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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Feb. 26, 2012

Pasadena Real Estate Market Report and Homes for Sale

Pasadena Real Estate Statistics Pasadena California - Single Family Homes

January 2012 hosing statistics:

  • 46 homes sold in January with an average sold price of $606,293
  • Average price per square foot of sold homes was $349
  • There were 260 homes for sale in January with an average asking price of $930,000.
  • Median price was $542,000.

See some of the Pasadena luxury  homes for sale here.

For comparison purposes, 2010 Pasadena real estate market information is below:

  • 2010 had 768 closed sales with an average sold price of $756,548 spending an average of 79 days on the market
  • Highest – $6,900,000 – 184 days on the market
  • Lowest – $128,000 – 81 days on the market

Here's a 10 year look:

Pasadena 10 Year Average Price Graph - May 2001 - May 2011

Scroll down below the home listings to see previous months real estate data. If you have any specific questions, feel free to leave a comment below or email me directly.

December 2011 Real Estate Market Report for Pasadena California:

Wow!  December closed 2011 with strong real estate market data for single family homes in Pasadena.

Pasadena is known for its character homes in a variety of price ranges.  This housing report will provide you with an overview of the real estate market.

  • There are 76 closed sales with an average sold/closed price $673,583 and an average sold price per square foot was $403..
  • YTD there have been 848 closed sales with an average sold price of $744,352 spending an average of 81 days on the market.
    • Average price per square foot is $377
    • Average interior square footage - 1,951
  • Highest sold in December – $3,680,000 – a home in the incorporated area of Pasadena with San Marino schools.
  • Lowest sold in December – $170,000 –  A short sale.

See some of the Pasadena luxury  homes for sale here.

November 2011 Real Estate Market Report for Pasadena California:

[caption id="attachment_3339" align="aligncenter" width="397" caption="Views from Buckingham Place Estate listed for over $4,698,000"]Pasadena Views from Buckingham Pl Estate[/caption]

  • There are 224 active single family homes for sale in Pasadena California.  55 homes were listed in November with an average home price of $763,737.
  • There are 80 pending/under contract sales and in the past 30 days there has been 53 closed sales with an average sold/closed price $735,006 and an average sold price per square foot was $403..
  • YTD there have been 767 closed sales with an average sold price of $752,536 spending an average of 111 days on the market.
    • Average price per square foot is $377
    • Average interior square footage - 1,951
  • Highest sold in November – $2,775,000 – sold in only 36 days to an all cash buyer.
  • Lowest sold in November – $260,000 – 30 days on the market.  A regular sale.

October 2011 Real Estate Market Report for Pasadena California:

  • There are 230 active single family homes for sale in Pasadena California.  The inventory is still low and pickings are slim.  A few more homes, 79 to be exact were listed in October with an average price tag of $915,683.
  • There are 96 pending/under contract sales and in the past 30 days there has been 56 closed sales with an average sold/closed price $621,931.
  • YTD there have been 716 closed sales with an average sold price of $753,618 spending an average of 111 days on the market.
    • Average price per square foot is $374
    • Average interior square footage - 1,959
  • Highest sold in October – $3,585,000 – sold in only 13 days!  The luxury market is still going strong in Pasadena California.
  • Lowest sold in October – $170,000 – 12 days on the market.  Another all cash sale - REO.

September 2011 Real Estate Market Report for Pasadena California:

  • There are 274 active single family homes for sale in Pasadena California.  Looks like September somewhat recovered from the drop in housing inventory that we saw in August.  We actually had an increase in the number of homes available from 251 in August, but still seriously below  the 321 properties in July.  68 of these homes were listed in the month of September  with an average list price of $994,644.  We are definitely seeing more luxury homes coming up on the market than in the past few months.
  • There are 119 pending/under contract sales and in the past 30 days there has been 66 closed sales with an average sold/closed price $663,200 spending an average of 93 days on the market.  Note:  anything less than 6 months on the market is traditionally considered a "seller's market".
  • YTD there have been 657 closed sales with an average sold price of $765,005 spending an average of 112 days on the market.
    • Average price per square foot remains at $376
    • Average interior square footage - 1,982
  • Highest sold in September – $2,048,000 million – sold in 113 days on the market.  This was a MidCentury Modern, a style of homes that seems to be "hot" and quite in demand recently.
  • Lowest sold in September – $170,000 – 80 days on the market.  Another all cash sale.

August 2011 Real Estate Market Report for Pasadena California:

  • There are 251 active single family homes for sale in Pasadena California.  A huge drop in housing inventory (down from 321 in July!) 63 of these homes were listed in the month of August (compared to 108 listed in June) with an average list price of $700,567.
  • There are 76 pending/under contract sales and in the past 30 days there has been 78 closed sales with an average closed price $839,704 spending an average of 89 days on the market.  Note:  anything less than 6 months on the market is traditionally considered a "seller's market".
  • YTD there have been 591 closed sales with an average sold price of $776,391 spending an average of 112 days on the market.
    • Average price per square foot remains at $376
    • Average interior square footage - 2,009
  • Highest sold in August – $5 million – sold in only 84 days on the market.  Originally listed for sale at $5,650,000.  The buyer paid all cash!
  • Lowest sold in August – $145,000 – 126 days on the market.  Another all cash sale and a major fixer!

See all Pasadena Foreclosure homes for sale here.

July 2011 Real Estate Market Report for Pasadena California:

  • There are 321 active single family homes for sale in Pasadena California.  Not a huge variance from the 320 in June - steady home inventory. 77 of these homes were listed in the month of July (compared to 108 listed in June and 149 listed in May) with an average list price of $1,076,316.

