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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Nov. 28, 2008

South Pasadena MLS Access - Real Estate Properties for Sale in South Pasadena California

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Nov. 28, 2008

Alhambra Real Estate Market Report - October 2008

The median sales price in Alhambra in October is $525,000. On average, Alhambra homes stayed on the market for 145 days before selling.

Alhambra inventory is tightening and days on the market is falling. But demand as measured by the Market Action Index is also trending down. The market is not giving strong up or down signals from these data.

The ALHAMBRA market is currently quite strongly in the Buyer's Market zone (below 30). The 90-day Market Action Index stands at 17. With several months of inventory available at the current sales rate, buyers should find ample choice. The market has been consistently cool for several weeks. Demand level are low relative to the available inventory. It's a Buyer's market and prices continue to fall.

 

Search Alhambra MLS (Multiple Listing Service) below:

Alhambra real estate trends and statistics for August through October 2008:

Single
Family Residence
Aug-08 Sep-08 Oct-08
New
Listings
18 14 12
Total
Listings
67 54 52
Sales
Pending
9 12 8
Homes Sold 21 13 13
Listings
Expired
9 12 12
Average Days
on the Market
82 213 145
Average
Price Per Sq. Ft.
$363 $328 $360
Average
Median Price
$495,000 $525,000
Average
Selling Price
$484,967 $693,241 $517,808
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
13.8 18.0 17.3
Condos
and Townhomes
Aug-08 Sep-08 Oct-08
New
Listings
11 10 10
Total
Listings
36 37 35
Sales
Pending
10 4 11
Homes Sold 8 9 5
Listings
Expired
7 10 6
Average Days
on the Market
103 40 66
Average
Price Per Sq. Ft.
$296 $316 $271
Average
Median Price
$412,500 $365,000
Average
Selling Price
$364,944 $403,299 $349,000
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
19.5 17.8 30.3

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

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 626.629-8439.

Posted by Irina Netchaev, real estate broker

Nov. 28, 2008

Monterey Hills Real Estate Market Report - October 2008

Monterey Hills real estate is in a flux of confusion right now. Even though the volume of available condos and townhomes on the market is quite low, the prices are dropping at a rapid pace. The area has been affected by a number of short sales and foreclosures that are pulling the sales prices down. Buyers are taking a "wait and see" attitude.

It is now reasonable to expect to find a decent 2 bedroom condo with all the amenities for under $300,000. Monterey Hills sellers are still hoping for the mid $300,000 where the majority of the condo listings are. This will explain an average days on the market of the October condo listings of 142 days - over 3 months. These condos are also listed at an average of $333 per sq. ft. vs. the sold price per sq. ft. of $268. I don't see the market getting better for these sellers, but amazing opportunities exist for Monterey Hills condo buyers.

Search All Monterey Hills condos and Townhomes for Sale:

Monterey Hills Real Estate Statistics for August through October 2008:

Condos Aug-08 Sep-08 Oct-08
New
Listings
2 2 1
Total
Listings
14 12 10
Sales
Pending
2 3 2
Homes Sold 2 2 3
Listings
Expired
7 3 4
Average Days
on the Market
77 108 75
Average
Price Per Sq. Ft.
$295 $313 $268
Median
Selling Price
$425,000 $280,000
Average
Selling Price
$344,450 $394,500 $295,667
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
30.3 26.0 14.4
Townhomes Aug-08 Sep-08 Oct-08
New
Listings
2 0 1
Total
Listings
4 1 1
Sales
Pending
0 3 1
Homes Sold 1 3 2
Listings
Expired
2 0 0
Average Days
on the Market
122 57 74
Average
Price Per Sq. Ft.
$401 $307 $285
Median
Selling Price
$394,500 $467,500
Average
Selling Price
$655,000 $425,667 $467,500
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
17.3 1.4 2.2

Data taken from ITEC (Pasadena Foothills Association MLS service)

If you are interested in beginning your search
for a Monterey Hills condominium or townhouse
, please click on the
search
home link
.

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.

Posted by Irina
Netchaev, Monterey Hills Real Estate Agent
626-627-7107

Nov. 28, 2008

Arcadia Real Estate Market Report - October 2008

Arcadia home sales came to a standstill in October. The number of new properties on the market increased for all categories - homes, condos and townhomes. The total number of units increased and the absorption rate is the highest it's been in awhile.

