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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. 4, 2008

Bank Owned Properties - November 2008

I have been getting multiple calls and emails from Pasadena Real Estate blog readers asking me to post a list of foreclosure properties, also known as Real Estate Owned (REO) propertiesin Pasadena and surrounding cities.

If you are interested in additional information on any of these homes or would like to set up an appointment to discuss buying a bank owned property, please give me a call at 626-629-8439 or email me at irina@irina4realestate.com

Address BR BA Price $/Sq.Ft HOA MLS# City
777 E Valley Blvd #145 Alhambra, CA 91801 2 2 $360,000 $307 $179 12117649 Alhambra
402 S Garfield Ave #12A Alhambra, CA 91801 3 3 $367,900 $245 $175 22116833 Alhambra
2504 Aurora Terrace Alhambra, CA 91803 3 2 $489,900 $275 $0 22114174 Alhambra
1028 Morada Pl Altadena, CA 91001 2 1 $175,000 $292 $0 22115359 Altadena
2104 N RAYMOND Ave #5 Altadena, CA 91001-5753 3 3 $202,500 $169 $165 12117690 Altadena
89 Figueroa Dr Altadena, CA 91001 2 1 $270,000 $225 $0 12117846 Altadena
583 W Harriet St Altadena, CA 91001 4 2 $294,900 $212 $0 12117409 Altadena
484 W Terrace St Altadena, CA 91001 3 1 $339,900 $302 $0 12116426 Altadena
374 W Mariposa St Altadena, CA 91001 3 3 $399,900 $205 $0 12114605 Altadena
3321 Raymond Ave Altadena, CA 91001 3 1 $465,905 $314 $0 22115327 Altadena
3508 Marengo Ave Altadena, CA 91001 4 0 $565,000 $256 $0 12117607 Altadena
2004 Glen Allen Ln Altadena, CA 91001 4 4 $1,348,000 $326 $0 22112236 Altadena
2870 Weidermeyer Ave Arcadia, CA 91006 3 3 $439,900 $251 $0 22117960 Arcadia
4151 Lynd Ave Arcadia, CA 91006 3 3 $449,900 $278 $0 12116670 Arcadia
1452 N Pass Burbank, CA 91505 2 1 $299,900 $352 $0 12117837 Burbank
800 N Keystone St Burbank, CA 91506 2 1 $423,900 $570 $0 22116324 Burbank
201 E Angeleno #209 Burbank, CA 91502 2 2 $424,900 $310 $321 12117015 Burbank
917 E Elmwood Ave Burbank, CA 91501 3 2 $529,900 $363 $0 12117611 Burbank
849 N Ford St Burbank, CA 91505-2716 4 3 $649,900 $260 $0 22117970 Burbank
2020 Norwalk Ave Eagle Rock, CA 90041 2 1 $364,900 $501 $0 22115600 Eagle Rock
715 Nolden St Los Angeles, CA 90042 2 1 $249,900 $437 $0 12113337 Highland Park
543 Oleander Dr Los Angeles, CA 90042 2 2 $280,000 $322 $0 12117799 Highland Park
5114 Abbott Pl Los Angeles, CA 90042 4 2 $289,900 $184 $0 12113637 Highland Park
1009 N Avenue 50 Los Angeles, CA 90042 3 1 $299,900 $293 $0 22114283 Highland Park
5947 Benner St Los Angeles, CA 90042 3 2 $299,900 $231 $0 22117272 Highland Park
5032 Stratford Rd Los Angeles, CA 90042 2 1 $348,000 $279 $0 12117532 Highland Park
5030 Hub St Los Angeles, CA 90042 3 2 $439,900 $228 $0 22115009 Highland Park
805 Temple Ter #303 Los Angeles, CA 90042 2 1 $289,900 $314 $350 12115520 Monterey Hills
796 E Mountain St Pasadena, CA 91104-4550 2 1 $259,000 $282 $0 12113201 Pasadena (NE)
276 E Elizabeth St Pasadena, CA 91104 3 2 $364,900 $292 $0 22114586 Pasadena (NE)
205 S Halstead St Pasadena, CA 91107 2 1 $369,900 $402 $0 12117386 Pasadena (NE)
2458 White St Pasadena, CA 91107 3 1 $375,000 $389 $0 12117040 Pasadena (NE)
920 Palm Ter Pasadena, CA 91104 3 2 $489,900 $408 $0 22117710 Pasadena (NE)
1510 Creekside Ct #A Pasadena, CA 91107 4 4 $544,900 $210 $340 12116917 Pasadena (NE)
3240 Paloma St Pasadena, CA 91107 3 3 $639,900 $396 $0 22115811 Pasadena (NE)
247 E Mountain St Pasadena, CA 91104-4231 2 1 $229,500 $314 $0 12100901 Pasadena (NW)
560 W Washington Blvd Pasadena, CA 91103 3 1 $230,000 $192 $0 22105636 Pasadena (NW)
554 W Washington Blvd Pasadena, CA 91103 2 1 $239,900 $298 $0 22117146 Pasadena (NW)
87 E Montana St Pasadena, CA 91103 3 1 $269,400 $273 $0 12117974 Pasadena (NW)
229 Carlton Ave Pasadena, CA 91103-2922 2 1 $285,000 $372 $0 22117964 Pasadena (NW)
114 W Montana St Pasadena, CA 91103-1730 2 1 $369,900 $335 $0 22114957 Pasadena (NW)
173 S San Marino Ave Pasadena, CA 91107 3 3 $514,900 $322 $0 22116844 Pasadena (SE)
209 EL NIDO Pasadena, CA 91107 3 2 $649,000 $446 $0 12116690 Pasadena (SE)
808 Manzanita Ave Pasadena, CA 91103 2 1 $279,100 $230 $0 12117810 Pasadena (SW)
35 N Raymond Ave #407 Pasadena, CA 91103 2 2 $494,900 $369 $386 22106522 Pasadena (SW)
502 E Mission Rd San Gabriel, CA 91776 2 1 $339,500 $368 $0 22112531 San Gabriel
5564 N Willard Ave San Gabriel, CA 91776 2 1 $379,900 $496 $0 22114530 San Gabriel
8716 Huntington Dr San Gabriel, CA 91775 2 2 $439,900 $351 $0 12117029 San Gabriel
390 Foothill Ave Sierra Madre, CA 91024 6 6 $1,119,900 $258 $0 22116805 Sierra Madre

