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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Oct. 26, 2008

Pasadena Mortgage Rates Report: October 27, 2008


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



Oct. 21, 2008

Pasadena Mortgage Rates Report - October 21, 2008

Brian Brady

By: Brian Brady

America's #1 Mortgage Broker

Pasadena Mortgage rates are finally below 6.0% again. If you're closing on your Pasadena home purchase in October, take any rate under 6.0% and lock it in to closing. In the beginning of the month, I suggested to wait for lower rates if you were closing in the last two weeks of October. I said:

You can safely delay mortgage locks if your closing after October 17th. Delaying your lock is a bit different from a "float" recommendation. It means that you should expect lower rates and jump on one when you feel it's "good enough". The market should remain volatile. The par rate (with no yield spread premium to the originator) should drift as low as 5.625% in the next 60 days but it may have to go through 6.125% to get there.

We made it through the 6's but never lower than the original 5.875%. If I still think there is room for improvement in mortgage rates why am I recommending to lock for October closings?

My strategy is more about limiting higher rates than gambling for better rates. I try to avoid unnecessary risk by being biased to locking unless there is irrational fear. While I was dead on about the irrational fear in the mortgage-backed securities market, my timing was off. If you're closing a Pasadena home loan this week, and delayed your lock, I might have cost you some money.

The mortgage-backed securities markets are finally able to focus on the economy now that the drama is over on Wall Street. Economic fundamentals drive mortgage rates and the economy doesn't look real healthy.

Expect rates to improve to 5.625% and fluctuate between 5.625% and 6.25% through the rest of the year.

If you're closing on your Pasadena home after November 1, 2008, delay that lock until 5.625% is available. All October closings, take what you can get today.

Oct. 17, 2008

Castle Green - A Pasadena California Treasure

The majestic Castle Green in Pasadena California.

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castle green 99 castle Green Side



Castle Green Information

©Irina Netchaev


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Posted in Pasadena
Oct. 17, 2008

Pasadena Real Estate: Opportunity Knocks

Another great article by my friend Joanna Dehn Beresford in the Best Of Pasadena issue of Pasadena Weekly this week. Granted, it mentions yours truly, but it also gives some sound advice on what to look for in a Pasadena Real Estate Agent.

Buyers and sellers have good reason for hope in economic crisis

By Joanna Beresford 10/16/2008

"These are the best and worst of times for real estate," says my favorite real estate agent, Irina-the-Tsarina Netchaev. "The worst is uncertainty. Buyers wonder if it's the right time to buy.

Sellers don't know if they should sell, rent or hold. And agents have to keep up with constant changes in the industry, work a lot harder to make the same number of sales and serve their clients in the same way that they did in the past."

But even during economic tumult, Irina is no pessimist. Her family struggled to reach America, a country that her grandmother had dreamed of for years; when they arrived in the United States, Irina and her parents had left fear and despair behind them in Kiev.

"The best thing about the era we're in right now is the opportunity!" Irina says. "Opportunity for buyers to get into a home at a more affordable price. Opportunity for sellers who want to move or trade up, to exchange their present home for the home of their dreams. It's also an opportunity for savvy and creative agents who want to build their business, and position themselves for developments in the market."

I can't claim unequivocally that Irina is the best real estate agent in the San Gabriel region, because there are so many realtors in the area. Many of them are terrific, and most of them I've never even met. But I do know that Irina is among the best. I know that she delights in the artistry of her craft. I know that she's learned a great deal from her corporate experience, and also from her experience as mother to teenage children. I know that she's an avid student of life, real estate and human nature - and I know that she's not perfect.

"It's really important to have a consultation before making any decisions or commitments," says Irina, alluding to the chemistry and compatibility involved in the agent-client relationship. "I can't help everyone."

The best Pasadena real estate agent will demonstrate several, fundamental characteristics. Some of these are self evident. Like, if you're selling a home, you don't want to hire an agent who's going to nosh on your leftovers, drink out of the milk carton and indulge in a shower in the master bath during a lull in open house activity.

Second, don't mistake "top producer" for "best agent." The truly gifted agent may spend more time, therefore earning less money, to properly serve a client, than the agent who maintains a madcap momentum of million-dollar home sales and massive commissions. Often snubbing other agents in the process, which is another thing you should consider if you want the best agent in the business; find someone who cultivates friendly, supportive relationships within the real estate community.

