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.

Find your home in Pasadena
Dec. 17, 2008

Why Foreclosure Homes are NOT What You Think They Are

This question comes up quite often these days:

"What is the difference between a foreclosure property and REO (real estate owned)?
A foreclosure is a legal process in which, against the wishes of the owner, real property is sold to satisfy a public or private debt for which the real property has been pledged as security.
Real Estate Owned (REO) is real property that has been foreclosed by a lender and is now owned by the lender.
There's a lot of confusion between a foreclosure and REOs. When real estate buyers call me asking about foreclosures in most instances, they are really inquiring about REOs and here's why?

  • A foreclosure property goes through a foreclosure auction which is usually held on an assigned date on the steps of a local court house.
  • Foreclosure property buyers need to be able to purchase the property for ALL CASH.
  • Foreclosure property buyers inherit all unpaid liens, including mortgage debt, taxes, construction loans, home equity lines of credit, and possibly a second or third mortgage.

On the other hand, an REO property is:

  • REO property is already owned by the bank.
  • Home buyers are able to get a regular mortgage or loan on that property. All cash is not needed.
  • REO properties in most instances come with clear title.

Five things to look for when purchasing REO or already foreclosed homes:

  1. Work with your Pasadena realtor and the Title Company representative to ensure that the title to the Pasadena home you're buying is free and clear.
  2. Understand that most foreclosures occur in a down-trending market. Factor in falling home prices into your purchase offer. Look at the current local market conditions and historical trends prior to submitting your offer to the bank.
  3. Banks do NOT provide many disclosures, so be prepared for surprises. Ensure that all home inspections are completed - don't forget a sewer line inspection - prior to close of escrow.
  4. Look for neighborhoods that are not overrun with foreclosures. Neighborhoods with many foreclosures might offer better prices, but will take a lot longer to turn around and the home prices will continue to depreciate.
  5. If you are looking to buy an already foreclosed property as an investment, be aware that lenders charge higher interest rates on 2nd homes and investment property. Speak to a lender and get fully approved prior to making an offer.

Below is a list of REOs or already foreclosed homes in San Gabriel Valley including Pasadena and surrounding cities:

Interested in discussing if a foreclosed home is right for you? Give me a call at 626-627-7107.

Dec. 14, 2008

Altadena Real Estate Market Report - November 2008

The number of home sales in Altadena has plummeted in November to 17 from 30. That's quite a drastic drop in sales with December not looking any more promising since the number of Altadena homes in escrow at only 18.

Overall, the price per square foot is holding in the low $300s, but Altadena homes in the higher price range are just not moving. That's indicative of the Altadena median home price dropping to $360,000.

Altadena homes on the market now are averaging around $730,000.

The highest priced home in Altadena for sale in November was at 1690 East Altadena listed for $2,850,000.

The lowest priced Altadena home for sale in November was at 849 Figueroa Drive for $240,000.


Single
Family Residence
Sep-08 Oct-08 Nov-08
New
Listings
30 37 15
Total
Listings
108 121 100
Sales
Pending
33 22 18
Homes Sold 30 30 17
Listings
Expired
21 11 13
Average Days
on the Market
139 129 85
Average
Price Per Sq. Ft.
$360 $321 $314
Average
Median Price
$483,500 $460,000 $360,000
Average
Selling Price
$553,587 $528,987 $543,082
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
15.6 17.5 25.5
Condos
and Townhomes
Sep-08 Oct-08 Nov-08
New
Listings
0 2 0
Total
Listings
0 2 0
Sales
Pending
0 1 1
Homes Sold 0 0 1
Listings
Expired
1 1 0
Average Days
on the Market
n/a n/a 93
Average
Price Per Sq. Ft.
n/a n/a $206
Average
Median Price
n/a n/a $220,000
Average
Selling Price
n/a n/a $220,000
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
n/a n/a 0.0

Below is a list of all Altadena homes for sale in the Multiple Listing Service.
To get notified of new Altadena listings as they come up on the market, please register for a free VIP account and set up your own Altadena home criteria and as many searches as you would like:

To search Altadena foreclosures, as well as, foreclosures in Pasadena and surrounding cities, please see the list below:

Data compiled from ITEC (Pasadena Foothill Association Multiple Listing
Service)

I invite you to request
Altadena's real estate market real time reports
by clicking How's the
Market
button on my real estate blog. These reports are compiled
by Altos Research and the analysis is
emailed to you weekly. I also offer real estate market reports for San Gabriel,
San Marino, South Pasadena, Pasadena, Arcadia, Altadena, Monterey Hills and
more.

