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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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Sept. 29, 2008

South Pasadena Real Estate - Estates For Sale over $1 million

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Posted in Homes For Sale
Sept. 29, 2008

South Pasadena Real Estate - Estates For Sale over $1 million

South Pasadena Real Estate
See all homes available for sale in South Pasadena as they come up for sale.
Luxury Homes over $1 Million:


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!

Sept. 29, 2008

Pasadena Real Estate: 5 Tips for Getting More House for Your Dollar

One of the most frequest real estate questions that I get from Pasadena real estate buyers is "How can we get more house for our money?"

Get more house for your dollar

Here are the top 5 home buying tips:

Home Buying Tip #1: Do not be afraid to ask the seller to contribute towards your closing costs. Most banks will allow up to 6% of non-recurring costs to be contributed by the seller. These dollars can be best applied towards buying down the interest rate on your home loan. The lower the interest rate, the lower the payment, the more house you can afford.

READ MORE: Recurring and Non - Recurring Closing Costs

Home Buying Tip #2: Always get a home inspection before buying a home. A home inspection is different from a home appraisal. A home inspection will help you not only undertand the condition of the home's major systems, but will also help in negotiating concessions, repairs or to renegotiate the price if problems are found. It is also very important to get a separate sewer line inspection since most general inspectors will not be able to tell the condition of the sewer lines. There are specialized inspectors that will snake the lines and will give a home buyer pretty good idea what is going on under the house.

Home Buying Tip #3: Don't just shop for a home loan rate. Ensure that you find a knowledgeable and reputable lender that can discuss various options available to the home buyer. There are still wonderful down payment assistance programs and first time home buyer programs available. Also, there are various conventional loan programs that can be tailored to the home buyer's specific needs and lots of school districts like LAUSD have negotiated special home buying loans with various lenders.

Another consideration in today's real estate market is that banks are much tighter with their money. Once you find a Pasadena home that you love, a buyer needs to ensure that the lender can follow through on what he or she promised and close the loan. Otherwise, you will be out of pocket for appraisal, home inspections and other fees. Your Pasadena real estate agent will be able to provide you with references to lenders with proven results.

Home Buying Tip #4: Look for homes that have been on the market for awhile. Real Estate agents, as well as home buyers tend to only look at homes that are newly listed. That is all nice and well, but the home sellers that have possibly overpriced their homes originally and have reduced since or waiting for an offer, any offer, might be willing to negotiate the home price more aggressively than the ones that just put their Pasadena home for sale. Check my monthly Dusty Deals list for these "stale" homes for sale.

Home Buying Tip #5: Work with an experienced real estate agent. A real estate agent can make or break a home sale. She is the resource for reputable lenders, inspectors, contractors and others critical parties to the home buying process. A real estate agent that is knowledgeable will be able to write a home sale contract in a way that will protect the buyer and bring the positive aspect of buyer's offer to the seller. A local real estate expert will be able to provide a home buyer with home selling trends and advise on the appropriate offer price and negotiate like a bulldog to ensure that you get the most home for your dollar.

READ MORE: What can you expect from a great real estate agent? This post has a really funny video to entertain you, but underneath is a list of what I would expect from my real estate agent.

Posted by Irina Netchaev, Pasadena Real Estate Agent - 626-629-8439

Posted in Buyers
Sept. 26, 2008

Pasadena Real Estate Market Report - August 2008

Inventory of homes in Pasadena went down significantly in August. At the same time the number of homes under contract is a lot lower in August than in previous summer months - again the cyclical nature of the beast. During the months of June and July, volume of both sales and pending (homes under contract) sales goes up and in the fall months we start seeing a "slow down" in the Pasadena real estate market.

Luxury homes in Pasadena had a lot of movement - 19 homes sold over 1 million dollars.

The highest priced Pasadena luxury home sale for August 2008 was at $5,750,000 on 455 S. San Rafael and sold in a bit over 2 months.

Pasadena Market Action Index

The PASADENA real estate market is currently in the Buyer's Market zone (below 30), though not strongly so. The 90- day Market Action Index stands this week at 21 so buyers should expect find reasonable levels of selection. The market has settled in at a relative stasis in inventory and sales conditions. It's a Buyer's market that has seen prices trend lower. Expect that consistent up trends in demand will be required before price trends change significantly.

