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Is the Housing Market Stabilizing?

Is the Housing Market Stabilizing?

The last couple of posts focused on the general California real estate statistics.  I thought that it would be fun to follow up with some articles from around the state talking about national real estate activity and the housing market.  Please keep in mind that real estate is very local.  The state of real estate in Pacific Palisades, for example, is very different from the health of Pasadena California’s real estate market.

To see the current, local real estate trends, take a look at September’s real estate report for Pasadena California here.   Otherwise, enjoy the following articles.

San Francisco Chronicle

Signs of hope housing market may be stabilizing

Sales of existing homes increased a larger-than-expected 7.2 percent in July compared with the previous month, according to the NATIONAL ASSOCIATION OF REALTORS®.

To read the full story, please visit Signs of Hope – housing market may be stabilizing.

The Wall Street Journal

The foreclosure pain may drag on for years…

Delays in dealing with home foreclosures are stretching out the pain for the U.S. housing market.  That has stirred lots of debate over whether it is better for the nation to face the pain of millions of foreclosures immediately—to get it over with fast—or to draw the process out over several years in hopes that the economy and housing demand will recover.

To read the full story, please visit Foreclosure pain may drag on for years article.

San Francisco Chronicle

First-time home buyer tax credit set to expire

The $8,000 federal tax credit for first-time home buyers is soon to expire, causing anxious house hunters to hustle and prompting a debate in Congress over extending a program that some say is central to the fragile real estate recovery.

To read the full story, please visit Home Buyer Rebate is Expiring.

Los Angeles Times

Too many palatial homes, too few princely buyers

As more sellers decide to cut their losses and move on—or are compelled to do so by their lenders—the most expensive homes could slip from their perch at the top rung of the market.

To read the full story, please visit the full article here.

For those of you interested in buying a Pasadena home or are just curious about Pasadena property for sale, please take a look at the Pasadena homes for sale below. Feel free to sign up for a FREE membership to the MLS (Multiple Listing Service) listings by creating a VIP accounts below.

For details on any of the above Pasadena homes, please visit Pasadena homes for sale.

Read More:

Getting More House for your $

9 Stupid Things Buyers do to mess up their home purchase

The fastest way to lose your earnest money deposit

Homes for Sale Information:

South Pasadena City Guide

Pasadena Real Estate Guide

Altadena Foreclosures List

Burbank Foreclosure Home List

Pasadena Foreclosure Home List

South Pasadena Foreclosure Home List

 

If you are thinking of buying or selling your Pasadena home, condo or townhome, please give us a call for a comprehensive and free consultation. We can be reached at 626-629-8439

 

IRINA NETCHAEV

Pasadena Real Estate Agents

Pasadena, California

(626)629-8439

»crosslinked«

Posted on October 9th, 2009
Posted by: Irina Netchaev

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California Real Estate Home Sales Statistics for August 2009

California Real Estate Home Sales Statistics for August 2009

Interested in seeing how California real estate is performing?  Real estate statistics for the month of August were just released by California Association of Realtors.

California median home price

– August 09: $292,960 (Source: C.A.R.)

California highest median home price by C.A.R.

(California Association of Realtors) region August 09: Santa Barbara So. Coast $828,750 (Source: C.A.R.)

California lowest median home price by C.A.R.

(California Association of Realtors) region August 09: High Desert $111,770 (Source: C.A.R.)

California First-time Buyer Affordability Index

– Second Quarter 2009: 67 percent (Source: C.A.R.)

Mortgage rates

– week ending 10/01/09 30-year fixed rate home loan: 4.94% Fees/points: 0.7% 15-year fixed home loan: 4.36% Fees/points: 0.6%

1-yr. adjustable: 4.49% Fees/points: 0.5% (Source: Freddie Mac)

If you are interested in local Pasadena real estate statistics and results, please visit Pasadena Real Estate Market Reports for the latest information on Pasadena California and surrounding cities.

You may also want to sign up to receive weekly emails of the latest real estate data here.  This service is FREE and is provided to my readers as a courtesy through a subscription with Altos Research – a premier real estate statistics service.

To search for homes for sale throughout Southern California, please visit Search MLS for FREE or start your home search below.

Posted on October 7th, 2009
Posted by: Irina Netchaev

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California Real Estate Home Median Prices for week ending September 17, 2009

California Real Estate Home Median Prices for week ending September 17, 2009

California median home price – July 09: $285,480 (Source: C.A.R.)

California highest median home price by C.A.R. region July 09: Santa Barbara So. Coast $885,000 (Source: C.A.R.)

California lowest median home price
by C.A.R. region July 09: High Desert $110,650 (Source: C.A.R.)

California First-time Buyer Affordability Index – Second Quarter 2009: 67 percent (Source: C.A.R.)

Mortgage rates – week ending 9/17/09 30-yr. fixed: 5.04% Fees/points: 0.7% 15-yr. fixed: 4.47% Fees/points: 0.6% 1-yr. adjustable: 4.58% Fees/points: 0.5% (Source: Freddie Mac)

Interested in seeing how Pasadena homes for sale statistics compare to California’s median statistics? Read Pasadena Real Estate Home Statistics for August 2009.

READ MORE
:
Pasadena Dusty Deals

Posted on September 25th, 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

5 Comments »

South Pasadena Real Estate Analysis – 2003-2008 housing review

South Pasadena Real Estate Analysis – 2003-2008 housing review

South Pasadena real estate has experienced an amazing five years of growth and 2008 has proven that values for South Pasadena homes are holding fairly steady while adjacent cities are seeing declines.