If you would like to search
for homes in Altadena
, please visit the free
home search
here on this real
estate website
.

For a private consultation about buying or selling your Alhambra
home
, or if you have other real estate related questions, I'd love to
hear from you at 626.627.7107.

Posted by Irina Netchaev, real estate broker

Dec. 14, 2008

Alhambra Real Estate Market Report - November 2008

The volume of listings in Alhambra has remained pretty constant in the last several months, although we see a definitely decrease in the number of home sales sold - down from 13 homes sold to only 7. Alhambra condos and Alhambra townhome sales remained fairly stable although December is going to show a dramatic drop since only 1 condo/townhome went into escrow in November.

Alhmabra homes that did sell in November, sold on average at 96% of asking price, although 3 homes out of 8 sold at or above asking.

Average price per square foot for Alhambra homes listed for sale is $377 way above, the average sold price of $329 which would explain why these homes are staying on the market for so long - 127 days on average. Absorption rate (number of weeks that it takes to sell Alhmabra homes given existing inventory and rate of sales) has increased to over 33 weeks.

Lowest priced Alhambra home on the market for November 2008 was at 3710 Stockbridge Avenue, a 2 bedroom/1 bath at $425,000.

Highest priced Alhambra home on the market for November 2008 was at 1302 Hoeffer Drive - a 5 bedroom/6 bath, new construction at $1,890,000 at a whopping $525 per square foot.

Alhambra real estate market statistics for September through November 2008:

Single
Family Residence
Sep-08 Oct-08 Nov-08
New
Listings
14 12 14
Total
Listings
54 52 54
Sales
Pending
12 8 8
Homes Sold 13 13 7
Listings
Expired
12 12 7
Average Days
on the Market
213 145 92
Average
Price Per Sq. Ft.
$328 $360 $329
Average
Median Price
$495,000 $525,000 $540,000
Average
Selling Price
$693,241 $517,808 $552,714
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
18.0 17.3 33.4
Condos
and Townhomes
Sep-08 Oct-08 Nov-08
New
Listings
10 10 12
Total
Listings
37 35 40
Sales
Pending
4 11 1
Homes Sold 9 5 7
Listings
Expired
10 6 5
Average Days
on the Market
40 66 45
Average
Price Per Sq. Ft.
$316 $271 $269
Average
Median Price
$412,500 $365,000 $365,000
Average
Selling Price
$403,299 $349,000 $367,000
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
17.8 30.3 24.8

If you are interested in seeing all current Alhambra homes for sale, see the list below.

Feel free to sign up for a VIP membership which will allow you to save home searches and be notified via email every time a new Alhambra home is listed with your saved criteria.

If you are interested in seeing all foreclosures in Alhambra and surrounding cities, see the list below:

Data compiled from ITEC (Pasadena Foothill Association Multiple Listing
Service)

I invite you to request
Alhambra's real estate market real time reports
by clicking How's the
Market
button on my real estate blog. These reports are compiled
by Altos Research and the analysis is
emailed to you weekly. I also offer real estate market reports for San Gabriel,
San Marino, South Pasadena, Pasadena, Arcadia, Altadena, Monterey Hills and
more.

If you would like to search
for homes in Alhambra
, please visit the free
home search
here on this real
estate website
.

For a private consultation about buying or selling your Alhambra
home
, or if you have other real estate related questions, I'd love to
hear from you at 626.627.7107.

