http://www.pasadenacarealestatehomes.com/ Pasadena Real Estate Agent - (626)204-3340 for Pasadena homes and condos for sale, buyer and seller information, market reports and real estate news en-US http://blogs.law.harvard.edu/tech/rss In the heart of Pasadena's Playhouse District, this beautiful pennthouse condo is available for sale. Built in 2004, with 1,630 sq. ft. of living space, it is not to be missed. Please take a look at our Virtual Show and visit Quattro Blu Penthouse for sale for more information! More condos for sale in Quattro Blu can be found below or by clicking on the Quattro Blu Condos for Sale link: If you have any questions or are interested in getting more information on selling your Quattro Blu condominium, give us a call at 626-629-8439. http://www.pasadenacarealestatehomes.com/pasadena-condo-for-sale-quattro-blu Those of you that know me, would agree with me that I'm a data geek. I love numbers especially real estate numbers. Looking at the past and present home sales performance helps us understand what the future has in store for us. This month, I thought I'd take you on a historical journey of Pasadena's real estate sales focusing on Single Family Homes only. Having said this, please note that Pasadena is a huge city with over 145,000 residents and 54,000 housing units based on the 2006 US Census. As with any real estate transaction, local data speaks more accurately than general information. So, if you are interested in buying a home in Pasadena or need a more detailed analysis as to what your Pasadena home is worth, just send me a quick email or call for specifics relevant to you. READ MORE: Pasadena City Guide However, below is the general overview of Pasadena real estate market activity which will give you a pretty good sense as to what is happening with our home sales. I focused on the more critical statistics: 1. Average Price of a Home Sold In Pasadena - July of 2007 saw the top of the market at $966,000. 2. Median Price of a Home Sold In Pasadena - Again brings us to July of 2007 where 1/2 the homes sold were under $779,000 and the other 1/2 over $779,000. 3. Average Price per Square Foot of Homes Sold in Pasadena - Both 2006 and 2007 were at $493. 4. How long does it take to market and sell a Pasadena home - Lowest # of day was 33 in July of 2005 Pasadena Real Estate Market Performance for July 2000 throuh July 2010: Avg SOLD Price Median SOLD Price Avg Price/Sq. Ft. Days on Market Jul-00 $454,000 $361,000 $235 49 Jul-01 $472,000 $379,000 $249 41 Jul-02 $526,000 $407,000 $276 28 Jul-03 $612,000 $511,000 $315 34 Jul-04 $765,000 $635,000 $394 26 Jul-05 $915,000 $745,000 $464 33 Jul-06 $906,000 $752,000 $493 43 Jul-07 $966,000 $779,000 $493 53 Jul-08 $879,000 $686,000 $446 71 Jul-09 $838,000 $610,000 $438 88 Jul-10 $763,000 $621,000 $388 68 Some additional statistics/observations: Overall, average price per square foot for Pasadena homes increased by 65.2% over the alst 10 years! Quarter to Quarter (April 2010 to July 2010), the price per square foot remained relatively unchanged. This means that the summer activities did not give Pasadena home sellers the increase that we usually see during the most busiest real estate period of the year. The volume of sales units - homes sold in Pasadena - has decreased by 28.7% from 10 years ago to now. July of 2000 saw 108 home sales and July of this year, we had 77 Pasadena home sales. Folks are holding on to their homes and the inventory is still low. Nice homes in desirable locations are quite a bit in demand and sell fairly quickly. In July of 2000, on average homes sold around 98% of asking price. Last month, Pasadena homes sold around 95% of asking price Foreclosures are still not hitting the market in quanitities expected. Again, July of 2010, shows us that many auctions have been cancelled or delayed in Pasadena. See the graph below: As always, I am including a list of homes for sale below. You can also click on the Pasadena California Homes for Sale post for the most up to date list of all available homes. If you have any questions, you can find me on Twitter @pasadenaviews or just give me a call at 626-629-8439. http://www.pasadenacarealestatehomes.com/pasadena-real-estate-market-a-10-year-home-sale-review