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Pasadena Mortgage Rates hit record low!

Pasadena Mortgage Rates hit record low!

A couple of weeks ago, I urged all my friends and clients to review their existing financing.  Pasadena mortgage rates have been dropping steadily and are now way below 5% if you have good credit.

30 Year Fixed Pasadena Mortgage Rate Hits Record Low. In the most recent survey period, mortgage rates plunged amid fading inflation concerns, more economic bad news and the Fed’s historic rate cut.

The Fed’s next meeting is scheduled for January 28, at which time we expect the Fed rate to stay unchanged.

Here’s a rate sheet from Wells Fargo with Pasadena mortgage rates as of December 19,2008

       
Maximum 1 pt. Rate 0 pts. Rate
     
30 Yr. Fixed $417,000 4.5 4.875
15 Yr. Fixed $417,000 4.375 4.75
5/1 Fixed $417,000 5.25 6.625
30 Yr.  Fixed $417,001 – 625,500 4.75 5
15 Fixed $417,001 – 625,500 4.625 5
5/1 Fixed $3,000,000 5.5 5.875
30 Yr. Fixed $3,000,000 6.5 6.75
       

If you are interested in refinancing and need a referral to a mortgage rate consultant, please email me at irina@Irina4realestate.com

And, don’t forget, the same rates apply when you are buying your Pasadena home or Pasadena condo.  Give me a call to see if now is the right time for you to buy your home.

Irina Netchaev is a licensed California real estate broker and has a team of Pasadena realtors.  Irina can be reached at 626-627-7107 for a private consultation.

Posted on December 22nd, 2008
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

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South Pasadena Dusty Deals: December 2008

South Pasadena Dusty Deals: December 2008

As a real estate agent working in and around South Padena 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 Decemberhomes for sale in Arcadia, Alhambra, Altadena, Burbank, Eagle Rock, Highland Park, La Canada Flintridge, Monrovia and Monterey Hills, please visit – Dusty Deals for December 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 South Pasadena California that have been on the market for over 100 days:

Address Bed Bath Price Price/Per Sq.Ft. HOA MLS#
206 Warwick Ave South Pasadena, CA 91030-3519 3 2 $1,000,000 $433 $0 12087461
419 Camino Verde South Pasadena, CA 91030 5 3 $1,298,000 $386 $0 22106641
1010 Sycamore Ave #315 South Pasadena, CA 91030 1 1 $599,000 $516 $277 22111462
1128 Garfield Ave South Pasadena, CA 91030 5 3 $1,879,000 $538 $0 22111824
1908 Mission St South Pasadena, CA 91030 4 2 $999,000 $429 $0 12113505
760 Bonita Dr South Pasadena, CA 91030 3 2 $749,000 $571 $0 22113742
1823 Gillette Crst South Pasadena, CA 91030 2 1 $550,000 $551 $0 12114774
1810 Ramona Ave #26 South Pasadena, CA 91030 2 2 $425,000 $326 $432 12114812
402 EL CENTRO St #5 South Pasadena, CA 91030 3 3 $599,000 $341 $508 12115616
803 Oneonta Dr South Pasadena, CA 91030-4330 4 3 $1,100,000 $412 $0 628180319
1800 Meridian Ave South Pasadena, CA 91030 2 1 $474,900 $456 $0 630101272
1035 Arroyo Verde Rd #D South Pasadena, CA 91030 3 3 $460,000 $409 $150 628180898

Dusty Deals list for November 08 – Pasadena, San Marino, Alhambra, Altadena, South Pasadena, Arcadia, Monrovia, and Sierra Madre

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 South Pasadena California? We are happy to give you all the information that might help you with your home purchase.  Please call us at  626-629-8439  or email Irina at Irina@Irina4RealEstate.com.

CLICK HERE FOR A LIST OF ALL SOUTH PASADENA HOMES FOR SALE (Single Family Residences)

CLICK HERE FOR A LIST OF ALL SOUTH PASADENA CONDOS AND TOWNHOMES FOR SALE

Posted on December 18th, 2008
Posted by: Irina Netchaev

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Foreclosure vs. REO (Real Estate Owned) property

Foreclosure vs. REO (Real Estate Owned) property

This question comes up quite often these days – “What is the difference between a foreclosure property and REO (real estate owned)?

A foreclosure is a legal process in which, against the wishes of the owner, real property is sold to satisfy a public or private debt for which the real property has been pledged as security.

Real Estate Owned (REO) is real property that has been foreclosed by a lender and is now owned by the lender.

There’s a lot of confusion between a foreclosure and REOs.  When real estate buyers call me asking about foreclosures in most instances, they are really inquiring about REOs and here’s why?

  • A foreclosure property goes through a foreclosure auction which is usually held on an assigned date on the steps of a local court house.
  • Foreclosure property buyers need to be able to purchase the property for ALL CASH.
  • Foreclosure property buyers inherit all unpaid liens, including mortgage debt, taxes, construction loans, home equity lines of credit, and possibly a second or third mortgage.