Now more than ever, we all need each other in the course of buying, selling and living in our homes.

Most experts caution against working with a part-time agent. The full-time agent tends to be more focused, informed and dedicated than the guy who's still hanging onto his day-job.

Also, among other things, the best agent knows how to take a decent photo, write a decent description and return calls in a decent amount of time. It also helps if your realtor knows how much it costs to replace a 50-year-old furnace or rewire a converted garage.

The best real estate agent will provide you with references and comprehensive market analysis. He will negotiate effectively on your behalf. He will, according to real estate coach, broker and author Jennifer Allan, put your needs above his/her "need for a paycheck."

Obviously your agent should know the region intimately. And who wouldn't want to know Pasadena intimately?

"Where else can you find a sunny, 76-degree climate?" asks Irina. "Where can you be an hour away from skiing, 40 minutes from the ocean, surrounded by chic boutiques, theater, museums, culinary schools, academia, upscale restaurants and amazing hole-in-the-wall dives - all within a few mile radius of tree-lined streets and quiet neighborhoods? It's an amazing place to live and work!"

The thing is, the beauty of Pasadena persists through good times and bad, and the pleasures of living and working here make our community shine among the best-of-the-best idyllic regions in the world. The best real estate agents share our passion for the landscape, climate and community and their passion creates productivity.

"The example of my grandma following her dream," Irina says, "the courage that it took for my parents to leave their homeland with almost nothing and make a life in this country has instilled in me the idea that anything can be accomplished if you just dedicate yourself and are clear about your goals and passions."

Contact Joanna Dehn Beresford at

Posted in About Us
Oct. 16, 2008

San Marino Real Estate: New San Marino homes on the market this week

Every Thursday, real estate agents get together to preview new San Marino homes that are listed for sale. This week, there were five San Marino homes available for preview.

You can find information about this week's San Marino homes for sale by clicking here.

Posted in San Marino
Oct. 16, 2008

Do you want to go to Disneyland for FREE?

Disneyland is giving the best present of all - a free Disney ticket to the happiest place on earth. The only condition is that you have to visit Disneyland on your birthday. Why not? What a fun way to spend your birthday! So visit the Free Disney Ticket site here.


I found the Disney information on a great new website - new to me, but has been around for awhile. It's called Fitness for Busy Moms and is run by my Altadena neighbor, personal fitness trainer - Stephen Cooper. Stephen offers great exercise and relaxation tips that are quick to read and easy to incorporate into our schedule. Check Fitness For Busy Moms website out. You'll be glad you did.


What websites are you reading? Share them here. I'd love to hear about them - spread the love!

Posted in Fun Posts
Oct. 16, 2008

San Marino Luxury Real Estate - September Million Dollar Sales

September was a slow home sales month for San Marino. There were only eight homes that were sold. These luxury San Marino estates ranged from $805,000 to $2,580,000. Three of the homes were under $1.5 million and five were over.

1. 2370 Sherwood Road, San Marino - Listed at $1,549,000 and sold for $1,600,000 - SOLD OVER ASKING It was on the San Marino real estate market for only 18 days - this home was priced correctly and showed beautifully.

2. 2822 Gainsborough Drive - Listed at $1,920,000 and sold for $1,829,053.

3. 2855 Devonport Road - Listed at $1,880,000 and sold for $1,860,000.

4. 2890 Monterey Road - Listed at $1,850,000 and sold for $1,990,000. SOLD OVER ASKING

5. 20 Mill Canyon Road - Listed at $2,888,888 and sold for $2,580,000


Information gathered from ITEC (Pasadena Foothill Association of Realtors)

If you are ready to start your San Marino luxury home search or thinking of relocating to San Marino and would like more information, please visit our San Marino website here.

READ MORE: San Marino Schools are #1 in California again!

Posted in San Marino
Oct. 14, 2008

Pasadena Mortgage Rates Report - October 14, 2008

Brian Brady

By: Brian Brady

America's #1 Mortgage Broker

If you're closing your loan after Friday, I left you naked (not locked). I told you that the fundamentals of the economy would bring rates lower after the bailout was announced. Rates were at 5.875%, today they're at 6.5%. What's in store for the rest of the month?

