Pasadena Real Estate

 

Check back here often to see all Pasadena real estate foreclosure listings.  This feed is straight from the MLS (Multiple Listing Service) and updates as new Pasadena property foreclosure is available.

For detailed property information, please visit Pasadena foreclosure list - REO for sale.

RELATED POSTS:

Altadena Foreclosures List

Burbank Foreclosure Home List

South Pasadena Foreclosure Home List

 

If you are interested in seeing any of these Pasadena foreclosures, please give us a call, we'll be happy to set up an appointment to show them to you.

 

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)204-3340

 

 

http://www.pasadenacarealestatehomes.com/0097F4

Here's the latest "Dusty Deals^TM" list for South Pasadena, California.

What is a "Dusty Deals™" list? It is a list of homes for sale in South 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 or receive property listings from their real estate agents from the Multiple Listing Service, but wonder what is wrong with them 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!

 

South Pasadena Homes Dusty Deals™

Address	BR	BA	List Price	Current Price	$/Sq. Ft.	MLS#	DOM
1908 Mission St South Pasadena, CA 91030	4	2	$899,999	$899,999	$387	12113505	363
1823 Gillette Crst South Pasadena, CA 91030	2	1	$550,000	$550,000	$551	12114774	465
851 LYNDON St South Pasadena, CA 91030	4	5	$2,995,000	$2,995,000	$656	22116516	243
1231 Blair Ave South Pasadena, CA 91030	3	3	$1,499,000	$1,499,000	$354	22117152	227
1133 Buena Vista St South Pasadena, CA 91030	7	7	$2,950,000	$2,950,000	$393	22117495	221
401 Alta Vista Ave South Pasadena, CA 91030	3	1	$529,000	$529,000	$470	22117573	123
1112 Glendon Ct South Pasadena, CA 91030	5	2	$699,000	$699,000	$444	22118207	200
401 Alta Vista Ave South Pasadena, CA 91030	3	1	$529,000	$529,000	$470	645777675	296
514 Orange Grove Ave South Pasadena, CA 91030	4	3	$2,500,000	$2,500,000	$709	645223426	180
1823 Gillette South Pasadena, CA 91030	2	1	$550,000	$550,000	$551	644876519	466
1129 Foothill St South Pasadena 91030-1719	3	2	$595,000	$595,000	$329	645761255	138
1038 Magnolia St South Pasadena, CA 91030	6	7	$1,295,000	$1,295,000	$413	22120591	458
1030 Buena Vista St South Pasadena, CA 91030	3	4	$1,995,000	$1,995,000	$538	22121386	107
2045 Monterey Rd South Pasadena, CA 91030-3937	7	6	$3,600,000	$3,600,000	$656	22121421	106
1993 La Fremontia St South Pasadena, CA 91030	4	4	$1,275,000	$1,275,000	$418	22121525	102

South Pasadena Condos Dusty Deals™

Address	BR	BA	List Price	Current Price	$/Sq. Ft.	HOA	MLS#	DOM
402 EL CENTRO St #5 South Pasadena, CA 91030	3	3	$540,000	$540,000	$307	508	12115616	263
6221 E Monterey Rd Los Angeles, CA 90042	2	2	$450,000	$450,000	$298	255	645157387	203
1946 Huntington Dr South Pasadena, CA 91030-4959	2	3	$529,800	$529,800	$321	300	645754434	955
402 El Centro St #5 South Pasadena 91030-3054	3	3	$540,000	$540,000	$307	505	644807740	267
1130 Huntington Dr #B South Pasadena, CA 91030	2	3	$499,999	$499,999	$348	170	637791054	136
647 Orange Grove Ave #206 South Pasadena, CA 91030	2	2	$388,883	$388,883	$318	331	22120880	120
1203 Huntington Drive South Pasadena, CA 91030	3	3	$659,000	$659,000	$420	193	643430893	114
812 Fremont Ave #306 South Pasadena, CA 91030	1	2	$611,000	$611,000	$510	364	644963713	110

List extracted from the Multiple Listing Service (ITEC)

I have previewed some of these South Pasadena condos over the last few weeks and have to tell you that they were in terrible shape. Unkept and not clean, smelly and unpleasant to walk through. If you can see beyond that, this might be an opportunity.