Also, feel free to search the multiple listing service at your convenience. This home search service allows you to create your own account where you can create multiple home and condo searches for Pasadena, San Marino and other areas. As new home listings become available, you will be notified via email automatically. This way, you will always have the most current and latest home inventory information.

Nov. 4, 2008

San Marino California Vote and Treat

Voting in San Marino

I just came back from voting today. My polling place was at the Fellowship Hall in the San Marino Community Church. There were no lines and the process was very organized. The setting of the San Marino Community Church was beautiful so I thought that I'd capture some of these moments on film.

San Marino California Voting Place and Flag

 

Starbucks and Sierra Cup in Monrovia are giving away free cups of coffee to voters and Ben & Jerry's is giving away free ice cream. So, go out, vote and celebrate with coffee and yummy ice cream!

Want to learn more about San Marino California, visit our San Marino City Guide page!

 

Posted in Fun Posts
Nov. 4, 2008

Bank Owned Properties - November 2008

I have been getting multiple calls and emails from Pasadena Real Estate blog readers asking me to post a list of foreclosure properties, also known as Real Estate Owned (REO) properties in Pasadena and surrounding cities.

If you are interested in additional information on any of these homes or would like to set up an appointment to discuss buying a bank owned property, please give me a call at 626-629-8439.

Address BR BA Price $/Sq.Ft HOA MLS# City
2504 Aurora Terrace Alhambra, CA 91803 3 2 $ 489,900 $ 275 $0 22114174 Alhambra
402 S Garfield Ave #12A Alhambra, CA 91801 3 3 $ 367,900 $ 245 $175 22116833 Alhambra
777 E Valley Blvd #145 Alhambra, CA 91801 2 2 $ 360,000 $ 307 $179 12117649 Alhambra
2004 Glen Allen Ln Altadena, CA 91001 4 4 $1,348,000 $ 326 $0 22112236 Altadena
374 W Mariposa St Altadena, CA 91001 3 3 $ 399,900 $ 205 $0 12114605 Altadena
3321 Raymond Ave Altadena, CA 91001 3 1 $ 465,905 $ 314 $0 22115327 Altadena
1028 Morada Pl Altadena, CA 91001 2 1 $ 175,000 $ 292 $0 22115359 Altadena
484 W Terrace St Altadena, CA 91001 3 1 $ 339,900 $ 302 $0 12116426 Altadena
583 W Harriet St Altadena, CA 91001 4 2 $ 294,900 $ 212 $0 12117409 Altadena
3508 Marengo Ave Altadena, CA 91001 4 0 $ 565,000 $ 256 $0 12117607 Altadena
2104 N RAYMOND Ave #5 Altadena, CA 91001-5753 3 3 $ 202,500 $ 169 $165 12117690 Altadena
89 Figueroa Dr Altadena, CA 91001 2 1 $ 270,000 $ 225 $0 12117846 Altadena
4151 Lynd Ave Arcadia, CA 91006 3 3 $ 449,900 $ 278 $0 12116670 Arcadia
2870 Weidermeyer Ave Arcadia, CA 91006 3 3 $ 439,900 $ 251 $0 22117960 Arcadia
800 N Keystone St Burbank, CA 91506 2 1 $ 423,900 $ 570 $0 22116324 Burbank
