Pasadena Real Estate - Everything You Ever Wanted to Know About Buying or Selling Your Home in Pasadena!

Greater Pasadena real estate market trends, valuable news about market conditions, including foreclosure information in Pasadena and surrounding cities plus much more.

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Aug. 30, 2010

Pasadena Real Estate Market: A 10 Year Home Sale Review

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:

Pasadena California Foreclosure Outcomes

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.

Aug. 25, 2010

Sierra Madre Real Estate Market Update for Summer 2010

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:

Sierra Madre Homes Median Sales Sold Price

Housing Units For Sale/Sold In Sierra Madre:

Sierra Madre Home Volume

How Long Does It Take to Sell a Sierra Madre Home?

Average Days on the Market

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.

Aug. 12, 2010

Pasadena Views Real Estate Blog Nominated for Best Pasadena Blog Award

UPDATE! Drum Rolls Please...........

And... Pasadena Views Blog is the official People's Choice Winner!!!!! Thanks to everyone who voted for making us #1!!!!

People's Choice Pasadena Real Estate Blog Winner

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!!!!

Pasadena Real Estate

THANKS to all our loyal readers!!!!!

Aug. 6, 2010

FHA Changes Coming Soon - Breaking News!

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) and
Increase 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'l at Fairway Mortgage a call. She can be reached at 626-233-1303.

READ MORE:

Pasadena Real Estate Guide

July 17, 2010

Orange Grove Condos and Townhomes for Sale in Pasadena

[idx-listings linkid="124695" count="1000" showlargerphotos="true"]

June 6, 2010

Arcadia Homes for Sale - Real Estate Update and Trends for May 2010

Arcadia Real Estate Update

It's been awhile since I ran real estate statistics for my readers on Arcadia California. So... to make up for it, you'll get a ton of data that you can chew on... :)

Let's take a look at a couple of things. First, the last few months of our regular data below shows that the number of new homes and the overall inventory of units in Arcadia for all types of properties is staying pretty stable.

Price per square foot of sold single family Arcadia homes is inching up closer to the mid $400 range. It'll be interesting to see if the price will flat line during the summer or move a bit up. My guess is that it will remain pretty stable since the inventory is not moving overly quickly.

There has been an increase in sales for both condos and townhomes. However, the price per square foot moved down a bit.

Arcadia real estate statistics for February 2010 through May 2010:

Single
Family Residence
Feb-10 Mar-10 Apr-10 May-10
New
Listings
43 60 51 60
Total
Listings
111 146 143 147
Sales
Pending
21 40 43 32
Homes Sold 16 16 37 41
Listings
Expired
15 13 9 12
Average Days
on the Market
30 57 44 42
Average
Price Per Sq. Ft.
$402 $416 $424.62 $435.62
Median
Selling Price
$824,900 $846,500 $850,000.00 $785,000.00
Average
Selling Price
$1,064,768 $976,873 $1,115,000.00 $886,162.00
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
30.1 39.5 16.7 15.5
Condos Feb-10 Mar-10 Apr-10 May-10
New
Listings
19 18 12 11
Total
Listings
36 45 35 41
Sales
Pending
4 7 18 6
Condos Sold 6 7 7 14
Listings
Expired
6 5 4 1
Average Days
on the Market
78 68 44 74
Average
Price per Sq. Ft.
$315 $314 $319 $315
Median
Selling Price
$445,000 $498,000 $400,000 $563,500
Average
Selling Price
$467,388 $465,857 $545,398 $545,843
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
26.0 27.9 21.7 12.7
Townhomes Feb-10 Mar-10 Apr-10 May-10
New
Listings
7 7 14 13
Total
Listings
13 20 22 27
Sales
Pending
3 4 10 7
Townhomes Sold 3 3 2 7
Listings
Expired
2 2 0 1
Average Days
on the Market
29 53 22 47
Average
Price Per Sq. Ft.
$313 $316 $339 $302
Median
Selling Price
$443,000 $515,000 $631,500 $566,000
Average
Selling Price
$464,500 $481,667 $631,500 $565,286
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
18.8 28.9 47.7 16.7

Longer view Arcadia real estate trends?

I wanted to show you the investment return on Arcadia real estate - all property types - based on a purchase five years ago vs. 1 year ago. Trendgraphix using the data from the Pasadena Foothill Association of Realtors captures the following information:

1 month 1 year 5 years
Mar 10 Apr 10 % Change Apr 09 Apr 10 % Change Apr 05 Apr 10 % Change
Avg. Active Price 1193 1159 -2.8% 1275 1159 -9.1% 1132 1159 2.4%
Avg. Sold Price 860 999 16.2% 715 999 39.7% 797 999 25.3%

Real Time Arcadia Real Estate Statistics and Home Sales Data:

Information below is provided by Altos Research and will be updated every week as new real estate data for Arcadia California is available. Feel free to bookmark this post and refer to it often.