All South Pasadena homes and condos for sale on the real estate market today:

For South Pasadena Property details, please visit South Pasadena homes for sale and South Pasadena conods for sale.

 

If you are thinking of buying a South Pasadena home, South Pasadena condo or townhome, please give us a call for a comprehensive and free consultation. We can be reached at 626-204-3340.

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)204-3340

 

 

http://www.pasadenacarealestatehomes.com/0097EE

There are multiple announcements about how home buyers can now use the $8,000 tax credit to use as the down payment on their home purchase. Let no one say that I'm a "party pooper", but somehow, I can not get excited by this announcement.

Why?  Well... let's take a look at the announcement made by HUD (US Department of Housing and Urban Development) first:

 

DONOVAN ANNOUNCES RECOVERY ACT'S HOMEBUYER TAX CREDIT CAN IMMEDIATELY HELP THOUSANDS OF FIRST-TIME HOMEBUYERS TO BUY A HOME
FHA plan will stimulate new home sales and help stabilize housing market

WASHINGTON - Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today's action will help stabilize the nation's housing market by stimulating home sales across the country.

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today's announcement details FHA's rules allowing state Housing Finance Agencies and certain non-profits to "monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA's new mortgagee letter, visit HUD's website.

"We believe this is a real win for everyone," said Donovan. "Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation's housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away. At the same time we are putting safeguards in place to ensure that consumers will be protected from unscrupulous lenders. What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."

 

First of all, let's get this straight.  You will only qualify for the full $8,000 if your adjusted gross income is not over $75,000 if you are single or $150,000 for joint filers.  If you are make anywhere between $75,000 and $95,000, this tax credit begins to phase out.  And, if you are fortunate enough to make over $95,000 or $170,000 for joint filers, you will not qualify for any tax credit!

Second, the tax credit is only 10% of purchase price UP TO $8,000.

Third, let's face this... this loan will be considered as DPA or better known in the lending industry, Down Payment Assistance.  Any type of down payment assistance has to be accounted for in the borrower's Debt to Income Ratio.  If you are an FHA buyer and already are trying to qualify for 96.5% of the value of a home and now you will have yet another DPA on top of that, the chances are no bank will ever approve you for the mortgage.

Fourth, this essentially is a short term, bridge loan.  I do not see HUD stating anywhere that this loan is going to be free.  Short term bridge loans are usually expensive.  Would you, as a first time home buyer, be willing to pay 8% to 10% interest on this money?

Five, how long do you think it will take the government to approve you for this loan?  Do you think that they'll be able to make the 7 to 10 day loan contingencies that we're seeing on our contracts now?  I doubt it!

And, finally, how much will the banks charge to set up this loan, to print loan docs or any other expenses associated with processing tihs loan?

Sounds like a lot of fairy dust to me.  What do you think?

READ MORE:  Pasadena's Real Estate Market Activity:  Back to Basics

Pasadena Real Estate Guide

Read 5 home buyer tips for getting more home for your $.

9 Stupid Things Buyers do to Mess Up their Home Purchase

Multiple Offers on Pasadena Homes?

State of the Pasadena Housing Market by Chief C.A.R. Economist

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)204-3340

 

 

 

 

http://www.pasadenacarealestatehomes.com/0097EB

 

Do you remember the commercial?  Where is the beef?  Inventory in South Pasadena is sort of like that especially when it comes to South Pasadena condos and townhomes.

The pendulum is swinging very quickly to a buyer's market in South Pasadena and most of the neighborhoods in and around Pasadena.  Every offer that I have written in the last several weeks encountered a multiple offer situation.  And, when I say multiple offers, I mean multiple offers!  Unfortunately, we're seeing buyers out in force and the minimum number of other home buyers that my clients had to compete against was four, maximum so far this month was 28!  Although, I am happy to say that my buyers did beat out the other 27 and secured the home for themselves - yeah!

South Pasadena for the month of April did have 18 new homes listed, but the inventory is still holding at only 41 available housing units.  Condos and townhomes in South Pasadena are only at 12 available - not much selection. 

We are anxiously waiting for the foreclosure inventory which hopefully will be released by banks shortly.  Keep checking back... real estate market is changing daily.