Eric Holloman of Rate Link offers this two-minute research report about why "headline risk" should be replaced by economic data as a determination of mortgage-backed securities pricing. If he's correct (and I think he is), the next three days will be important for the direct of mortgage rates through the end of the year.

I'm still recommending that you float your Pasadena mortgage rates; I believe we'll see rates come back down under 6% within the next 7-10 days. If the economic data suggest that we are NOT headed for a recession,mortgage rates will stay in the 6.25-6.75% range. If the data are as indicative of a downturn as I think they will be, lower rates should be on the horizon. As always, keep checking back.

Originally posted on Long Beach Real Estate Home

Oct. 10, 2008

San Gabriel Real Estate Market Report - September 2008

San Gabriel single family home inventory is on the rise. In September 88 homes were on the San Gabriel market compared to 68 in August. The average days on the market has decreased to 70, but the absorption rate increased to 4.5 months (18.2 weeks) mainly due to increased inventory compared to the stagnant number of homes sold.

The homes that were sold last month ended up closing escrow at 97.44% of asking price and were on average 1,521 sq. ft. Most homes were 2 to 3 bedrooms with 2 baths.

The lowest priced home listing in San Gabriel is at 322 E. Angeleno Avenue - offered at $259,000 (reduced from the original price of $305,000)

The highest priced home listing in San Gabriel is at 616 S. Ramona Street - offered at $2,195,000. This San Gabriel estate has been on the market for over two years now. Price remains the same.

If you look at the San Gabriel statistics below, you'll notice that there was an increased number of San Gabriel townhomes that went under contract or pending. This is due to a newly built development at 128 E. Broadway. 5 out of 7 pending townhome sales were in that complex and were all priced between $538,000 to $548,000. Even though these townhomes were a bit on the high end of the price per square foot spectrum, buyers seemed to have jumped on them and were willing to pay a premium for living in a newly constructed complex.

The new development at 153 Junipero Serra Drive didn't do as well as the one on Broadway. 3 of the townhomes have expired and were removed from the market. Developer is probably reviewing the pricing prior to relisting them for sale.

Lots, and I mean, LOTS of condos came up on the market in San Gabriel. 12 new listings compared to only 1 in August. Yikes! this increased the absorption rate to 78 weeks. The sales remain minimal at one a month. Interesting phenomenom is occuring. Condos are priced higher per square foot ($349.08) than townhomes ($315.18) in San Gabriel. San Gabriel condo sellers and their real estate agents need to get more realistic or they will just be wasting their time and efforts.

San Gabriel Real Estate Market Statistics for July 2008 through September 2008:

Single Family Residence Jun-08 Jul-08 Aug-08 Sep-08
New Listings 18 15 23 29
Total Listings 91 68 68 88
Sales Pending 13 22 9 13
Homes Sold 24 22 22 21
Listings Expired 9 12 7 20
Average Days on the Market 98 79 95 70
Average Price Per Sq. Ft. $358 $354 $394 $380
Average Selling Price $580,783 $595,932 $660,745 $546,329
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 16.4 13.4 13.4 18.2
Condos Jun-08 Jul-08 Aug-08 Sep-08
New Listings 6 5 1 12
Total Listings 21 11 7 18
Sales Pending 0 1 1 0
Condos Sold 1 3 0 1
Listings Expired 1 2 5 6
Average Days on the Market 54 301 n/a 63
Average Price Per Sq. Ft. $325 $341 n/a $408
Average Selling Price $588,000 $438,667 n/a $368,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 91.0 15.9 10.1 78.0
Townhomes Jun-08 Jul-08 Aug-08 Sep-08
New Listings 3 1 9 7
Total Listings 14 7 12 13
Sales Pending 1 1 1 8
Townhomes Sold 0 1 1 2
Listings Expired 5 4 7 7
Average Days on the Market n/a 20 244 114
Average Price Per Sq. Ft. n/a $269 $290 $270
Average Selling Price n/a $355,000 $439,500 $384,250
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 60.7 30.3 52.0 28.2

Data taken from ITEC (Pasadena Foothills Association MLS service)



For weekly updates on San Gabriel real estate market activity, please feel free to request market analysis reports with detailed information at How is the Market button on this site. These real-time real estatemarket reports are gathered and updated by Altos Research and will be emailed to you weekly with my compliments.

Posted by Irina Netchaev, Real Estate Agent