201 E Angeleno #209 Burbank, CA 91502 2 2 $ 424,900 $ 310 $321 12117015 Burbank
917 E Elmwood Ave Burbank, CA 91501 3 2 $ 529,900 $ 363 $0 12117611 Burbank
1452 N Pass Burbank, CA 91505 2 1 $ 299,900 $ 352 $0 12117837 Burbank
849 N Ford St Burbank, CA 91505-2716 4 3 $ 649,900 $ 260 $0 22117970 Burbank
2020 Norwalk Ave Eagle Rock, CA 90041 2 1 $ 364,900 $ 501 $0 22115600 Eagle Rock
715 Nolden St Los Angeles, CA 90042 2 1 $ 249,900 $ 437 $0 12113337 Highland Park
5114 Abbott Pl Los Angeles, CA 90042 4 2 $ 289,900 $ 184 $0 12113637 Highland Park
1009 N Avenue 50 Los Angeles, CA 90042 3 1 $ 299,900 $ 293 $0 22114283 Highland Park
5030 Hub St Los Angeles, CA 90042 3 2 $ 439,900 $ 228 $0 22115009 Highland Park
5947 Benner St Los Angeles, CA 90042 3 2 $ 299,900 $ 231 $0 22117272 Highland Park
5032 Stratford Rd Los Angeles, CA 90042 2 1 $ 348,000 $ 279 $0 12117532 Highland Park
543 Oleander Dr Los Angeles, CA 90042 2 2 $ 280,000 $ 322 $0 12117799 Highland Park
805 Temple Ter #303 Los Angeles, CA 90042 2 1 $ 289,900 $ 314 $350 12115520 Monterey Hills
796 E Mountain St Pasadena, CA 91104-4550 2 1 $ 259,000 $ 282 $0 12113201 Pasadena (NE)
276 E Elizabeth St Pasadena, CA 91104 3 2 $ 364,900 $ 292 $0 22114586 Pasadena (NE)
3240 Paloma St Pasadena, CA 91107 3 3 $ 639,900 $ 396 $0 22115811 Pasadena (NE)
1510 Creekside Ct #A Pasadena, CA 91107 4 4 $ 544,900 $ 210 $340 12116917 Pasadena (NE)
2458 White St Pasadena, CA 91107 3 1 $ 375,000 $ 389 $0 12117040 Pasadena (NE)
205 S Halstead St Pasadena, CA 91107 2 1 $ 369,900 $ 402 $0 12117386 Pasadena (NE)
920 Palm Ter Pasadena, CA 91104 3 2 $ 489,900 $ 408 $0 22117710 Pasadena (NE)
247 E Mountain St Pasadena, CA 91104-4231 2 1 $ 229,500 $ 314 $0 12100901 Pasadena (NW)
560 W Washington Blvd Pasadena, CA 91103 3 1 $ 230,000 $ 192 $0 22105636 Pasadena (NW)
114 W Montana St Pasadena, CA 91103-1730 2 1 $ 369,900 $ 335 $0 22114957 Pasadena (NW)
554 W Washington Blvd Pasadena, CA 91103 2 1 $ 239,900 $ 298 $0 22117146 Pasadena (NW)
229 Carlton Ave Pasadena, CA 91103-2922 2 1 $ 285,000 $ 372 $0 22117964 Pasadena (NW)
87 E Montana St Pasadena, CA 91103 3 1 $ 269,400 $ 273 $0 12117974 Pasadena (NW)
209 EL NIDO Pasadena, CA 91107 3 2 $ 649,000 $ 446 $0 12116690 Pasadena (SE)
173 S San Marino Ave Pasadena, CA 91107 3 3 $ 514,900 $ 322 $0 22116844 Pasadena (SE)
35 N Raymond Ave #407 Pasadena, CA 91103 2 2 $ 494,900 $ 369 $386 22106522 Pasadena (SW)
808 Manzanita Ave Pasadena, CA 91103 2 1 $ 279,100 $ 230 $0 12117810 Pasadena (SW)
502 E Mission Rd San Gabriel, CA 91776 2 1 $ 339,500 $ 368 $0 22112531 San Gabriel
5564 N Willard Ave San Gabriel, CA 91776 2 1 $ 379,900 $ 496 $0 22114530 San Gabriel
8716 Huntington Dr San Gabriel, CA 91775 2 2 $ 439,900 $ 351 $0 12117029 San Gabriel
390 Foothill Ave Sierra Madre, CA 91024 6 6 $1,119,900 $ 258 $0 22116805 Sierra Madre