 

READ MORE: Pasadena Real Estate Market Report - September 2008

Pasadena Real Estate Market Statistics for June 2008 through August 2008:

Single Family Residence Jun-08 Jul-08 Aug-08
New Listings 77 140 80
Total Listings 388 390 325
Sales Pending 54 66 43
Homes Sold 54 65 69
Listings Expired 48 42 36
Average Days on the Market 121 104 133
Average Price Per Sq. Ft. $445 $417 $407
Average Selling Price $968,727 $807,139 $923,986
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 31.1 26.0 20.4
Condos Jun-08 Jul-08 Aug-08
New Listings 52 41 31
Total Listings 182 169 136
Sales Pending 30 25 9
Homes Sold 24 29 27
Listings Expired 34 17 22
Average Days on the Market 126 92 115
Average Price Per Sq. Ft. $391 $386 $397
Average Selling Price $503,451 $515,788 $515,896
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 32.9 25.3 21.8
Townhomes Jun-08 Jul-08 Aug-08
New Listings 36 21 11
Total Listings 90 81 57
Sales Pending 9 15 6
Homes Sold 11 10 13
Listings Expired 7 9 4
Average Days on the Market 102 84 111
Average Price Per Sq. Ft. $391 $374 $385
Average Selling Price $ 555,236 $ 695,800 $ 597,477
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 35.5 35.1 19.0

SEARCH PASADENA CA HOMES FOR SALE (Single Family Residences - SFR)

SEARCH PASADENA CONDOS AND TOWNHOMES FOR SALE

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

If you are interested in receiving a weekly Pasadena real estate market report with the Market Price Index, you can request the Pasadena 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.

Sept. 26, 2008

Pasadena Mortgage Rates Report: September 25, 2008

brian_bradyby Brian Brady

We are advising clients to delay locking their Pasadena mortgage rates until the Bailout hearings are over. That could change in a New York minute so keep checking our mortgage rates report daily. We could change if the mortgage bond markets start reacting to an expected bailout plan early.

The economic data suggest that we are in a full-blown recession. While that isn't a good sign, it's positive for interest rates. Fed Chairman, Bernanke, may cut interest rates again:

Federal Reserve Chairman Ben S. Bernanke moved closer to cutting interest rates, signaling that risks to U.S. growth are greater than policy makers saw them just last week.

The "intensification" of the financial crisis in recent weeks is curbing Americans' access to borrowing, making the outlook for consumer spending "sluggish at best," Bernanke told lawmakers in Washington yesterday. While he noted that risks to inflation remain, the Fed chief's testimony focused on "grave threats" to the banking system.

An expected bailout combined with the increased probability of a Fed rate cut compels us to remain positive but vigilant about lower mortgage rates. Sit tight for now.

Originally posted on Mortgages Unzipped

Sept. 26, 2008

San Gabriel Real Estate Market Report - August 2008

No surprises in the San Gabriel real estate trends for August 2008. The number of new home listings have increased from 15 to 23 from July through August, but the overall number of available San Gabriel homes is the same as well as the number of San Gabriel homes that sold remain the same. The number of Single Family Residences (SFR) that are under contract in August is significantly lower than July mainly due to the cyclical nature of real estate during summer months. June and July are the busiest real estate months with August slowing down as families are settling in to a new school year.

San Gabriel condo inventory went down, while townhomes have seen a huge increase in available properties although sellers are overpricing these townhomes in my opinion. Townhomes are selling in mid to high $200 price per sq. ft. range while the newly listed townhomes are averaging around $330 per sq. ft. Hmmm.... if you are a seller, rethink your strategy... not only will these townhomes take longer to sell and will most likely sell at a much lower price, but no appraiser in their right mind will appraise them at asking price!