Interestingly enough, when I am out looking for homes in Arcadia under $1 million with my clients, we are having a difficult time finding decent properties iln that less than $1 million range. These homes tend to sell fairly quickly if they are in good condition and priced appropriately for the market. The homes over $1 million are being marketed much longer even if the price per square foot is reasonable. Partly, this has to do with the difficulty of obtaining financing and the higher down payment requirements that banks are requiring Arcadia buyers to put down.

Read More: California Housing Outlook by CAR (California Association of Realtors) Chief Economist

Back to statistics - Arcadia homes that are currently offered for sale are priced at an average of $451 per square foot. The solds tell the story of why these homes are sitting on the market for so long - Arcadia homes that closed escrow, sold for $378 per sq. ft. in October. There are also 6 foreclosures or bank owned properties available for Sale in Arcadia now.

The lowest priced Arcadia home on the market in October was 11314 E La Rosa Street. It is offered at $410,000 and has 3 bedrooms and 2 baths with 1,400 sq. ft.

The most expensive Arcadia home in October was 330 West Naomi Avenue. Offered at $3,680,000, it has 7 bedrooms and 8 baths and has an amazing 8,166 sq. ft.

If you are interested in searching Arcadia homes currently on the market and listed in the MLS (Multiple Listing Service), take a look at the direct MLS access below:

If you are interested in searching Arcadia homes currently on the market that are bank owned or in foreclosure status, you can see them below:

Arcadia Real Estate Housing Statistics for August 2008 - October 2008:

Single
Family Residence
Aug-08 Sep-08 Oct-08
New
Listings
31 42 55
Total
Listings
106 129 152
Sales
Pending
16 22 22
Homes Sold 31 31 21
Listings
Expired
19 26 25
Average Days
on the Market
188 56 134
Average
Price Per Sq. Ft.
$416 $427 $378
Median
Selling Price
$825,000 $808,000 $780,000
Average
Selling Price
$1,007,310 $951,542 $900,643
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
14.8 18.0 31.4
Condos Aug-08 Sep-08 Oct-08
New
Listings
4 7 18
Total
Listings
17 19 30
Sales
Pending
3 3 1
Condos Sold 5 8 3
Listings
Expired
2 9 3
Average Days
on the Market
153 138 92
Average
Price per Sq. Ft.
$303 $292 $327
Median
Selling Price
$435,000 $541,500 $385,000
Average
Selling Price
$456,800 $502,350 $411,000
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
14.7 10.3 43.3
Townhomes Aug-08 Sep-08 Oct-08
New
Listings
6 15 11
Total
Listings
20 32 29
Sales
Pending
1 8 5
Townhomes Sold 7 7 3
Listings
Expired
11 5 7
Average Days
on the Market
83 55 123
Average
Price Per Sq. Ft.
$349 $293 $338
Median
Selling Price
$539,000 $630,000 $680,000
Average
Selling Price
$603,571 $581,698 $635,000
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
12.4 19.8 41.9

Data taken from ITEC (Pasadena Foothills Association MLS service)

SEARCH
ARCADIA HOMES FOR SALE (Single Family Residence)

SEARCH
ARCADIA CONDOS AND TOWNHOMES FOR SALE

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.

Nov. 27, 2008

San Marino California Homes for Sale-Foreclosure (Bank Owned-REO) Real Estated Owned Properties

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Nov. 27, 2008

Pasadena CA Real Estate - Homes and Condos for Sale in Pasadena California

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Posted in Buyers, Homes For Sale
Nov. 26, 2008

Monterey Hills California-Hudson Terrace Los Angeles Real Estate and Condos for Sale

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Nov. 26, 2008

Investing in Pasadena Real Estate - Opportunity During a Downturn

In today's economic downturn, real estate investors are coming out in droves. Why? Because it is truly a great time to buy residential property for their personal investment portfolio.

The mortgage interest rates are at historic lows. There's lots of inventory to choose from and there are plenty of motivated sellers!

Rents are holding steady because many potential home buyers are unable to secure financing or do not have a large enough down payment enabling them to buy a home. This increases the pool of renters and allows investors to get high enough rents to cover their debt. Most investors are looking at holding their properties for rental income and are not necessarily focusing on appreciation. Although, living in Pasadena and Southern California, means that appreciation will be there over the long term.

What are Pasadena real estate investors looking for?

  • Properties that can be freshened up inexpensively - cosmetic fixers.
  • Multi-family buildings - one to four units that qualify for conventional mortgage financing and spread vacancy risk across all units.
  • Foreclosures, real estate owned (REO) - bank owned properties, and short sales - best prices and deals.