7-day stats for Single Family properties in
ARCADIA, CA as of May 14, 2010
Median List Price $950,000 Average List Price $1,293,545
Total Inventory 196 Price per Square Foot $421
Average Home Size 2,435 Median Lot Size 10,450
Average # Beds 3.86 Average # Baths 2.78
Homes Absorbed 9 Newly Listed 23
Days on Market 96 Average Age 46

Median Price for homes in ARCADIA, CA All ZIP Codes

Median Price for homes in ARCADIA, CA All ZIP Codes as of May 14, 2010 is $950,000

Inventory for homes in ARCADIA, CA All ZIP Codes

Inventory for homes in ARCADIA, CA All ZIP Codes as of May 14, 2010 is 196

Average Days on Market for homes in ARCADIA, CA All ZIP Codes

Average Days on Market for homes in ARCADIA, CA All ZIP Codes as of May 14, 2010 is 96

Median Price per Sqft for homes in ARCADIA, CA All ZIP Codes

Median Price per Sqft for homes in ARCADIA, CA All ZIP Codes as of May 14, 2010 is $421

Interested in seeing homes available for sale in Arcadia?

For details on any of the above properties, please visit Arcadia Homes for sale post.

For weekly updates on Arcadia

real estate market activity, please feel free to request
market
analysis reports with detailed information by clicking
here to be taken to the market analysis website page
.
These reports are gathered and updated by Altos
Research
and will be emailed to you with my compliments.

PasadenaViews
Real Estate Team 

 

Arcadia Real
Estate Agents

Pasadena, California

Email Irina

(626)629-VIEW (8439)

 

June 6, 2010

Monterey Hills Condo and Townhome Inventory Still Low

Monterey Hills Real Estate Update

It's time to take a look at The Hill - Monterey Hills! Inventory, unfortunately, is still extremely low. Let's take a look at the chart below from Trendgraphix documenting the real estate data from Pasadena Foothill Association of Realtors.

It's interesting to note that unit volume went down 56.7% from April of 2007 to April of 2010, from 69 units to only 30 available Monterey Hills properties for sale.

Monterey Hills real estate unit volume 2007 -2010

Only a few listings are coming on the market each months and very few sales are closing.

Additional Monterey Hills statistics to consider:

Condos Feb-10 Mar-10 Apr-10 May-10
New
Listings
4 9 11 4
Total
Listings
19 19 23 23
Sales
Pending
6 8 8 8
Homes Sold 2 5 4 2
Listings
Expired
3 2 4 3
Average Days
on the Market
73 50 59 58
Average
Price Per Sq. Ft.
$247 $291 $282 $251
Median
Selling Price
$327,500 $325,000 $336,500 $248,500
Average
Selling Price
$327,500 $318,900 $340,625 $248,500
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
41.2 16.5 24.9 49.8
Townhomes Feb-10 Mar-10 Apr-10 May-10
New
Listings
1 1 0 0
Total
Listings
2 1 1 1
Sales
Pending
2 1 0 0
Homes Sold 0 0 1 2
Listings
Expired
0 0 1 0
Average Days
on the Market
n/a n/a 36 n/a
Average
Price Per Sq. Ft.
n/a n/a $277 n/a
Median
Selling Price
n/a n/a $445,000 n/a
Average
Selling Price
n/a n/a $445,000 n/a
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
n/a n/a 4.3 n/a

Looking backwards... if you bought a Monterey Hills condo 10 years ago and held on to the property, what kind of returns would you expect to see? Let's take a look below:

Monterey Hills investment trend 10 years running

Not bad... a nice return of close to 150%.

Here's a look of Monterey Hills homes available for sale now:

And, if you're interested in seeing all the details of these condos and townhomes, please bookmark Monterey Hills condos and townhomes for sale post which is updated every few hours with the most current real estate listing information.

For more information on specific complexes, read more below:

Austin
Terrace

Bradley
Court - PUDs

Huntington
Terrace

Fremont
Villas

Linden
Heights

Vallejo
Villas

PasadenaViews
Real Estate Team 

 

 

Monterey Hills
Real
Estate Agents

Pasadena, California

Email Irina

(626)629-VIEW (8439)

May 20, 2010

Luxury Estates Around Langham Hotel in Pasadena California

Langham Hotel, previously known as the Pasadena Ritz Carlton, is surrounded by some of the most beautiful luxurious estates in Pasadena and San Marino. So, if you are curious to see what's available in the Langham Huntington Hotel Neighborhood, let's take a look at a couple of homes I previewed today.