San Gabriel Real Estate Indicators for May 2008 through August 2008:

Single Family Residence May-08 Jun-08 Jul-08 Aug-08
New Listings 24 18 15 23
Total Listings 79 91 68 68
Sales Pending 6 13 22 9
Homes Sold 16 24 22 22
Listings Expired 15 9 12 7
Average Days on the Market 79 98 79 95
Average Price Per Sq. Ft. $399 $358 $354 $394
Average Selling Price $578,188 $580,783 $595,932 $660,745
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 21.4 16.4 13.4 13.4
Condos May-08 Jun-08 Jul-08 Aug-08
New Listings 4 6 5 1
Total Listings 19 21 11 7
Sales Pending 0 0 1 1
Condos Sold 2 1 3 0
Listings Expired 3 1 2 5
Average Days on the Market 144 54 301 n/a
Average Price Per Sq. Ft. $295 $325 $341 n/a
Average Selling Price $336,500 $588,000 $438,667 n/a
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 41.2 91.0 15.9 10.1
Townhomes May-08 Jun-08 Jul-08 Aug-08
New Listings 3 3 1 9
Total Listings 9 14 7 12
Sales Pending 1 1 1 1
Townhomes Sold 1 0 1 1
Listings Expired 5 5 4 7
Average Days on the Market 18 n/a 20 244
Average Price Per Sq. Ft. $269 n/a $269 $290
Average Selling Price $677,000 n/a $355,000 $439,500
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 39.0 60.7 30.3 52.0

Data taken from ITEC (Pasadena Foothills Association MLS service)

SEARCH SAN GABRIEL HOMES FOR SALE (Single Family Residences)

SEARCH SAN GABRIEL CONDOS AND TOWNHOMES FOR SALE

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

READ MORE: San Gabriel Real Estate Market Report September 2008

Sept. 25, 2008

Altadena California Real Estate Market Update - August 2008

Altadena real estate market has shown a decreased number of available homes for sale from May 2008 to August 2008. This decrease is due to the pick up of home sales in the summer months, although looking at the number of homes that went under contract in August, it's clear that the summer rush is over. The average price of an Altadena home has been declining steadily with August ending at $640,167. Price per square foot of homes sold in Altadena has also decreased month after month to $345.

Altadena homes sold in August 2008 on average at 96.49% to their adjusted asking price. I say adjusted because more than half of the Altadena homes sold in August had price reduction prior to getting buyer bids and finalizing the sale.

Atadena condos and townhomes are almost non-existent since Altadena mainly has single family homes.

Single Family Residence May-08 Jun-08 Jul-08 Aug-08
New Listings 55 36 21 27
Total Listings 169 137 132 89
Sales Pending 13 37 39 13
Homes Sold 25 31 32 31
Listings Expired 20 13 13 18
Average Days on the Market 94 116 139 92
Average Price Per Sq. Ft. $383 $378 $382 $345
Average Selling Price $680,790 $745,097 $690,833 $640,167
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 29.3 19.2 17.9 12.4
Condos and Townhomes May-08 Jun-08 Jul-08 Aug-08
New Listings 0 1 2 0
Total Listings 3 4 4 1
Sales Pending 0 0 0 0
Homes Sold 0 1 0 0
Listings Expired 0 1 0 2
Average Days on the Market n/a 12 n/a n/a
Average Price Per Sq. Ft. $431 n/a n/a
Average Selling Price n/a $535,000 n/a n/a

Data taken from ITEC (Pasadena Foothills Association MLS service)

HOMES FOR SALE IN ALTADENA (Single Family Residences)

SEARCH CONDOS AND TOWNHOMES FOR SALE IN ALTADENA

Sept. 25, 2008

Arcadia Real Estate Market Report for August 2008 and Real Estate Housing Trends

In reviewing the last four months of Arcadia's real estate market activity, it was interesting to note that the price per square foot of sold homes has remained fairly constant throughout the summer for all types of housing. The number of homes sold during July was the highest which is in line with the cyclical nature of real estate driven by summer moves and parents not wanting to disrupt their kids with school changes.

The inventory of Arcadia homes for sale is beginning to decrease which is a good sign since at the height of the summer season, we had over 22 weeks of absorption of existing homes on the market.

Arcadia real estate is still very clearly a buyers market and I anticipate it will remain a buyers market throughout the slower winter months.

In August, 31 SFR (Single Family Residences) sold at 95.16% of asking price. Having said that, the asking price of 9 of these homes was reduced from the original price and that was not included in the calculation of this statistic. A lot of Arcadia home sellers are still not realistic in setting their home prices and are overpricing their homes thereby chasing the market down and losing more money in the end.

