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Nov. 23, 2010

3 Most Expensive Pasadena Home Sales - October 2010

There were 56 Pasadena home sales in October of 2010 ranging between $185,000 to $4,000,000. Ten of these Pasadena homes closed escrow at over $1,000,000.

The top 3 luxury home sales include 2 that were on Arden Road!

October's Most Expensive Luxury Estate Sale

1125 Arden Road, Pasadena, CA 91106

Listed at $4,600,000 and sold at $4,000,000 - closed sale on October 6, 2010.

96 days on the market

1125 Arden Road Pasadena California

The description reads as follows:

Commanding and sophisticated French Normandy estate on coveted Arden Rd. This home features 6 bedrooms and 8 bathrooms with 2 suites on the first level. There are 4 bedrooms on level 2 & 3 baths. The master features vaulted ceilings, a fireplace, 2 walk-in a stunning bath and a large balcony. There is an office/loft as well. The 3rd floor has a craft room, play room and an office. The grounds are spectacular with multiple patios, outdoor kitchen and a pool with a bridge to the pool house. Pool house offers a professional kitchen, dual sided fireplace, gym, bath with steam shower and a gym. Three car garage, motor-court, slate roof. Wonderful finishes and upgrades throughout with extensive use of marble, granite, limestone and hardwood finishes.

Second Highest Estate Sale in Pasadena in October

820 Cameron Road, Pasadena, CA 91106

Listed at $5,400,000 and sold for $3,675,000 on October 18, 2010

196 days on the market

820 Cameron Road Pasadena

The description reads as follows:

This classic Mediterranean villa blends seamlessly into the long established Huntington Library estate area of Pasadena, yet it is unique newer construction. Imposing with a circle drive & dual Palladian staircases, this property is entered through handsome wrought iron gates. The pillowed limestone entry w/ soaring ceiling has a magnificent staircase that anchors the central hall floor plan. The elegant living room w/ fireplace is to the left & the formal dining room to the right. A gracious library/music room is open from the living room. The gourmet kitchen has a center island, granite counters, top-of-the-line appliances & an adjacent breakfast room. The family room has a wet bar, beamed ceiling, fireplace & French doors to the patio & back garden. A ground floor master suite w/ walk-in closet & laundry complete the main level. Upstairs, the 2nd outstanding master suite has a balcony patio, a fireplace & room size walk-in closet. Three additional suites complete the upper level.

Third Highest Sale in Pasadena for October 2010


777 Arden Road, Pasadena, CA 91106

Listed at $2,882,000 and sold at $2,300,000 on 10/29/2010

158 days on the market

777 Arden Road, Pasadena

The Walter Candy Home was built in 1926 by noted architect John William Chard. Known for The Chard Method of residential design, his work on this home features architectural embellishments such as second-story balconies, two loggias, a courtyard with fountain and decorative wood, tile and ironwork throughout. This home is true Pasadena Pedigree and was unanimously designated as a historical landmark by the Pasadena City Council in 2008. Additionally, this home features 5 bedroom suites, a gourmet kitchen and butler pantry, a wine cellar that holds approximately 1,500 bottles, maid's quarters and a separate laundry room. The Master Suite offers a private balcony, painted beamed ceiling, a Master Bathroom overlooking a beautiful courtyard and fountain, along with his and hers dressing rooms.

All of these homes are located in the wonderful Pasadena neighborhood just North of San Marino around the Huntington Library.

Map of 3 most expensive Pasaderna home sales

**all information obtained from the ITEC Multiple Listing Service - Pasadena Foothill Realtors Association**

Interested in seeing all Pasadena Luxury Estates for sale? Click on our Pasadena listing post here for the most up - to - date, real time list of properties.

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

Pasadena Views Real Estate Team

Pasadena Real Estate Agents

(626)629-VIEW (8439)

Nov. 21, 2010

Key Real Estate Statistics for NW Pasadena's Condos and Townhomes

North West Pasadena is identified as any property with a 91103 or 91105 zip code, that lies North of the 134/210 Freeway by the local real estate multiple listing service - ITEC. Today, we are finishing up our 4 part series by focusing on this North West Pasadena quadrant and reviewing the most recent real estate data for condominiums and townhouses.