Also, feel free to search the multiple listing service at your convenience. This home search service allows you to create your own account where you can create multiple home and condo searches for Pasadena, San Marino and other areas. As new home listings become available, you will be notified via email automatically. This way, you will always have the most current and latest home inventory information.


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!

Oct. 31, 2008

Halloween is Upon Us...

pumpkin

Over the last couple of days, I've been taking long walks around Pasadena and San Marino and looking at all the amazing decorations that are gracing our beautiful homes. It's no small feat to put some of these up. I, for one, am not much for decorating - maybe it's the lack of time or just not enough creativity - I don't know. My decoration was three huge pumpkins (2 of which unfortunately walked away off of my porch a few days ago) and a door hanger.

This morning, as I'm watching my kids put together their costumes, get the cookies and cups ready for school parties and talk about this evening's activities, I'm reflecting on how commercialized Halloween is getting. This is not going to be a rant, but out of curiousity, I wanted to look at some Halloween facts as presented by National Retail Federation.

  • "This year, the average person plans to spend $66.54 on the holiday, up from $64.82 one year ago. Total Halloween spending for 2008 is estimated to reach $5.77 billion."
  • "This year, consumers will spend an average of $24.17 on Halloween costumes (including costumes for adults, children, and pets). People will also be buying candy ($20.39 on average), decorations ($18.25) and greeting cards ($3.73)."
  • National Retail Federation estimates that total Halloween spending is expected to reach $5.77 billion
  • Halloween remains most popular with young adults, as 18-24 year-olds plan to spend $86.59 on the holiday, the most of any group.

