Pasadena Real Estate

In reviewing the numbers of home sales in Pasadena California for January 2010 and comparing it to January 2009, the stats that jump out at me are:

Pasadena Single Family Houses for Sale

• The inventory is a bit lower and it takes a lot less time to sell a home in Pasadena this year than last.
• Price per square foot of sold homes is actually higher this year than last.
• Even though there's less inventory, almost twice as many units sold in January of this year than last.
• And, fewer home listings expired.

Pasadena Condos for Sale

• Again less inventory this year, but significantly higher number of sales - in January of 2009, only 5 condos sold and 33 in January of 2010.
• Price per sq. ft. of sold condos is a bit lower at $367 vs. $379
• Absorption rate is only 19.6 weeks in 2010 vs 158 weeks in 2009

Pasadena Townhouses for Sale

• A lot more new townhome listings this January than last year.  However, the total number of units is consistent at 67.
• Only 4 townhomes sold in January of 2010 vs 11 in 2009
• Price per square foot is significantly higher and is over $400.  This is most likely driven by a small number of sales.  That number will come down in February as volume of sales rises.

 

Single Family Residence	Jan-09	Nov-09	Dec-09	Jan-10
New Listings	81	53	45	67
Total Listings	239	226	204	207
Sales Pending	31	67	65	61
Homes Sold	28	69	68	48
Listings Expired	48	36	53	22
Average Days on the Market	130	67	84	87
Average Price Per Sq. Ft.	$333	$368	$330	$355
Median Selling Price	$505,000	$620,000	$810,000	$531,500
Average Selling Price	$548,981	$714,001	$729,829	$664,954
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	37.0	14.2	13.0	18.7
Condos	Jan-09	Nov-09	Dec-09	Jan-10
New Listings	44	24	23	56
Total Listings	183	172	143	149
Sales Pending	2	35	29	33
Condos Sold	5	29	31	33
Listings Expired	24	17	24	37
Average Days on the Market	113	86	67	79
Average Price Per Sq. Ft.	$379	$377	$369	$367
Median Selling Price	$207,450	$485,000	$398,000	$413,000
Average Selling Price	$427,950	$491,121	$474,298	$414,088
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	158.6	25.7	20.0	19.6
Townhomes	Jan-09	Nov-09	Dec-09	Jan-10
New Listings	8	14	11	26
Total Listings	67	67	54	67
Sales Pending	6	23	12	2
Townhomes Sold	11	15	27	4
Listings Expired	8	4	20	0
Average Days on the Market	115	59	67	65
Average Price Per Sq. Ft.	$349	$397	$373	$421
Median Selling Price	$ 462,500	$   520,000	$   545,000	$   503,500
Average Selling Price	$ 436,991	$   539,267	$   585,007	$   504,250
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	26.4	19.4	8.7	72.6

Here's a nice visual of Pasadena SFR (houses) inventory.  As you can see the number of houses for sale is half of what it was in November of 2008.  That has been one of the challenges for real estate agents and home buyers in 2009 - lack of inventory.  However, the number of Pasadena homes in the foreclosure process is quite high.  However, as lenders are taking back these homes, they're holding on to the inventory and the foreclosure homes are very slowly trickling in to the market place.

READ MORE:  Pasadena California Foreclosure Statistics and Forecast

 

Looking for a Pasadena Home for Sale?  Here's a list of Pasadena homes via direct feed from the MLS:

 

 

For more information, take a look at Pasadena home details here.

IRINA NETCHAEV & ASSOCIATES

PasadenaViews Real Estate Team

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

Irina at PasadenaViews.com

(626)629-VIEW (8439)

 

Last week, I had the opportunity to tour 1649 Lombardy Road in Pasadena California.  This gracious home resides among the Pasadena estates that are minutes from the Huntington Library in San Marino and CalTech in Pasadena.

Wallace Neff, the architect known for developing the "California" style of homes excelled himself when he designed this estate in 1924.  Since then, this luxury home has been tastefully renovated and is now waiting for a new owner.

READ MORE:  Top 10 Luxury Estates sold in Pasadena in 2009

Estate Property Details:

5 Bedrooms and 6 Baths

House was measured to be over 7,300 sq. ft. per agent's brochure

Lot size is 23,425 per assessor

Formal Dining Room

Amazing Great Room with an Open Kitchen

Game Room

3 Car Garage

Zoned HVAC System

Double Gated Driveway

and much, much more...

 

As you walk through this home, the attention to detail and the use of materials throughout is breathtaking.  Take a look at some of these photos, courtesy of Laurie March.

Peace and tranquility with lush landscaping and use of wood floors throughout...

Library/Ofice... love the nook for the books and tons of light through the windows.

Read more »

What really happens when properties finally hit the auction block?  Well... here's an interesting chart looking at all the foreclosure home auctions in the state of California from December 20098 through 2009.  It shows that most of the properties are bought back by the bank - take a look at the red line. 

However, let's take a closer look at the dark line, the one in the middle that is on the rise.  It shows the number of homes where the auctions have been cancelled.  Reasons for it?  Many distressed home sellers are trying to minimize the impact on their credit score by negotiating a short sale on their property with the bank.  In many instances, if a home seller or a real estate agent negotiating on their behalf, can bring an offer to the bank, the lender will cancel or delay the auction date.

So... if you are a Pasadena neighborhood home owner ready to walk away from your home and leave it for the bank...  Wait... there might be a way to have you walk away with a smaller dent on your credit.  Contact a reputable real estate agent experienced with working short sales.

California Foreclosure Statistics for December 2008 through December 2009:

The orange line shows the number of homes that were purchased by investors or 3rd parties.  As you can see the numbers are significantly lower - less than 1 in 6 homes that are up for auction fall into this category.  Reasons are many - investors need all cash, they accept tremendous risk and inherit any and all title claims to the property.