READ MORE: Pasadena Real Estate Guide and 365 Things To Do In Pasadena®

KEY Real Estate Statistics for North West Pasadena - October 2010:

Real Estate Inventory:

1. Total Number of North West Pasadena Condos and Townhomes for Sale: 26

2. Number of new listings on the real estate market: 8

3. Number of condominiums/townhouses going under contract (in escrow): 3

4. Number of NW Pasadena condos/townhouses SOLD: 1

Pasadena Home Pricing:

5. Average Price of Pasadena Condos in the North West neighborhoods for Sale: $414,000

6. Average Sold Price of NW Pasadena Condos for Sale: $500,000

7. Average Price Per Square Foot of Sold Condos: $432

8. Difference of Sold to ORIGINAL List Price: 100%

Length of Market Time:

9. Days on the Market: 9

Current avaialility of Condos and Townhouses in the North West Pasadena Neighborhoods:

See the details for above properties on the North West Pasadena listing page as it is updated "real time".

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

 

Pasadena Views Real Estate Team

Pasadena Real Estate Agents

(626)629-VIEW (8439)

Nov. 20, 2010

North East Pasadena Real Estate Statistics - Condos and Townhouses - Oct 2010

The area of North East Pasadena is defined by the local Multiple Listing Service (MLS) as any property with a 91101, 91104, 91106 or 91107 zip code, that lies North of the 210 Freeway. Today, we will focus on condominiums and townhouses that are on the market in this neighborhood.

READ MORE: Pasadena Real Estate Guide and 365 Things To Do In Pasadena®

KEY Real Estate Statistics for NE Pasadena - October 2010:

Real Estate Inventory:

1. Total Number of North East Pasadena Condos and Townhomes for Sale: 37

2. Number of new listings on the real estate market: 12

3. Number of condominiums/townhouses going under contract (in escrow): 8

4. Number of NE Pasadena condos/townhouses SOLD: 0

North East Pasadena Condo Inventory October 2010

Pasadena Home Pricing:

5. Average Price of Pasadena Condos in the North East neighborhoods for Sale: $359,000

6. Average Sold Price of NE Pasadena Condos for Sale: $271,000 (September 2010 data - no sales in October)

7. Average Price Per Square Foot of Sold Condos: $231 (September 2010 data - no sales in October)

8. Difference of Sold to ORIGINAL List Price: 95% (September 2010 data - no sales in October)

Length of Market Time:

9. Days on the Market: 96 (September 2010 data - no sales in October)

Observations:

North East area of Pasadena seems to have stagnated in condo and townhome sales. The # of available units is quite high resulting in 4 to 6 months of inventory. The price per square foot of these properties has dropped to the lowest in 15 months.

14 out of 37 available units are in some sort of financila distress. 5 units are in foreclosure and 9 units are in pre-foreclosure, short sale stage. The high percentage of distressed properties is strongly affecting the real estate market in the North East quadrant of Pasadena.

North East Condos and Townhomes for Sale:

See the details for above properties on the North East Pasadena listing page as it is updated "real time".

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

 

Pasadena Views Real Estate Team

Pasadena Real Estate Agents

(626) 629-VIEW (8439)

 

Nov. 19, 2010

South West Pasadena Condos and Townhomes Key Real Estate Statistics

Our analysis of Pasadena condos and townhomes continues with focusing on the key real estate statistics in the South West quadrant of Pasadena - part 2 (see Part 1 - South East - here) of our series. South West Pasadena is defined as any property with a 91103 or 91105 zip code, that lies South of the 134/210 Freeway.

Key Statistics for SE Pasadena Condos

South West Pasadena Condo Prices for sale vs sold

Real Estate Inventory:

1. Total Number of South West Pasadena Condos and Townhomes for Sale: 81

2. Number of new listings on the real estate market: 19

3. Number of condominiums/townhouses going under contract (in escrow): 8

4. Number of Pasadena condos and townhomes SOLD: 7

Pasadena Home Pricing:

5. Average Price of Pasadena Condos in the South West neighborhoods for Sale: $551,000

6. Average Sold Price of S@ Pasadena Condos for Sale: $737,000

7. Average Price Per Square Foot of Sold condominiums and townhouses: $388

8. Difference of Sold to ORIGINAL List Price: 100%

Length of Market Time:

9. Days on the Market: 105

Observations:

In looking at the graph below, it's interesting to note that the average sales price is higher than the average asking price. However, 2 of the properties sold were over $1.2 million and skewed the data. Overall, just like we've seen in the South East Pasadena statistics, the inventory increased compared to previous months and the # of sales decreased.

South West Condos and Townhomes for sale:

For detailed listing information, please visit the South West Pasadena Condo page.