1535 Kenmore Road, Pasadena

1535 Kenmore Road Pasadena

My personal favorite of the tour. This 4 bedroom, 3 bath home is right around the corner, on a cul-de-sac, with a tranquil and peaceful back yard.

Per Listing Agent: An entry is a journey, & architect Miller Fong has employed harmony,
flow & spatial dynamics to guide us into his own stylish
contemporary world. This striking residence is open & livable w/ a
flexible floor plan, walls of glass & remarkable vistas. On
entering, a serpentine wall leads past a spacious den w/ fireplace
towards the great room w/ generous seating area, fireplace, dining space
& fantastic kitchen w/ newer stainless appliances. The materials
are exciting: a mosaic tile backsplash is juxtaposed against a polished,
stained concrete floor; marble counters are a foil for sponged walls;
& natural skylights contrast w/ European, low voltage cable strung
lighting. A convenient guest bath & laundry are adjacent. The master
suite offers a grand picture window, a spectacular bath w/ Jacuzzi tub
& wall-less garden shower & a dream dressing room that shares
the entry's dramatic serpentine wall. 3 additional bedrooms, a handsome
bath & extensive patio space complete this exquisite home.

Listed with
Tink Cheney, Coldwell Banker

830 Huntington Garden Drive, Pasadena California

This home is right behind the Langham on the magical Huntington Garden Drive.

830 Huntington Garden Drive Pasadena CA

Per Listing Agent A traditional Cape Cod near the Langham Hotel on a quiet street. The
lovely kitchen is updated with granite counters and newer appliances. A
large bedroom suite is on the same floor level with the living room, the
dining room, & kitchen. The living room is special living space
with an elegant fireplace, and views over the pool. The family room is
downstairs with bathroom, and 3 bedrooms with access to pool area and
gardens. There is a stone patio, a wood deck and grassy area with a
beautiful pool. The bathrooms are marble with granite counters hardwoods
and limestone floors.

Listed with Monica Wilson (w/ Janet Fitzgerald), Coldwell Banker

445 Buena Vista Street, San Marino California

Close enough to the Langham, but just a few blocks away from San Marino's Mission District and infamous Julienne's Restaurant. The best of both worlds! In conversation with the listing agent, this property is not expected to be available for longer than a week or so. Multiple offers expected.

445 Buena Vista San Marino

Per Listing Agent: FABULOUS MONTEREY COLONIAL HOME IN THE POPULAR MISSION DISTRICT. A
WONDERFUL NEIGHBORHO0D NEAR PASADENA & SOUTH PASADENA,PLUS EASY
ACCESS TO THE 110 FREEWAY.Y0U WILL LOVE THIS LOCATION. DON'T MISS THIS
LOVELY SPACIOUS, REMODELED HOME; IT'S A TRUE GEM. GREAT 3RD FLOOR LOWER
LEVEL WITH A FIREPLACE, 2 WINDOWS, BUILT-IN CUPBOARDS, AND NEWER
CARPET.A PERFECT AREA FOR A MEDIA ROOM OR RECREATIONAL AREA.

Listed with Linda O'Neal, Dilbeck Realtors

1335 Saint Albans Road San Marino

This home is also in San Marino known for its #1 rated California Public Schools. It is almost across the street from Lacy Park with its rose garden and tennis courts. If you're looking for a Mid-Century this luxury property might be for you.

1335 St Albans Road San Marino

Per Listing Agent - A spacious one story mid century home situated on over 1/2 acre (25,200
sq.ft.) in one of the most desirable San Marino locations, adjacent to
Lacy Park and the Huntington Library. Enter this beautiful home through
Chinese fret work entrance. This home features 4bed, 3ba., powder
room, large living room with raised marble fireplace, formal dining
room, kitchen with breakfast area, charming wood paneled family room
with built in book shelves, corner fireplace and wet bar, a grand sized
multipurpose garden room overlooking and opening out to rear patio
gardens and pool. The exquisite professionally landscaped front and
rear gardens featuring oversized resort style pool, specimen trees:
palms, bamboo, foliage plantings and ferns, rear patio, private rear
deck, two 2-car detached garages, all add to and extend the livability
of the San Marino residence.

Listed with Linda Chang (w/ Brent Chang), Coldwell Banker

Listing information for properties above is deemed reliable but not guaranteed. Read full disclaimer.