READ MORE:  What happens to your credit after foreclosure or a short sale?

Pasadena Foreclosure statistics

If you are interested in seeing more data on foreclosure statistics in California, please visit our Foreclosure Search site.  If you are home owner that is having financial difficulties and need to understand your options, please do not hesitate to give us a call.

 

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)629-VIEW(8439)

 

San Marino and foreclosures are not synonymous.  There were only 2 bank owned homes in San Marino last year.  Well, we have a new one on the market now.

2810 Lombardy Road in San Marino was auctioned off on November 6th 2009 and reverted to Index West LLC when there were no takers.  It is now listed in the Multiple Listing Service for $1,550,000 and is the first San Marino foreclosure for 2010.

This home features 4 bedrooms and 3 baths and is listed by the tax assessor to have 2,839 square feet.  It sits on a 12,000+ sq. ft. lot.  I have not had an opportunity to drive by and take a look at the property, but as soon as I do, I'll post some pictures.

So... how did this foreclosure happen?  What is the story behind this foreclosure home?  Let's take a look here:

September 2005:  Home purchased for $1,220,000.  The home buyers put a 30% down payment and financed the difference with a $854,000 loan.

July 2006:  Home owners took out an equity loan of $150,000

February 2007:  Home owners refinanced their loans to combine into one - $1,000,000 trust deed.

August 2007:  a 2nd loan was obtained for $500,000.

Fast forward to December of 2008:

Notice of Default filed by the Trustee on 12/12/08

Notice of Trustee Sale was filed on 3/23/09

Actual Auction Sales date was on 11/6/2009

It took the bank 2.5 months to actually list the property for sale.  Information on the listing is at the bottom of this post for your review.

In the meantime, let's take a look at how San Marino may be affected by foreclosures in the upcoming months:

There are currently, 3 homes slated to go to auction between now and the end of February and 5 San Marino homes are in pre-foreclosure process with Notices of Default already filed.

Unfortunately, San Marino is also beginning to feel the pain of this market place.  

READ MORE:  Pasadena Foreclosures - What Can We Expect in 2010 

Search all San Marino Homes for Sale here.

Search all Foreclosures here

If you are interested in seeing this home or getting information on upcoming foreclosures in San Marino, give us a call.  If you are a home owner in distress and need help in negotiating with your bank(s), let us know, we might be able to help.

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)629-VIEW(8439)

There's a lot of talk about the "shadow foreclosure inventory" across the country - homes that are in the pipeline for a foreclosure or have been foreclosed by the bank, but not released or listed on the real estate market and are not part of the existing inventory.

On December 17, 2009, Bloomberg reported:

 

The number of homes that may be in the pipeline for a sale because of foreclosure and delinquency climbed about 55 percent to 1.7 million at the end of September, according to estimates by First American CoreLogic.

 

We are constantly getting calls from home buyers asking about available foreclosures in Pasadena California.  Unfortunately, the volume has been pretty darn low.  Almost nothing to choose from.  If a nice REO home comes up on the market, it is sold (usually with multiple offers) immediately.

Let's take a look at the actual REO (foreclosure) inventory in Pasadena:

Single Family Homes available for sale - 9

Condos available for sale - 4

Townhomes available for sale - 3

 

As you can see the foreclosure count above is pretty miserable compared to the overall inventory of Pasadena homes available for sale:

Single Family Homes available for sale - 203

Condos available for sale - 152

Townhomes available for sale - 50

 

But, are we sitting on a ton of "shadow" foreclosure inventory?  When will these REOs be released?  How will that inventory affect the current Pasadena home prices? 

Let's look at some hard data as of January 10, 2010

Bank Owned Homes in Pasadena:  88 total

Since we know that only 16 REO homes are actually listed for sale, the other 72 are MIA.  That's 82% of foreclosures that are sitting on lender books waiting to hit our real estate market.  That's also approximately 16% of additional inventory to the existing listing inventory.  Here's the break down:

Single Family - 53 homes

Condos and Townhomes - 35

Read More:  See Pasadena Foreclosure List of Properties

Number of Pasadena home owners who received Notices of Default (NODs): 206

To receive a Notice of Default, otherwise known as NOD, a home owner has to be behind on their payments.  They usually would have missed at least 3 payments and the Notice of Default is the beginning of a foreclosure process.  Here's the break down:

Single Family - 143

Condos and Townhomes - 63

Number of Pasadena home owners with Auction Dates already scheduled:  298

Most of these homes will be auctioned off in January or early February unless the home owners are able to either get current on their mortgage, negotiate a short sale with the bank, or get the bank to postpone the auction date. 

Single Family -232

Condos and Townhomes - 66

Read More:  It's all about forgiveness!  Understand the short sale process

It's interesting to note that only a few of these home owners are trying to negotiate a short sale with their lender.  Only 9 condo/townhomes are listed for sale as short sale and 30 single family homes. 

As you can see, we will definitely be seeing quite a few foreclosures on the Pasadena real estate horizon.  When will they hit?  I don't know.  We've seen continuous efforts by the government to help home owners hold on to their homes including lender moratoriums delaying the foreclosure process.  Unfortunately, that is not helping the majority of Pasadena property owners who are in trouble.

If you are a Pasadena home buyer, 2010 will be a year of opportunity.

If you are a home owner who is in trouble and is in jeopardy of losing your home, don't wait for the bank to foreclose.  A short sale is a much better option.  Give us a call for a free consultation and we'll try to help.

To see how your neighborhood is affected by foreclosure, take a look at our FREE foreclosure neighborhood data and analysis tool here.

Additional Reading:  2009 Real Estate Home Sales Recap and 2010 Pasadena Real Estate Forecast

 

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)629-VIEW(8439)