Home sales activity in Sierra Madre remained pretty consistent over the last several months. We are seeing around 10 new home listings coming up for sale and the overall inventory is in the mid 30 home number. The price per square foot of single family homes has been a bit all over the place. In May of 2010, the average price per square foot for Sierra Madre ran around $373 and July closed at $423. However, Sierra Madre is known for its eclectic homes. Some are very small cottages running under $500,000 and others are beautiful hillside homes with amazing city views. If you've been looking for a home in Sierra Madre, you have probably run into the fact that inventory is pretty low especially since there are about 5,000 housing units. The existing 35 available homes for sale represent less than 1% of all available housing. When you start slicing and dicing these home listings, most buyers realize that Sierra Madre view homes are very hard to find. Here're some graphs and charts to keep you entertained. I know you love 'em! Media Sold Price of Sierra Madre Homes: Housing Units For Sale/Sold In Sierra Madre: How Long Does It Take to Sell a Sierra Madre Home? And, of course... here's a list of available homes for sale. Or, you can click on the Sierra Madre Homes for Sale link here to see up to date, real time Sierra Madre home listings. Any questions, give us a call at 626-629-8439 or email us at Info(at)PasadenaViews(dot)com. http://www.pasadenacarealestatehomes.com/sierra-madre-real-estate-market-update-for-summer-2010 UPDATE! Drum Rolls Please........... And... Pasadena Views Blog is the official People's Choice Winner!!!!! Thanks to everyone who voted for making us #1!!!! What a week! First, I was invited to present to Realtors® from all over California at the annual California Association of Realtor's convention. It's quite an honor since only one other "working" real estate agent has been invited, my co-presenter, Ted Mackell of Simi Valley Real Estate. Immediately following the announcement, I was notified that our real estate blog has been nominated for "People's Choice Award for Best Real Estate Blog in Pasadena". This contest is being held at www.Zillow.com. So... If you are enjoying this blog, please VOTE by clicking on the link below and selecting PASADENA VIEWS! We so appreciate your help and the recognition!!!! We need every one of your votes!!!! THANKS to all our loyal readers!!!!! http://www.pasadenacarealestatehomes.com/pasadena-views-real-estate-blog-nominated-for-best-pasadena-blog-award We've been talking about FHA financing and that more and more buyers, especially first time buyers, are able to use this government financing program to buy their Pasadena home. Yesterday, HUD (Department of Housing and Urban Development) has announced their intention to lower the Up Front MIP from 2.25% to 1% AND ( GOOD NEWS) andIncrease the Annual (monthly) MIP (Mortgage Insurance Premium) from .50 - .55% to .85 - .90% depending on LTV (BAD NEWS) on loan terms greater than 15 years. This is scheduled to be effective for case numbers issued starting September 7, 2010 - pending being signed by our president. The results of this FHA change is: Assuming$100,000 base loan Loan Amount with Financed MIP$101,000 using the new MIP in the mortgage amount $102,250 using the old MIP in the mortgage amount Annual MIP (Paid monthly on top of mortgage payment)$909.00 ($75.75 Monthly) New Annual MIP based on $101,000$562.38 ($46.86 Monthly) Old Annual MIP based on $102,250 At 5% 30 years assuming 96.5% LTV $617.94 New$595.76 Old A borrower will need an estimated $75-80 more in monthly income or $900 more per year to qualify per $100,000 in loan amount. This is cutting edge news and a more formal announcement will follow, however if you are a home buyer considering FHA financing, you might want to keep that September 7th date in mind to save some $s. Should you have any questions on the home buying process, give us a call at 626-629-8439 and if you have any FHA financing questions, give Mondie Pic's at Prime Lending a call. She can be reached at 626-233-1303. READ MORE: Pasadena Real Estate Guide http://www.pasadenacarealestatehomes.com/fha-changes-coming-soon