Are folks trying to get away from the economical roller coaster by focusing on Halloween? Is it because, Halloween falls on a Friday this year, that adults are taking more of an effort in decorating and getting ready to celebrate?

As my social media buddy, Dave Taylor asks - What will Halloween look like 20 years from now?

What are you doing around Pasadena to celebrate Halloween this year?

Whatever you do STAY SAFE and HAVE FUN!!!

Posted in Fun Posts
Oct. 29, 2008

Pasadena Homes for Sale over $1 Million

[idx-listings city="Pasadena" minprice="1000000" propertytypes="516" orderby="DateAdded" orderdir="DESC" count="1000" showlargerphotos="true"] ?

Oct. 29, 2008

Pasadena Mortgage Rates Report: Fed Cut To Prompt Lower Mortgage Rates Into November?

 

We analyze Pasadena mortgage rates by examining the mortgage-backed securities market
and its reaction to economic data and events. Today, the Federal Reserve cut
the Fed Funds rate to an historical low of 1%:

The Fed funds rate target is now 1%,
the lowest level in more than four years. In announcing its decision, the
Federal Open Market Committee cited a drop in spending by consumers and
businesses, and predicted that consumption
may slow further due to tighter lending standards.

"The pace of economic activity appears to have slowed markedly," the FOMC
said in a statement, "owing importantly to a decline in consumer expenditures."

Why's the economy in the tank? You just aren't spending enough money, Joe
the Plumber. Of course, you can't borrow any either so you're hesitant about
spending. Hence, the Fed cut in rate. Normally, a Fed cut should be followed
by a RISE in mortgage rates but it looks like the mortgage-backed securities
market anticipated the cut a week ago.

Candleperl_2

Let's take a look the crystal ball (market chart):

See what's happening here? Two weeks ago, we had a six day BIG drop, which
caused rates to rise from 5.875% to 6.5%. That drop was followed by a 5 day
rally, which brought rates back down to 5.875%. Then, we had a six day BIG
drop, driving Pasadena mortgage rates back up to 6.5% (today)...

...and I think the market overreacted which means I think we'll see
lower mortgage rates into the beginning of November
.

This is the kind of volatility we've come to expect. Pasadena mortgage rates should
drop to 6.25%, pause, then drop again to the 6% level or below. No guarantees
but November closings should get a peek at 6% or better rates soon.

Oct. 29, 2008

Buyer's Market or a Seller's Market? Market Action Indicator may offer help.

I've been posting monthly real estate market report updates on this site for cities around Pasadena. One of the key real estate indicators that I refer to is the Market Action Index or MAI.

What is the Market Action Index ? And, why does the Market Action Indicator matter?

Residential house prices are a function of supply and demand, and market MARKET ACTION INDEX conditions can be characterized by analyzing those factors.

My research company, Altos Research uses an algorithm to divide a Buyer's Market from a Seller's Market. The red line at 30 is that line.

For example in the graph below for Pasadena's real estate market, it has been a COLD, BUYER'S MARKET since end of 2007 with the MAI hovering quite a bit under the balanced market of 30, closer to 15. Now, this graph is for the entire Pasadena real estate market. Each zip code within the city has a different MAI.

market_action_index

Come back to this site to watch this index for sustained changes: if the index falls into the Buyer's Market zone for a long period, prices are likely in for a downward correction.

The Market Action Index (MAI) illustrates the balance between supply and demand using a statistical function of the current rate of sale versus current inventory.

An MAI value greater than 30 typically indicates a "Seller's Market" (a.k.a. "Hot Market") because demand is high enough to quickly gobble up available supply. A hot market will typically cause prices to rise. MAI values below 30 indicate a "Buyer's Market" (a.k.a. "Cold Market") where the inventory of already-listed homes is sufficient to last several months at the current rate of sales. A cold market will typically cause prices to fall.