Single family homes in South Pasadena fared much better than condos and townhomes, but overall the real estate market held.

Read More:  South Pasadena Real Estate Market Report for December 2008

San Marino, adjacent to South Pasadena, another very affluent city has done extremely well in 2008 as well.  With San Marino property values declining just slightly from an already high numbers of previous years.

Read More:  San Marino Real Estate Analsyis – Five Years in Review

Here are the statistics for your review (analysis is below this chart):

 

SOUTH PASADENA 2003 2004 2005 2006 2007 2008
SFR
# of Units Sold 255 180 179 185 145 79
Ave List Price/Sq.Ft. $344 $401 $481 $510 $518 $524
Ave Sold Price/Sq.Ft. $344 $415 $488 $513 $517 $510
Ave List Price $656,128 $796,551 $937,169 $1,037,107 $1,023,445 $1,152,025
Ave Sales Price $646,771 $819,416 $957,034 $1,042,387 $1,017,776 $1,095,100
% of Sold to List 98.6% 102.9% 102.1% 100.5% 99.4% 95.1%
Ave # of Days on the Market 37 34 32 42 44 81
SOUTH PASADENA 2003 2004 2005 2006 2007 2008
Condo/Townhomes
# of Units Sold 54 71 76 65 55 30
Ave List Price/Sq.Ft. $252 $314 $399 $426 $431 $399
Ave Sold Price/Sq.Ft. $252 $317 $404 $422 $429 $390
Ave List Price $338,313 $404,019 $477,004 $560,290 $607,253 $550,240
Ave Sales Price $337,435 $407,825 $483,327 $554,302 $602,763 $537,503
% of Sold to List 99.7% 100.9% 101.3% 98.9% 99.3% 97.7%
Ave # of Days on the Market 21 27 25 38 60 95

 

Data gathered from ITEC (Pasadena Foothill Association Multiple Listing Service)
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Here’re my thoughts and observations on the data for South Pasadena’s last 5 years in real estate:

  • The volume of units for both Single Family Residences (SFR) and Condos and Townhomes was drastically lower in 2008 compared to previous years.  South Pasadena volume of sold homes dropped almost 50% from 2007.
  • Price per square foot of sold homes remained pretty much stable and ended the year at $510 per sq. ft. That is only 1.4% lower than the selling price per square foot in 2007.
  • Condo and townhomes didn’t do as well as single family homes and the price per square foot dropped 9.1%, but has been dropping each month in the 4th quarter of 2008.  December closed at $346 per sq. ft.
  • Last quarter of 2008 has been tough for both South Pasadena homes, condos and townhomes, with prices moving below the average sold prices for 2008.  Take a look at December 2008 South Pasadena Statistics.
  • It is taking longer to market and sell South Pasadena real estate.

How will South Pasadena real estate market do in 2009?

  • South Pasadena home prices will move down a bit more in 2009 especially for condos and townhomes.
  • Inventory of homes for sale will increase due to additional short sales and foreclosures on the market.
  • Homes will stay on the market longer due to lenders tightening of funds.
  • South Pasadena home buyers will need to come up with more cash: conforming rate limit dropped to $625,000 and 2nd Trust Deeds will be more difficult to get and will be a lot more expensive.
  • South Pasadena schools will continue to be the #1 driving force for home sales in South Pasadena.

Read more: South Pasadena City Guide

If you have questions about any of the data listed above or would like a private consultation to sell or purchase your South Pasadena home, please call Irina Netchaev at 626-627-7107.

Posted on January 7th, 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

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 »

San Marino Real Estate Update for November

San Marino Real Estate Update for November

San Marino real estate analysis for November 2008 is below. Full real estate statistics for September through November 2008 may be found by clicking on the original post at San Marino Real Estate Market Analysis for November 2008.

Even though San Marino has not escaped the touch of foreclosures, overall, real estate market is holding very well. Inventory is relatively unchanged with approximately 30 homes available for sale each month over the last couple of months and homes are selling on average at 1.67% over asking price.

The home on Charleton had multiple offers immediately after going on the market at a premium of $625 per square foot and is now in escrow.

Three out of four homes currently in escrow are over $2 million. Every Thursday broker open house I attend is busy with both real estate agents attending and buyers stopping by.

The lowest priced home in San Marino right now is at 1615 South Los Robles Avenue – a 3 bedroom, 3 bath priced at $989,500.

The highest priced home in San Marino is still the $7.9 million Old Mill Road estate. This luxury property sits on over 82,000 sq. ft. lot and has 8 bedrooms and 7 baths.

There is also one home for sale in unincorporated San Gabriel, but with coveted San Marino school district option. That home is at 7023 La Presa Drive and is listed for sale at $785,000. With 3 bedrooms and 2 baths, it’s a nice starter home for families looking to get their kids into San Marino schools.

All available homes for sale in San Marino California can be found below. Feel free to sign up for a VIP membership which allows you to save your own San Marino home searches. This MLS (Multiple Listing Service) system also emails you automatically as a new home comes up on the real estate market within your specified criteria.

 

If you are interested in foreclosures in San Marino and the surrounding cities, please click on the link below. Thank you for visiting!

Foreclosure list of homes (REOs) in San Marino, Pasadena, South Pasadena and the rest of the San Gabriel Valley.

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

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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

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