READ MORE: Pasadena Real Estate Guide and 365 Things To Do In Pasadena®

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

 

Pasadena Views Real Estate Team

Pasadena Real Estate Agents

(626)629-VIEW (8439)

Nov. 18, 2010

Key Real Estate Statistics for Pasadena Condos - South East Pasadena

Let's take a look at the condo and townhome market in Pasadena California. This is going to be the first of four posts focusing on different areas of Pasadena. Our Multiple Listing Service has Pasadena divided into quadrants.

We'll look at South East Pasadena first. The boundary for MLS purposes is any condominium or townhouse in the 91101, 91106, 91107, 91225 and 91226 zip code that is South of the 210 Freeway.

Key Statistics for SE Pasadena Condos

South East Pasadena Condos and Townhomes for sale historical look

Real Estate Inventory:

1. Total Number of South East Pasadena Condos and Townhomes for Sale: 123

2. Number of new listings on the real estate market: 43

3. Number of condominiums/townhouses going under contract (in escrow): 14

4. Number of Pasadena homes SOLD: 9

Pasadena Home Pricing:

5. Average Price of Pasadena Condos in the South East neighborhoods for Sale: $513,000

6. Average Sold Price of SE Pasadena Condos for Sale: $405,000

7. Average Price Per Square Foot of Sold Homes: $409

8. Difference of Sold to ORIGINAL List Price: 98%

Length of Market Time:

9. Days on the Market: 53

Observations:

A couple of interesting facts -

The volume of available condos and townhomes for sale went up by 7% from August of 2009. However, the actual number of units sold decreased by 61%.

Average price per square foot went up by 18.2% from $346 in August of 2009, but the average sales price went down by 3.6% from $532,000.

Average sold price is only 1.8% lower than 15 months ago.

South East Condos and Townhomes for sale:

See all South East Condo listings updated "real time" here.

READ MORE: Pasadena Real Estate Guide and 365 Things To Do In Pasadena®

Pasadena Single Family - 9 key real estate statistics report

If you are thinking of buying or selling a Pasadena home, Pasadena condo or townhome, please give us a call for a comprehensive and free consultation. We can be reached at 626-6298439.

 

Pasadena Views Real Estate Team

Pasadena Real Estate Agents

(626)629-VIEW (8439)

 

Nov. 17, 2010

Top 9 Pasadena Real Estate Statistics

Let's take a look at the top 9 Pasadena real estate statistics for single family homes for the month of October 2010.

Real Estate Inventory:

1. Total Number of Pasadena Homes for Sale: 344

2. Number of new listings on the real estate market: 116

3. Number of homes going under contract (in escrow): 81

4. Number of Pasadena homes SOLD: 54

Pasadena Home Pricing:

5. Average Price of Pasadena Homes for Sale: $1,028,000

6. Average Sold Price of Pasadena Homes for Sale: $768,000

7. Average Price Per Square Foot of Sold Homes: $393

8. Difference of Sold to ORIGINAL List Price: 88%

Length of Market Time:

9. Days on the Market: 104

Observations:

A couple of interesting facts -

The volume of available homes for sale went up by 36% from October of 2009. However, there are 29% less sales this month from last year.

Looking at historical price per square foot of sold homes in Pasadena, $393 is the same price per square foot as in 15 months ago. No change at all.

Average sold price is only 1.8% lower than 15 months ago.

For a list of all Pasadena homes for sale, please visit Pasadena Homes for Sale post.

READ MORE: Pasadena Real Estate Guide and 365 Things To Do In Pasadena®

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

 

Pasadena Views Real Estate Team

 

Pasadena Real Estate Agents

 

(626)629-VIEW (8439)

 

Nov. 10, 2010

Pasadena California Homes for Sale 91105-real estate for sale around South Lake District

Pasadena homes for sale in 91105 Zip Code

Below, is a list of homes for sale listed in the Multiple Listing Service (MLS) in the Pasadena California zip code 91105. Feel free to click on any property for more information like price, interior details, photographs and more. You can also create a VIP account which will save your home searches and will email new home listings to you as they become available. This way, you will not miss your opportunity to own a home in Pasadena California.

Immediately below the map, you will find a few of the most recently listed Pasadena homes for your review. This property list is updated automatically as new home listings come up on the real estate market.

Give us a call at (626) 629-8439 if you would like to schedule a time to see any of these homes for sale or meet for a home buyer consultation


Interested in seeing what homes in 91105 zip code are available for sale? Click on the home search button below to search for full access to the Multiple Listing Service. 

READ MORE:  Pasadena real estate update 2012 – see luxury home sales.


Irina is a Top Realtor and the founder and President of Pasadena Views Real Estate Team™. She is available to assist you in all of your Real Estate transactions. Email or call her today at (626)629-8439.