How do real estate investors find the properties to purchase?

  • The first and most productive source for homes for sale is the Multiple Listing Service (MLS). Some real estate agent websites offer access to MLS home listings, but most are limited. I am happy to say that Pasadena real estate website now offers access to most Southern California MLS systems - including Pasadena Foothill Association, Arcadia Association of Realtors, CRISNET - San Fernando Valley Association, Orange County, Ventura and more. Feed free to set up as many searches as you'd like and access the MLS at your convenience. You can even program this MLS listing system to email you as new home listings come up on the market.
  • Foreclosures, For Sale By Owners (FSBO), and new construction that isn't selling are all sources of viable investments.
  • Connect with a trusted Real Estate consultant, banker, attorney or other investors. There are many "burned out" or inexperienced investors, or investors that have run into cash-flow issues and are unable to weather a problem with a property and are ready to sell. In most instances, they will contact a professional real estate agent to help them with the sale of their property. Most Realtors have a list of investors to contact who are waiting for these opportunities to come their way.

How do real estate investors pick their deals?

  • Look for cash flow or break even investments - most real estate investors agree that purchasing an investment property is less about timing the market than good analysis.
  • Look for homes in good areas with good schools, near jobs and shopping for a long-term hold.
  • Some prefer smaller properties and single-family homes because there's greater opportunity for appreciation.
  • Most prefer moderately priced property and stay away from luxury property as tempting as it can be. Moderate prices mean moderate rents, which means not only a larger pool of tenants, but also tenants who are less likely to buy a home of their own.

Where do real estate investors get their money?

  • Established lines of credit with a lender.
  • Savings
  • Solo 401(K) and Roth 401(K) plans
  • Seller financing
  • Most investors prefer 30 year fixed loans.

Additional tips for better investing:

  • Think cash on cash - determine your return based on the equity you have in the deal, not the total price of the property.
  • Make your money on the buy - don't make the mistake of believing that the asking price represents the final price or value. Do not expect short-term appreciation to bail you out. Do your analysis and negotiate at the point of sale.
  • Get pre approved for a loan - this market is too dynamic and the lending requirements constantly change, ensure that you understand how much you can afford and the terms that are available to you. A strong buyer has more negotiating power.
  • Don't buy more than you can manage.
  • Protect your assets from lawsuits - discuss with your CPA (certified public accountant) or your attorney as to how best to hold your investment property to limit liability and protect your assets in case you are sued.
  • Don't overlook deductions! Tax deductions for depreciation and expenses such as mileage related to managing your investment can reduce your taxable obligations even if your property is generating income.

Read More:

State of the California and Pasadena Housing Market

Nine Stupid Things Buyers do to Mess Up their Home Purchase

SEARCH FOR PROPERTY

SEARCH FORECLOSURES IN PASADENA

Nov. 25, 2008

Prado Condos for Sale in Pasadena California South Lake Avenue District

Prado on Green Street in Pasadena is one of the best newer developments in the South Lake Business District.  The complex features amenities like a pool, recreation room, gym and bbq area.  However, it also features a private movie theater, an internet coffee cafes and conference rooms for visitors or business.  Let's not forget the 24 hour concierge service.

You are only minutes from Macy's, Trader Joe's, multiple stores and boutiques and wonderful restaurants.  This is truly Pasadena living at its best.

Condominium interior is very modern with exposed  piping, cement floors and offer gourmet, chef inspired kitchens, granite counters and top of the line appliances including washer & dryer in most units.  One to two bedroom unit floor plans are available as well as two-story, magnificent penthouses with floor to ceiling 2-level windows.

Below is a list of the most recent listings as well as a map below it for your convenience.  Should you see no condos for sale listed below, it would mean that none are available for sale at this time.  You can always give us a call at (626) 629-8439 and we can reach out to our network to see if there are any Prado units coming up for sale.

In the meantime, happy Prado condo shopping!


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!

Nov. 25, 2008

Prospect Park Pasadena Homes for Sale - Pasadena California Real Estate

If you are looking for homes for sale in Pasadena, specifically in the Prospect Park neighborhood, book mark this post.  The list of homes below will update automatically as new Pasadena homes come up on the market and are entered into the Multiple Listing Service by real estate agent.

To search all homes for sale in Pasadena and Southern California, please visit our Home Search where you can create your own searches, save them and have our website send you new home listings via email.

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