 

South Pasadena real estate statistics for January 2009 through April 2009:

 

Single Family Residence	Jan-09	Feb-09	Mar-09	Apr-09
New Listings	4	12	9	18
Total Listings	23	31	39	41
Sales Pending	4	8	8	9
Homes Sold	4	3	7	5
Listings Expired	5	2	5	5
Average Days on the Market	40	60	101	56
Average Price Per Sq. Ft.	$430	$468	$493	$496
Average Median Price	$720,000	$776,667	$850,000	$953,000
Average Selling Price	$831,000	$725,000	$987,000	$843,380
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	24.9	44.8	24.1	35.5
Condos and Townhomes	Jan-09	Feb-09	Mar-09	Apr-09
New Listings	2	5	5	1
Total Listings	7	15	17	12
Sales Pending	5	4	1	1
Homes Sold	4	4	1	1
Listings Expired	2	1	1	3
Average Days on the Market	49	119	111	67
Average Price Per Sq. Ft.	$332	$348	$284	$336
Average Median Price	$487,500	$596,750	$170,000	$590,000
Average Selling Price	$472,500	$627,500	$170,000	$590,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	7.6	16.3	73.7	52.0

 

Here's a nice visual of what's going on with South Pasadena prices from Altos Research:

READ MORE: South Pasadena Five Year Real Estate Review

To search for homes in South Pasadena, take a look at the listings below:

 

 

For South Pasadena property details, please visit South Pasadena homes for sale and South Pasadena Condos for Sale.

 

For detailed Monterey Hills property information, please visit Monterey Hills condos for sale.

For weekly updates on South Pasadena real estate market activity, please feel free to request market analysis reports with detailed information by going to "How is the Market" section of this real estate site . These reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

 

 

Read More:

South Pasadena City Guide

Take advantage of the $8,000 tax credit

Considering new construction? Don't miss $100 million tax credit

Property Title Insurance?  Learn all about it!

Pasadena Real Estate Guide

 

If you are thinking of buying a South Pasadena home, South Pasadena condo or townhouse, please give us a call for a comprehensive and free consultation. We can be reached at 626-204-3340.

 

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)204-3340

 

 

 

http://www.pasadenacarealestatehomes.com/0097DB

As much as Pasadena's real estate market is on the rise, Monterey Hills real estate is still depressed.  Inventory of condos and townhomes is still non-existent given that there are close to 4,000 housing units on the hill.  Condo listings that are there are sitting and not seeling.  Price per square foot for Monterey Hills Condo sales dropped to mid $200s - about a 17% drop since 2008.

Monterey Hills real estate statistics for January through April 2009:

Condos	Jan-09	Feb-09	Mar-09	Apr-09
New Listings	2	1	3	3
Total Listings	5	7	6	6
Sales Pending	1	3	3	5
Homes Sold	2	1	3	2
Listings Expired	3	0	0	2
Average Days on the Market	23	242	64	38
Average Price Per Sq. Ft.	$277	$303	$265	$254
Median Selling Price	$310,000	$325,725	$250,000	$269,000
Average Selling Price	$310,000	$325,725	$276,300	$269,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	10.8	30.3	8.7	7
Townhomes	Jan-09	Feb-09	Mar-09	Apr-09
New Listings	1	2	1	0
Total Listings	1	3	3	2
Sales Pending	0	1	1	0
Homes Sold	0	1	0	1
Listings Expired	0	1	0	0
Average Days on the Market	n/a	89	n/a	57
Average Price Per Sq. Ft.	n/a	$268	n/a	$270
Median Selling Price	n/a	$550,000	n/a	$386,000
Average Selling Price	n/a	$550,000	n/a	$386,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	n/a	13.0	n/a	9

 

Data above from ITEC (Pasadena Foothill Association of Realtors)

Interested in seeing available Monterey Hills condos and townhomes? Below is "real time" multiple listing service information for your perusal:

 

For detailed Monterey Hills property information, please visit Monterey Hills condos for sale.

For weekly updates on Monterey Hills real estate market activity, please feel free to request market analysis reports with detailed information by clicking here. These reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

 

 

Read More:

Pasadena City Guide

Take advantage of the $8,000 tax credit

Considering new construction? Don't miss $100 million tax credit

Property Title Insurance?  Learn all about it!

 

If you are thinking of buying a Pasadena home, Pasadena condo or townhouse, please give us a call for a comprehensive and free consultation. We can be reached at 626-204-3340.

 

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)204-3340

 

 

 

http://www.pasadenacarealestatehomes.com/0097AD