasadena, CA 91108 5 5 2,695,000 592.31 22107115 182
2327 Kinclair Dr Pasadena, CA 91107-1000 5 5 2,699,000 523.77 22097696 374
502 Laguna Rd Pasadena, CA 91105 4 6 3,590,000 818.14 22108310 155
344 Bellefontaine St Pasadena, CA 91105 7 7 3,795,000 524.9 22108714 148
265 Bellefontaine St Pasadena, CA 91105-2946 10 9 4,795,000 411.16 22086029 931
1645 Orlando RD Pasadena, CA 91106 7 8 4,999,899 624.99 438022270 1271
1613 Vista Ln Pasadena, CA 91103-1942 5 5 9,500,000 2,089.29 22105103 219
1500 Lombardy Rd Pasadena, CA 91106 5 7 9,500,000 1,069.10 22107713 166
2 Oak Knoll Ter Pasadena, CA 91106-4534 9 9 19,000,000 542.86 22094952 707

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.

Posted on November 12th, 2008
Posted by: Irina Netchaev

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