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
Oct. 3, 2008

San Marino Real Estate - Broker's Open House Update

There were three San Marino homes on the Real Estate Broker's Open House tour today. Two of the homes were luxury estates over $3 million and one home was a San Marino home that has been on the real estate market for awhile and just had a price reduction.

 

 

 

Let's start with the home that just had a price reduction. It's a 4 bedroom, 3 bath home on 1635 Rubio Drive. This home was originally listed at $1,790,000 and in my opinion was extremely overpriced. It has a lot of deferred maintenance, doesn't show well - was not prepared for sale nor has care been taken to prepare it for any showings including previous broker open houses. All in all, it is not a surprise that the price was reduced to $1,499,000. This home has been on the San Marino real estate market for 118 days as of today. It is currently priced at $557 square feet and definitely falls into my "San Marino dusty deals" category where the seller most likely will be willing to negotiate a bit more to move this property.

 

New Home Listings this week: Luxury San Marino estates

As discussed on this real estate blog previously, San Marino's luxury price point starts around $3 million. A luxury home buyer in San Marino can expect an estate with a minimum of:

  • 5 or more bedrooms with more than 5,000 sq. ft.
  • An estate on a large lot
  • A pool and a spa
  • A guest house
  • Location North of Huntington Drive
  • Gourmet kitchen

1. 950 Roxbury Road in San Marino - Asking Price $3,650,000

 

This is a really lovely English Tudor situated on almost 2/3 of an acre. This home is 5 bedrooms and 5 baths with over 5,300 sq. ft. I loved the floor plan and felt there was quite a bit of light coming into the home for a Tudor. The grounds were absolutely beautiful with a rose garden, outdoor entertaining area, a 50 foot pool and a very charming guest house. This estate was nicely updated and has a three car garage. A couple of drawbacks included its location - South of Huntington Drive and close to Alhambra and this was by far the grandest home on Roxbury Road. $677 per sq. ft. seemed a bit high for the San Marino market right now. September San Marino home sales closed at $625/sq. ft. on average.

2. 660 Lombardy Place, San Marino - Asking Price $3,650,000

 

A Monterey Colonial Revival built by famed architects, Marston, Van Pelt and Maybury in 1927. This luxury home has 6 bedrooms and 7 baths with over 5,400 sq. ft. and sits on over 25,000 sq. ft. lot. This San Marino home has a guest house and a 4-car garage, a salt water pool and spa. This hoem exhudes tranquility and peace. It's priced at $621 per sq. ft. This San Marino home is located North of Huntington Drive, but only 1 block away from San Gabriel Blvd.

SEARCH HOMES FOR SALE IN SAN MARINO

Posted by Irina Netchaev, Real Estate Agent

Posted in San Marino
Sept. 30, 2008

Pasadena Real Estate - Pricing Your Home to Sell in Today's Real Estate Market

I just saw an interesting video of a Pasadena real estate agent describing the process that his team uses in pricing a home to sell. The real estate agent shall remain anonymous here, but having watched the video, I was petrified in what consumers, home sellers that are relying on the real estate agents to price their homes to sell, think. As the saying goes - "perception is reality!"

In the real estate video, the home pricing process went something like this:

Real estate agent #1 - "We need to price this Pasadena home. This home doesn't show well, has a lot of deferred maintenance and really doesn't compare to any recent solds on the street." Turns to his partner and says "What do you think?"

Real estate agent #2 - " I think we price it at $649,000"

Real Estate agent #1 - "How can you justify this home sales price of $649,000 when other homes, in better condition, on same street sold for the same? I think that it's worth around $540,000"

Real estate agent #2 - "If we start out low and this home doesn't sell, we will not have room to go down in price!"

Real estate agent #1 - "Let's table this and address when we meet at the property later."

Several days later, both agents meet at the home that they are getting ready to list.

Real estate agent #1 - "So have you given any more thought to pricing this home?"

Real estate agent #2 - "Let's price this Pasadena home at $579,000 - just split the difference."

Real estate agent #1 - "Great idea!"

Shall I say more? I know that the home sellers that I work with rely on me, their Pasadena real estate agent, to do my due diligence and come up with a price that will not only help them sell their Pasadena home or condo, but also sell with the highest possible return to them.

So what goes into the decision process of pricing a home to sell in today's real estate market?

First of all, what you think a home will sell for and the price the home is presented for to the buyers are two totally different things. Pricing is yet another strategy or tool to use in selling your Pasadena home.

The saying in the real estate industry goes something like "pricing is 80% of the sale". That is very true. If a home seller overprices their home, it'll just sit there, get stale and ultimately result in a much lower selling price.

If a home seller drastically underprices their home, it'll sell fast, but will it sell for top dollar?

Should a seller "fix price" their home? Or, should a home seller "range price" their home?

What kind of homes are selling in their immediate neighborhood? What are the home's competition? Will these homes help sell your home or will your home help sell these other Pasadena homes for sale?

What was the last home price sold, price per square foot, condition of the home in the Pasadena neighborhood that the house is in?

What is the absorption rate for Pasadena and specifically the neighborhood that the home is located in?

What are the trends in the real estate industry?

How will the price help drive home buyers to see your home? Will the house's price deter potential home buyers from looking at your home?

Does the condition of the home support its price? Has the home been staged to support a higher selling price?

There are so many questions to ask and address before deciding on how to price a home correctly! It's not as simple as "let's look at the comps and come up with something in the middle."

If you are a home seller and see a video like the one I referred to, please know that not all real estate agents are created equal. Interview your real estate agent and demand the best!

Posted by Irina Netchaev, Pasadena real estate agent.

Sept. 29, 2008

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

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

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!