If you are interested in receiving a weekly real estate market reports with the Market Price Index, you can request Market Real Estate Report here and it will be emailed to you automatically each Monday. This is a report that I order specifically for the readers of my website from Altos Research who specializes specifically in real estate housing market activity throughout the country.

I currently offer real estate market reports for Pasadena, Alhambra, San Marino, South Pasadena, Monterey Hills (under Los Angeles 90042), Arcadia, Altadena, San Gabriel and more.

If you have additional questions about the state of the Pasadena housing market, please call me at 626-629-8439 .

Irina :-)

Oct. 29, 2008

Arcadia Real Estate Market Report - September 2008

This Arcadia real estate market report is a few weeks overdue. My apologies for the delay, but I was struck down with the worst flu that I ever remember having. Oh well... it's over and done with. I hope at least. :-)

Single Family Home sales in Arcadia remained at 31 closed escrows just like in August, down from the high of 50 home sales in July. Inventory increased a bit to 129 listings, but essentially remained flat if you look at the last five months of data. Arcadia homes are selling at 96.33% of asking price in September, with 9 out of the 31 selling at or over asking.

Arcadia condos have seen an increase in sales in September, but the inventory remains pretty stable. If the rate of sales will hold and inventory remains the same, it'll take approximately 10 weeks to move the existing inventory. Arcadia home sellers are still overpricing their condos and are listing them on average at $317 per square foot. The sold price per square foot has fallen under $300.

Arcadia townhomes had an increase in inventory mainly due to a new complex that hit the market in early September at 1016 - 1020 West Huntington Drive. These townhomes were built in 2007 and are selling in the low $800,000 range. Again, listing price per square foot ($347) on most of the townhome listings is way higher than the actual sold price per square foot ($293) in September. Arcadia townhome sellers need to track the real estate trends a bit closer or they will end up sitting on these homes for a long time and then reducing home prices more significantly to bring in a buyer. The absorption rate increase speaks clearly to the overabundance of townhome listings vs. buyers.

Also Read: Arcadia Real Estate Market Trends for August 2008

Arcadia Real Estate Market Statistics for September 2008:

Single
Family Residence
May-08 Jun-08 Jul-08 Aug-08 Sep-08
New
Listings
77 46 48 31 42
Total
Listings
156 157 132 106 129
Sales
Pending
20 48 22 16 22
Homes Sold 27 30 50 31 31
Listings
Expired
23 16 28 19 26
Average Days
on the Market
80 193 93 188 56
Average
Price Per Sq. Ft.
$420 $414 $431 $416 $427
Average
Selling Price
$972,274 $991,057 $917,052 $1,007,310 $951,542
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
25.0 22.7 11.4 14.8 18.0
Condos May-08 Jun-08 Jul-08 Aug-08 Sep-08
New
Listings
6 5 8 4 7
Total
Listings
18 20 20 17 19
Sales
Pending
4 3 2 3 3
Condos Sold 3 5 7 5 8
Listings
Expired
6 1 2 2 9
Average Days
on the Market
153 98 74 153 138
Average
Price per Sq. Ft.
$299 $343 $315 $303 $292
Average
Selling Price
$503,296 $559,300 $475,357 $456,800 $502,350
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
26.0 17.3 12.4 14.7 10.3
Townhomes May-08 Jun-08 Jul-08 Aug-08 Sep-08
New
Listings
10 16 16 6 15
Total
Listings
33 34 35 20 32
Sales
Pending
8 14 6 1 8
Townhomes Sold 15 6 18 7 7
Listings
Expired
2 8 7 11 5
Average Days
on the Market
111 80 86 83 55
Average
Price Per Sq. Ft.
$329 $353 $316 $349 $293
Average
Selling Price
$579,700 $579,333 $553,111 $603,571 $581,698
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
9.5 24.6 8.4 12.4 19.8

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. These reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

Oct. 26, 2008

Pasadena Mortgage Rates Report: October 27, 2008

brian_brady

Friday, Pasadena mortgage rates jumped from 5.875% to 6.25% as mortgage-backed securities traders joined the world wide sell-off. Global stock markets plunged Friday and the Asian markets were weak for Monday. Investors world wide don't want to be invested in ANYTHING.