Posted by Irina Netchaev, real estate broker

Dec. 12, 2008

San Gabriel Valley Foreclosures - Bank Owned Property for Sale in Pasadena and Surrounding Cities in Southern California

[idx-listings linkid="125378" count="1000" showlargerphotos="true"]

Dec. 9, 2008

South Pasadena Real Estate Market Report - November 2008

The number of single family homes sold in South Pasadena in November almost doubled from the previous several months, while the inventory of available South Pasadena homes for sale remains the same. This drives the absorption rate down quite drastically from almost 30 weeks on the market to sell existing inventory of homes to approximately 19 weeks should the rate of sales remain the same.

Usually, December is a slow month for real estate buyers and sellers. Everyone is focused on shopping for the holidays and their upcoming vacations. Having said that, it's important to note that the home buyers who are looking are very serious shoppers with very specific requirements.

Potential South Pasadena sellers also need to keep in mind that the banks are sitting on a lot of foreclosures through the end of the year because it makes their "accounting" books look better. As soon as the 1st of the year rolls around, I believe that we'll see an increase in inventory at significantly lower prices since banks will be looking to unload their REOs (Real Estate Owned property). If you have a South Pasadena home that you are considering selling, do not wait too long because we do not know what the 1st quarter of 2009 will bring.

South Pasadena home buyers are already getting some pretty good deals with the price per square foot for sold homes hitting a low of $462 and condos and townhomes selling in the high $300 per square foot.

There is also quite a bit of discrepancy between the price per square foot of South Pasadena homes on the market - $518 - and the price per square foot of the homes sold - $463 - which would explain why the South Pasadena active home listings are staying on the market for an average of 137 days. That is over four months. South Pasadena need to track these statistics carefully to ensure that they are not chasing the market down.

Read also: Staying Sane in an Insane Buyer's Market

One South Pasadena home situated in the Marengo Estates area located at 838 Milan, South Pasadena, sold with multiple offers $200,000 over asking at $1,150,000. This is a prime example of great pricing and marketing.

Lowest priced South Pasadena home on the market in November was at 1108 Foothill Street - a 2 bedroom and 1 bath cottage - listed at $439,000.

Highest priced South Pasadena home on the market in November was at 1133 Buena Vista Street - a 7,500 sq. ft. estate - listed at $3,600,000.

Altos Research, one of the premier real estate statistics tracking companies in the nation, has this to say about South Pasadena:

The Market Action Index for South Pasadena has been trending down lately, indicating demand falling along with supply. Conditions point to mildly negative trends for the South Pasadena real estate market.

 

Read More: South Pasadena City Guide - relocation guide for South Pasadena

Search all South Pasadena properties on the market below:

South Pasadena real estate and housing statistics for September through November 2008:

Single
Family Residence
Sep-08 Oct-08 Nov-08
New
Listings
10 13 9
Total
Listings
33 34 35
Sales
Pending
9 8 0
Homes Sold 5 5 9
Listings
Expired
3 5 6
Average Days
on the Market
68 96 77
Average
Price Per Sq. Ft.
$499 $493 $462
Average
Median Price
$930,000 $940,000 $1,000,000
Average
Selling Price
$1,145,178 $1,037,300 $998,833
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
28.6 29.5 16.9
Condos
and Townhomes
Sep-08 Oct-08 Nov-08
New
Listings
6 4 5
Total
Listings
18 13 15
Sales
Pending
5 2 1
Homes Sold 5 4 2
Listings
Expired
5 0 3
Average Days
on the Market
111 186 18
Average
Price Per Sq. Ft.
$397 $401 $369
Average
Median Price
$590,500 $733,500 $482,450
Average
Selling Price
$637,200 $647,200 $482,450
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
15.6 14.1 32.5

Real estate data based on information from ITEC (Pasadena Foothills Association MLS service)


Additional Reading: San Marino California Real Estate Market Report for November 2008

CLICK HERE FOR A LIST OF ALL SOUTH PASADENA HOMES FOR SALE (Single Family Residences)

CLICK HERE FOR A LIST OF ALL SOUTH PASADENA CONDOS AND TOWNHOMES FOR SALE

Posted by Irina Netchaev, Pasadena Real Estate Agent.