 

If you are not a motivated seller, don't put your home on the market and save yourself a lot of grief.

 

Altos Research group after analyzing the Arcadia real estate market says the following:

"Inventory has been tightening and days-on-market increasing recently. The Market Action Index has been basically flat, not providing strong indication for market conditions."


Read More: Arcadia Real Estate statistics - October 2008

Here're the last four months of real estate market statistics for Arcadia, California:

 

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

See all current Arcadia properties on the market in the Multiple Listing Service (MLS) below:


 

SEARCH ARCADIA HOMES FOR SALE (Single Family Residence)

SEARCH ARCADIA CONDOS AND TOWNHOMES 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!

 

Sept. 24, 2008

Monrovia Real Estate Market Housing Report - August 2008

Monrovia real estate has been on the downtrend since the begining of the year. Median home prices for Monrovia has fallen almost $100,000 from January 1st 2008 through Sept 21, 2008 per Altos Research real estate, premier real estate analysis company. The number of days that it takes to sell a Monrovia home has been increasing as well with absorption rates for single family residences in the 5+ months range.

Even though the inventory for single family Monrovia homes has decreased, it is still at record highs.

August 2008 data shows that Monrvovia homes sell, on average, at 97.34% of asking price. This indicates that the home sellers are begining to price their homes more aggressively and closer to the actual selling price.

Lowest priced Monrovia condo is $195,000.

Highest priced Monrovia condo is $525,000.

There were 9 codominium and townhome price reductions in the month of August out of the 16 total listings. Below are July and August statistics for your review. The information was gathered from ITEC Pasadena Foothill Association.

Single Family Residence Jul-08 Aug-08
New Listings 27 18
Total Listings 161 117
Sales Pending 23 6
Homes Sold 24 23
Listings Expired 12 15
Average Days on the Market 144 220
Average Price Per Sq. Ft. $350 $341
Average Selling Price $513,854 $488,632
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 29.1 22.0
Condos and Townhomes Jul-08 Aug-08
New Listings 9 7
Total Listings 20 16
Sales Pending 11 1
Homes Sold 6 8
Listings Expired 6 1
Average Days on the Market 224 112
Average Price Per Sq. Ft. $302 $273
Average Selling Price $418,000 $353,738
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 14.4 8.7

SEARCH MONROVIA HOMES FOR SALE

SEARCH MONROVIA CONDOS AND TOWNHOMES FOR SALE

Posted by Irina Netchaev, Monrovia Real Estate Agent

Sept. 23, 2008

Sierra Madre Real Estate market Report - August 2008

Sierra Madre real estate home sellers are begining to price their homes more aggressively and closer to what the home buyers are willing to pay. The average price per square foot for sold homes in August was $435 and the average price per square foot of homes on the real estate market is $452. There's still a bit of a discrepancy, but it's getting closer.

Price reductions 23 out of 37 single family Sierra Madre homes for sale underwent price reductions. That's 62% of the sellers finally realizing that they are no longer driving the market, the buyers are! It's about time since some of these homes have been on the market for a year or longer and the majority of these Sierra Madre homes have been listed for sale close to 4 months.

Lowest priced SFR (single family residence) in Sierra Madre is listed at $399,000.

Highest priced SFR in Sierra Madre is listed at almost $2,000,000 at $1,999,999.

Sierra Madre Real Estate Market statistics for August 2008:

Single Family Residence Aug-08
New Listings 8
Total Listings 37
Sales Pending 3
Homes Sold 15
Listings Expired 3
Average Days on the Market 123
Average Price Per Sq. Ft. $435
Average Selling Price $707,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 11.6
Condos and Townhomes Aug-08
New Listings 0
Total Listings 3
Sales Pending 1
Homes Sold 2
Listings Expired 3
Average Days on the Market 163
Average Price Per Sq. Ft. $340
Average Selling Price $562,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 6.5

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

SEARCH SIERRA MADRE HOMES FOR SALE

SEARCH SIERRA MADRE CONDOS AND TOWNHOMES FOR SALE

Posted by Irina Netchaev, real estate agent in Pasadena California.