When the world panics, we FLOAT mortgage rates. So, roll the projectors! The movie "Float Club" is playing all week.

Interestingly enough, gold isn't skyrocketing in price. Long held as a "safe haven" during times of turmoil, investors are opting to hold their portfolios in cash instead:

Bullion is down 15 percent this month as the dollar climbed to a two-year high against the euro and the Standard & Poor's 500 Index headed for its steepest monthly loss since 1938.

`We're seeing some consolidation in the market today as investors pause for breath following the roller-coaster we had last week," Zhu Lv, research manager at Shanghai Tonglian Futures Co., said from Shanghai today.

Gold for immediate delivery gained as much as 1.7 percent to $746.91 an ounce, and traded at $735.33 at 10:29 a.m. in Singapore. The metal fell below $700 on Oct. 24. Silver for immediate delivery was up 1 percent at $9.4575 an ounce.

Gold still benefits from its safe haven properties, although these days, more and more are choosing to hold just cash instead, so it won't be surprising to see gold below $700 again," said Zhu.

What's that mean? It means that while investors are cautious, they aren't completely terrified and that bodes well for mortgage-backed securities. When investors buy mortgage-backed securities, mortgage rates drop; that's what we think will happen in the next 7-10 days.

I cautioned borrowers to lock in all October closings last week when Pasadena mortgage rates dipped below 6%. That opportunity had a short-lived window. Like all panics, reason eventually prevails. Central banks world wide are slashing interest rates to avoid an economic recession. This make US dollar denominated investments, especially mortgage-backed securities more attractive.

Hold out for a mortgage rate below 6% if you're closing in November.

Originally posted on Millionaire Real Estate Lender

Oct. 23, 2008

Sierra Madre Real Estate Market Report - September 2008

Sierra Madre's real estate statistics for the month of September are below. In September, only 9 homes closed escrow in Sierra Madre. That's a significant drop from August. At the same time, the number of new Sierra Madre homes on the market remain pretty constant. Steady listing numbrs and lower Sierra Madre home sales result in a significantly higher absorption rate. It will take 19.3 weeks to sell the existing Sierra Madre inventory if no additional homes come up on the market and if the rate of sales remains the same.

Looking over the September listing inventory for Sierra Madre shows that home sellers are still signifcantly over pricing their homes. On average, sellers are asking $463 per square foot. While buyers were willing to pay only $417 in September.

The lowest priced Sierra Madre home is $360,000 at 261 Grove Street.

The highest priced Sierra Madre home is $1,999,999 at 380 N. Lima Street.

There are five available Sierra Madre condos and townhomes for sale. The rate of sales for the last two months have been at two sales each month.

See: Sierra Madre Real Estate Market Report for August

Sierra Madre Real Estate Market statistics for September 2008:

Single Family Residence Aug-08 Sep-08
New Listings 8 7
Total Listings 37 40
Sales Pending 3 5
Homes Sold 15 9
Listings Expired 3 6
Average Days on the Market 123 91
Average Price Per Sq. Ft. $435 $417
Average Selling Price $707,000 $739,667
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 10.7 19.3
Condos and Townhomes Aug-08 Sep-08
New Listings 0 1
Total Listings 3 5
Sales Pending 1 0
Homes Sold 2 2
Listings Expired 3 0
Average Days on the Market 163 122
Average Price Per Sq. Ft. $340 $336
Average Selling Price $562,000 $405,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 6.5 10.8

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

For weekly updates on the real estate market activity, please feel free to request market analysis reports with detailed information by clicking on How's the Market page on this Pasadena real estate blog. 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

SEARCH SIERRA MADRE HOMES FOR SALE

SEARCH SIERRA MADRE CONDOS AND TOWNHOMES FOR SALE