On the other hand, an REO property is:

  • REO property is already owned by the bank.
  • Home buyers are able to get a regular mortgage or loan on that property.  All cash is not needed.
  • REO properties in most instances come with clear title.

Five things to look for when purchasing REO or already foreclosed homes:

  1. Work with your Pasadena realtor and the Title Company representative to ensure that the title to the Pasadena home you’re buying is free and clear.
  2. Understand that most foreclosures occur in a down-trending marketFactor in falling home prices into your purchase offer.  Look at the current local market conditions and historical trends prior to submitting your offer to the bank.
  3. Banks do NOT provide many disclosures, so be prepared for surprises.  Ensure that all home inspections are completed – don’t forget a sewer line inspection – prior to close of escrow.
  4. Look for neighborhoods that are not overrun with foreclosures.  Neighborhoods with many foreclosures might offer better prices, but will take a lot longer to turn around and the home prices will continue to depreciate.
  5. If you are looking to buy an already foreclosed property as an investment, be aware that lenders charge higher interest rates on 2nd homes and investment property.  Speak to a lender and get fully approved prior to making an offer.

Below is a list of REOs or already foreclosed homes in San Gabriel Valley including Pasadena and surrounding cities:

Interested in discussing if a foreclosed home is right for you?  Give me a call at 626-627-7107.

Posted on December 16th, 2008
Posted by: Irina Netchaev

No Comments »

South Pasadena – Horse-drawn Carriage Rides

South Pasadena – Horse-drawn Carriage Rides

If you’re in South Pasadena and happen to be around the Gold Line station on Mission Drive, try to catch one of these special horse-drawn carriage rides.  If you’re lucky, Santa will be on hand to greet you as well!

 

 

 

Of course, don’t forget to stop by Heirloom Bakery to pick up a loaf of bread and their one of a kind Hostess cupcakes. They just can’t be beat. Careful… very addicting!

Have you been to Heirloom?  What’s your favorite cupcake?

»crosslinked«

Posted on December 15th, 2008
Posted in South Pasadena
Posted by: Irina Netchaev

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Finally Pasadena Home Buyers have Access to Extensive Home Listings throughout Southern California

Finally Pasadena Home Buyers have Access to Extensive Home Listings throughout Southern California

We are proud to share with you that Pasadena Real Estate Blog is one of the first Pasadena websites to be able to provide home buyers with access to home listings in multiple MLS (Multiple Listing Services) throughout Southern California.

CARETS – California Real Estate Technology Services – has been recently launched and allows us to give home buyers easy access to Southern California listings in Orange, Riverside, San Bernardino and Los Angeles Counties and surrounding communities. 

Most real estate websites are able to provide access to home listings for a very specific and limited area.  With this initiative, our real estate readers will have access to close to 100,000 homes and condos throughout Southern California.  Not only will you be able to see these homes, but you can also register for a FREE VIP membership and save home searches based on your needs and criteria.  This MLS system is so smart that it will allow you to receive emails as soon as new homes, condos or townhomes come up on the real estate market.

To make this even better, this system gives you access to real estate foreclosures, as well.

Take a look at the home search service by clicking on the home search map below.  Let me know what you think!

Posted by Irina Netchaev, Pasadena Realtors.

Posted on December 15th, 2008
Posted by: Irina Netchaev

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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

No Comments »

South Pasadena California Real Estate Market Update

South Pasadena California Real Estate Market Update

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

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

:

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

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

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

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

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

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

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

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

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

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

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

South Pasadena market action index

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

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

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

Alhambra City Guide

Altadena City Guide

Arcadia City Guide

Eagle Rock City Guide

Monterey Hills City Guide

Pasadena City Guide

San Gabriel City Guide

San Marino City Guide

Sierra Madre City Guide

South Pasadena City Guide

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


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

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

3 Comments »

Staying Sane in an Insane Real Estate Market

Staying Sane in an Insane Real Estate Market

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

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

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

Selling Your Pasadena Home QUICKLY is CRITICAL

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

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

Do NOT Overprice Your Pasadena Home

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

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

Hire a Real Estate Agent with an AGGRESSIVE Marketing Plan

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

You may need to pay a HIGHER commission

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

STAGE your home

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

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

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

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

Read More: 

Top 10 Home Seller Mistakes

Real Estate Agent Interviewing Tips

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

No Comments »

Why rent when you can own? Prime Pasadena Condo

Why rent when you can own? Prime Pasadena Condo

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

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

[realestateshows]357380[/realestateshows]

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

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

Additional information for your review:

List Price: $288,000

MLS#: 22118220

Year Built: 1981

Bedrooms/Bathrooms: 1 bedroom and 1 bath

Interior Square Footage – Data per Assessor: 728

HOA – $275

Parking – subterranean 1 space

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

Offered for sale by Irina Netchaev, Pasadena Real Estate Agent

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

Description:

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

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

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

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

Pasadena Real Estate Market Report – October 2008

Pasadena Real Estate Market Report – September 2008

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

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

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

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

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

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

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

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

CLICK HERE FOR ALL PASADENA CONDOS AND TOWNHOMES FOR SALE

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

91101

91103

91104

91105

91106

91107

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

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