Take a look at some of the other San Marino homes for sale below:

For specific details of the home above, please visit San Marino Luxury Homes For Sale.

IRINA NETCHAEV
& ASSOCIATES

PasadenaViews
Real Estate Team

Pasadena, California

Email Irina

(626)629-VIEW (8439)

Posted in Buyers, Pasadena, San Marino
May 20, 2010

Facing Foreclosure? You Could Owe Your Lender Thousands of Dollars

Foreclosed homeowners could owe 'tens thousands of dollars' to lenders

California Association of Realtors reports:

Facing the possibility of foreclosure, California homeowners may be hit with more than just losing their homes. Due to a loophole in state law, they also can be sued by their lender. To prevent this, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) is sponsoring Senate Bill 1178 by State Sen. Ellen Corbett (D-San Leandro), which will extend anti-deficiency protection for consumers who have refinanced their original mortgage loans and now are facing foreclosure.

KEEP THIS IN MIND

  • Currently, if a homeowner defaults on a mortgage used to purchase his or her home -- known as a "purchase money mortgage" -- the homeowner's liability on the mortgage is limited to the property itself. Unfortunately, the original law did not extend the purchase money protection to loans that refinance the original purchase debt, even if the refinance only was to obtain a lower interest rate.
  • Californians who refinance a property currently do not have protection if they default on a mortgage greater than the property's value. Called a "deficiency" liability, under current California law, the lender can sue the former homeowner for the amount of the deficiency even after taking back the property.
  • Recent years of low interest rates and aggressive marketing campaigns by lenders have induced tens of thousands to refinance mortgages. Few homeowners realized that by refinancing their mortgage, they were forfeiting their protections and now are personally liable.

Here's a video that explains this a bit more.

READ MORE: What can we expect in the 2010 foreclosure market?

Pasadena Foreclosure List

 

IRINA NETCHAEV
& ASSOCIATES

PasadenaViews
Real Estate Team

Pasadena, California

Email Irina

(626)629-VIEW (8439)

May 5, 2010

Is your Realtor using Social Media to Sell Your Home?

Interviewing to hire a real estate agent to sell your home? With 93% of all home buyers starting their home search on-line, one of the critical questions to ask is how will your real estate utilize internet to get your home the most visibility?

Most realtors will just place your home for sale in their MLS (Multiple Listing Service) and hope that the MLS will feed information to other sites. Oh... and let's not forget the sign on the lawn and the flyer box. Unfortunately, that's the extent of most real estate agent's marketing plan.

To get the top price for your home, your realtor needs to understand how to maximize all the resources available and have a comprehensive internet marketing and social media strategy.

Some of the questions to ask the realtor you're interviewing:

1. Which internet sites will my home be listed in?

2. Will you be able to list my home on all the major brokerage websites?

3. What is syndication and how will that be used to market my home?

4. Do you know how to optimize the listing of my home to ensure that it is at the top of the search page on real estate sites like realtor.com?

5. Do you have a facebook fan page and how many followers do you have?

6. Are you active on twitter? How many followers do you have?

7. Do you have a YouTube channel and what is your strategy on posting to YouTube?

8. What is the strategy for promoting my home on classified services? (and... I don't mean newspapers...)

9. Do you have a blog or a website? Both? How many and how is it optimized? What is the page rank? What is the traffic for your site? Can you support it by showing me Google Analytics numbers?

10. How do you use SEO? What is SEO? What does this mean for my home marketing?

11. Will your Realtor use PPC to market your home?

12. Most realtors will now offer a home listing site on your home's individual domain. However, the question to ask is, not only will your real estate agent offer that service, but where will this site be hosted? If it's not tied to a top rated optimized site, no one will find it.

And, of course... don't forget to GOOGLE YOUR REALTOR! You'd be surprised as to what you might find out.

Now... internet and social media strategy should not stand alone, but be part of a comprehensive marketing strategy. However, many real estate agents are not familiar with these strategies and continue to try and sell homes with old fashioned, traditional real estate techniques. If you want top dollar for your home, make sure that the realtor you hire is on top of the changing real estate landscape and is a pioneer in social media and internet marketing.

Why is Social Media a critical part of your home's selling strategy?

Call me today, to see how your home can get the best of both traditional and internet marketing and understand the 5 critical areas that need to be addressed to get you what you want in the time you want it. Get your home sold for top dollar!

 

PasadenaViews Real Estate Team

Pasadena Real Estate Agents

Pasadena, California

Email Irina

(626)629-VIEW (8439)