Are you relocating to Pasadena?  If so, take a look at our 365 Things To Do In Pasadena® .  Call us at 626-629-8439 to schedule a time for your free home buyer or home seller consultation!

Pasadena Views Real Estate Team
Pasadena Real Estate Agents
(626) 629-8439
Email Us Here



Nov. 9, 2010

Pasadena homes for sale 91101-Pasadena CA Real Estate

Pasadena homes for sale in 91101 Zip Code

Below, is a list of homes for sale listed in the Multiple Listing Service (MLS) in the Pasadena California zip code 91101. Feel free to click on any property for more information like price, interior details, photographs and more. You can also create a VIP account which will save your home searches and will email new home listings to you as they become available. This way, you will not miss your opportunity to own a home in Pasadena California.

Immediately below the map, you will find a few of the most recently listed Pasadena homes for your review. This property list is updated automatically as new home listings come up on the real estate market.

Give us a call at (626) 629-8439 if you would like to schedule a time to see any of these homes for sale or meet for a home buyer consultation.

 

 

Pasadena Views Real Estate Team
Pasadena Real Estate Agents
(626) 629-8439
Email Us Here


Nov. 8, 2010

Mortgage Insurance: How do you want to take your medicine?

Mondie Picl - Mortgage Consultant

Guest Author: Mondie Pic'l

Mortgage insurance is a lot like medicine. You know you have to have it but it doesn't mean you have to like it. When you take medicine you can often choose to take it in a liquid, a pill or a shot. What many consumers don't know is that mortgage insurance also gives you choices when taking your "medicine".

Why Mortgage Insurance?

Mortgage insurance, also known as Private Mortgage Insurance or PMI, helps lenders mitigate risk and exposure when lending to borrowers who are putting less than 20% down on the purchase or has less than 20% equity for a refinance of the their home. Without Mortgage insurance home buyers would have to save for a significant down payment and wait much longer to purchase a home.

How does it work?

Mortgage Insurance is designed to compensate lenders and or investors for losses due to the default of a mortgage loan. For instance

  • A borrower buying a $150,000
    home makes a 10%, or $15,000, down payment.
  • The lender then obtains
    private MI on the borrower's $135,000 mortgage, reducing its exposure to loss
    from $135,000 to $101,250.
  • The private MI covers the top
    portion of the mortgage - usually the top 25% to 30%. In this case, the MI will
    absorb 25%, or $33,750, of any ultimate loss to the lender.

What are your choices?

The cost of mortgage insurance will vary depending upon the loan term, type of loan, credit scores (typically a 680 mid score is required on conventional loans), proportion of total home value that is financed and amount of coverage required for the loan program. However, there are choices you can make as to how you want to pay.

There is no one size fits all solution to mortgage insurance, there are pros and cons to each option. The key is to choose the one that best fits your situation. The problem is that many lenders only offer one option without educating the borrower on the available options or taking the time to evaluate which one fits the individuals needs best.

Monthly Mortgage Insurance The most common type of mortgage insurance, it is added each month to your principal and interest payment. For instance with a $200,000 loan with a 10% down payment and a 700+ FICO on a 30 year fixed rate loan, the annual mortgage insurance would be approximately .56%. Divided over 12 months which means you will pay an additional $93.33 per month in addition to your monthly payment.

Advantages

This
type of mortgage insurance can be removed typically when your properties value
increases (based on a new appraisal) so that your loan is a total of 75% of the
value of the home. Also under the
Federal Homeowner's Protection Act MI can be cancelled automatically when the
loan amount reaches 78% of the original appraised value.

Some
homeowners may have some tax deductibility with mortgage insurance. The MI tax deductibility
provision passed in 2006 provides for an itemized deduction for the cost of
homeowners earning up to $109,000 annually. The original law was extended
through the 2010 tax year.

Single Premium - Mortgage Insurance can be paid in a single premium. On the same $200,000 loan with a 10% down payment and 700 FICO and a 30 year fixed rate you can purchase a single premium for approximately 1.45% or $2900. Now this may sound like a large sum for someone who is struggling to put together the 10% down payment. However what borrowers dont always think about is their ability to negotiate to have the seller pay expense for them. It is important to discuss this option with your Realtor prior to making an offer. Many times your offer will be slightly higher in order to offset the cost you are asking to have paid by the seller.

Idea for home Sellers - This is also something for home sellers to think about. If you want to have your property stand out in the market offering to pay for the mortgage insurance for a home buyer is a BIG plus. For a $2900 expenditure (using the example) you will be saving the buyer $1116 per year ($93 x12). Assuming it takes 5 years to accumulate enough appreciation to remove the mortgage insurance the buyer would realize as a savings of $5580 for a $2900 expenditure on your part.