Dec. 8, 2008

San Marino California Real Estate and Housing Report for November 2008

Even though San Marino has not escaped the touch of foreclosures, overall, real estate market is holding very well. Inventory is relatively unchanged with approximately 30 homes available for sale each month over the last couple of months and homes are selling on average at 1.67% over asking price.

The home on Charleton had multiple offers immediately after going on the market at a premium of $625 per square foot and is now in escrow.

Three out of four homes currently in escrow are over $2 million. Every Thursday broker open house I attend is busy with both real estate agents attending and buyers stopping by.

The lowest priced home in San Marino right now is at 1615 South Los Robles Avenue - a 3 bedroom, 3 bath priced at $989,500.

The highest priced home in San Marino is still the $7.9 million Old Mill Road estate. This luxury property sits on over 82,000 sq. ft. lot and has 8 bedrooms and 7 baths.

There is also one home for sale in unincorporated San Gabriel, but with coveted San Marino school district option. That home is at 7023 La Presa Drive and is listed for sale at $785,000. With 3 bedrooms and 2 baths, it's a nice starter home for families looking to get their kids into San Marino schools.

San Marino real estate market statistics for September through November 2008:

Single Family Residence Sep-08 Oct-08 Nov-08
New Listings 11 12 7
Total Listings 32 33 31
Sales Pending 6 8 4
Homes Sold 8 7 7
Listings Expired 7 3 5
Average Days on the Market 48 47 38
Average Price Per Sq. Ft. $625 $578 $597
Median Selling Price $1,714,526 $1,480,000 $1,220,000
Average Selling Price $1,584,600 $1,681,478 $1,230,714
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 17.3 20.4 19.2

Data of San Marino homes for sale and San Marino solds was taken directly from ITEC (Pasadena Foothill MLS)

San Marino just had its annual Christmas Around the Drive and St. Albans is aglow to welcome the new year.

Read More: Visit San Marino City Guide

Another great resource for San Marino is www.SanMarinoCARealEstateHomes.com with community information and San Marino photos

Below is a live feed of all San Marino homes for sale in California for your review:

Interested in San Marino Foreclosures? If any are available, they can be found in the live Multiple Listing Service San Marino foreclosure feed below:

SUBSCRIBE TO WEEKLY SAN MARINO REAL ESTATE MARKET REPORT BY THE PREMIER REAL ESTATE REPORTING ANALYSIS FIRM, ALTOS RESEARCH

FIND SAN MARINO HOMES FOR SALE

Posted by Irina Netchaev, San Marino Luxury Home Real Estate Specialist

Dec. 5, 2008

San Gabriel Real Estate-Condos and Townhomes for Sale in San Gabriel California

[idx-listings city="San Gabriel" propertytypes="511,512,515" orderby="DateAdded" orderdir="DESC" count="100" showlargerphotos="true"]

Dec. 2, 2008

Pasadena California Foreclosures - Homes for Sale in 91105 zip code

[idx-listings linkid="125381" count="1000" showlargerphotos="true"]

Dec. 1, 2008

1525 St. Albans in San Marino - Foreclosure Auction

San Marino, known for its stately homes and green lawns is begining to see foreclosures in the real estate market. A couple of days ago, I wrote a post about 2975 Wallingford - a San Marino property that is now owned by the bank and is listed as a foreclosure.

Today, I profiled 1525 St. Albans in San Marino on the San Marino Community Website.

Take a look at the Google Street Map of the home on St. Albans:

1525 St Albans Google Map

This San Marino home has been under construction for over a year now - actually, construction has pretty much stopped awhile back. It's located only a few blocks from Lacy Park and will be an amazing property once completed.

For more information about San Marino, California, please visit my San Marino City Guide

For information about foreclosures and short sales, you might want to take a look at the following property searches:

Pasadena Foreclosures

San Marino Foreclosures

South Pasadena Foreclosures

Arcadia Foreclosures

Nov. 29, 2008

Alhambra MLS Search-Homes and condos for sale in Alhambra California

Alhambra Real Estate - Homes and Condos for Sale:


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 Alhambra