Split Premium- This is a newer option that allows for a partial payment upfront and the balance paid monthly. Using the same $200,000 loan you would pay approximately .84% upfront ($1680) and .70% annually or $70 per month. This is a way for the seller to pay a portion and the buyer to finance the remainder monthly.

Lender Paid Mortgage Insurance - Whenever you hear about a 10% down loan with no mortgage insurance you need to be a bit suspicious. Chances are you are being sold Lender Paid Mortgage Insurance. In this instance you agree to accept a higher interest rate (usually about .375% to .50% higher) and the lender pays the mortgage insurance on your behalf.

Advantages

This is an excellent option for homebuyers with incomes that do not qualify for the Mortgage Insurance Tax Deduction. It allows the home buyer to take an expense that is non-tax deductible and convert it into an interest expense which has potential tax deductibility.
The total payment with mortgage insurance and the increased payment with lender paid mortgage insurance are usually very close. The only drawback to lender paid mortgage insurance is the inability to remove it. With the monthly mortgage insurance you are able to decrease your payment after your equity increases.

READ MORE: Do you need a buyer's agent when shopping for a home?

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Mondie Pic'l is the Branch Manager with Fairway Mortgage. She has over 25 years
mortgage banking experience and has demonstrated a lasting commitment to
providing personalized customer service.

Please feel free to visit Mondie's web site at www.mondiepicl.com. Her
direct line is 626-233-1303

Nov. 1, 2010

Pasadena Condo for Sale in the Playhouse District

Quattro Blu, a newer complex located at 128 North Oak Knoll Avenue brings you a beautiful penthouse style condo for sale - 128 North Oak Knoll #309.

This beautiful 2-story penthouse condo in Pasadena's Quattro Blu building is nestled in the heart of the Playhouse District and will be available for for sale soon.
Looking for urban living? If so, Quattro Blu is for you!
Quattro Blu offers upscale ambiance with easy access to restaurants, cafes, shops, several theaters and Pasadena's newly renovated City Hall. Minutes away from historic Old Pasadena, South Lake District, everything you would expect from Pasadena is at your fingertips.
With a WalkScore of 94 out of 100, this location is listed as Walker's Paradise with only 7% of Pasadena properties having a higher score! See below!

List Price: $585,000

MLS#: 22143097

Year Built: 2004

Bedrooms/Bathrooms: 3 bedrooms and 3 baths

Interior Square Footage Data per Assessor: 1,630 sq. ft.

HOA (Home Owner Association) Dues $421.00

Parking - subterranean 2 side by side parking spaces

Features:

  • Interior: 2 fireplaces, GE Profile Stainless Steel Appliances, Dual Zone Central Air Conditioning/Heating, Full Size Laundry Room inside the unit, Balcony overlooking a peaceful courtyard, Unit Wired for a Home Theater System including Surround Sound System and Wall Mount Plasma TV, Alarm System
  • Exterior: A chic, modern building with a gym, large private storage, secured parking with lots of guest parking, beautifully landscaped interior courtyard.

DESCRIPTION:

A formal entry leads you into this spacious condominium located on the top 2 levels of Quattro Blu. A spacious living room opens up onto a wrought iron balcony overlooking a lush, beautifully landscaped and sculpted interior courtyard. Wired for surround home theater system, both sound and tv, the living room has a fireplace for cozy evenings.

Entry level offers a bedroom, a luxurious full bath and a gourmet kitchen with stainless steel GE Signature appliances, granite counter tops and a bar making it perfect for entertaining.

Beautiful, winding staircase takes you to your master bedroom with its own fireplace. A lavish spa-like bathroom with an oversize tub, separate, stand-alone shower, dual sinks and multiple closets complete this master retreat.

 

A third bedroom with its own luxurious bath and a separate laundry room with included washer and dryer is on the 2nd floor level as well for the added convenience.

See all Pasadena Condos for sale here.


READ MORE:  Pasadena real estate update 2012 – see luxury home sales.


Irina is a Top Realtor and the founder and President of Pasadena Views Real Estate Team™. She is available to assist you in all of your Real Estate transactions. Email or call her today at (626)629-8439.

Are you relocating to Pasadena?  If so, take a look at our 365 Things To Do In Pasadena® .  Call us at 626-629-8439 to schedule a time for your free home buyer or home seller consultation!

Posted in Buyers, Pasadena