Interesting to note that the number of newly listed homes is going down each month while the inventory of homes remains the same.  Less sales, more listings... indicative of buyer's market.

  • There are 120 pending/under contract sales and in the past 30 days there has been 82 closed sales with an average closed price $744,847 spending an average of 94 days on the market
  • YTD there have been 510 closed sales with an average sold price of $769,039 spending an average of 114 days on the market.
    • Average price per square foot was $376
    • Average interior square footage - 2,011
  • Highest sold in July – $2,440,000 – 260 days on the market.  Interestingly enough, this historic landmark home on Bradford Street was once owned by a member of the Huntington family and was sold as a short sale.  So... yes... there are pretty high priced short sales in Pasadena.
  • Lowest sold in July – $193,000 – 23 days on the market.  This was a bank owned (REO - foreclosure) sale and sold at 118% of list price - way over asking for all cash!

June 2011 Real Estate Market Report for Pasadena California:

  • There are 320 active single family homes for sale in Pasadena California.  108 of these homes were listed in the month of June with an average list price of $880,650.
  • There are 98 pending/under contract sales and in the past 30 days there has been 88 closed sales with an average closed price $862,500 spending an average of 85 days on the market
  • YTD there have been 425 closed sales with an average sold price of $768,788 spending an average of 85 days on the market
    • Average price per square foot was $372
    • Average interior square footage - 2,018
  • Highest sold in June – $5,500,000 – 262 days on the market.
  • Lowest sold in June – $144,000 – 27 days on the market.

May 2011 Real Estate Market Report for Pasadena California:

  • There are 315 active single family homes for sale in Pasadena California.  149 of these homes were listed in the month of May with an average list price of $1,134,000.
  • There are 73 pending/under contract sales and in the past 30 days there has been 73 closed sales with an average closed price $885,000 spending an average of 69 days on the market
  • YTD there have been 339 closed sales with an average sold price of $781,273 spending an average of 85 days on the market
    • Average price per square foot was $373
    • Average interior square footage - 1,986
  • Highest  sold in May– $3,875,000 – only 17 days on the market and sold over asking!
  • Lowest sold in May – $195,000 – 7 days on the market.

Read More:  Most expensive homes in Pasadena

Interested in more information about Pasadena and surrounding cities, check out our City Guides below:

Alhambra City Guide

Altadena City Guide

Arcadia City Guide

Monterey Hills City Guide

Pasadena City Guide

San Gabriel City Guide

San Marino City Guide

Sierra Madre City Guide

South Pasadena City Guide
And, if you are interested in fun activities to do in Pasadena, take a look at our 365 Things To Do In Pasadena® page.

Thinking of selling your Pasadena home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Irina Netchaev at (626) 629-8439 to discuss what is happening in today’s Pasadena Real Estate Market.

Selection of Pasadena Homes for Sale can be found on our Pasadena Real Estate Page.

Feb. 21, 2012

Pasadena Real Estate Update - Condos and Townhomes

Condos and Townhomes in Pasadena Real Estate Statistics

Looking for a Pasadena condo for sale?  Or, maybe, you own one of these properties and would like to keep an eye on the Pasadena real estate market?  If so, you've come to the right place.  I'll be updating you on the critical data that drive Pasadena's real estate market every month.  So go ahead and bookmark this post.  Come back to it around the middle of each month for last month's real estate data and scroll down below for the report!

READ MORE:  The Ultimate Pasadena Condo Buying Guide

2012 is here and so are January's condo and townhouse statistics:

  • January of 2012 started out with the lowest volume of available condos and townhomes for sale in the last year - only 167 compared to 291 last January.  That's a 42.6% change.  Inventory is tightening!
  • 24 condos and townhouses sold compared to 39 in January of 2010.
  • Priced per square foot is fairly stable at $327/sq. ft. just a teeny bit below the $333/sq. ft. of January 2010.
  • More lower priced, smaller condos and townhouses available than last year:
  • An average sales price of a condominium in Pasadena was $421,000.
  • An average sales price for a townhome in Pasadena in January was $373,000.
  • Sold to List ratio is running at 96% and it takes 76 days to sell.

[caption id="attachment_3194" align="alignnone" width="361" caption="Historic 1922 Barcelona Building in Pasadena"]Historic 1922 Barcelona Building - Heart of Pasadena[/caption]

[caption id="attachment_3195" align="alignnone" width="204" caption="Eco Friendly Townhome - Residences at Wilson"]Eco Friendly Townhome - Residences at Wilson[/caption]

2011 Pasadena Condo Housing Data:

December 2011 Real Estate Market Report for Pasadena California Condos for sale and Townhomes:

  • There are 172 Pasadena condos and townhouses for sale.  27 of these homes were listed in the month of December with an average list price of $553,000.
  • There are 27 condos, lofts and townhouses that are currently in escrow (under contract) and in the past 30 days there has been 33 condos sold with an average closed price $528,848, with an average sold per square foot price of $331 spending an average of 133 days on the market.
  • 2011  ended with 453 closed sales with an average sold price of $432,534 spending an average of 126 days on the real estate market.
    • Average price per square foot was $326
    • Average interior square footage – 1,319

Read More:  Most expensive homes in Pasadena

For comparison purposes, 2010 Pasadena real estate market information for condos and townhomes is below:

  • 2010 had 476 closed sales with an average sold price of $465,542 spending an average of 103 days on the market.  The average sized condo or townhome was 1,304 sq. ft. and sold at 97.6% of list price.  The average price per square foot was $355.
  • Highest – $2,100,000
  • Lowest – $125,000

Here's a look at the 10 year history of Pasadena condo and townhome prices:

[caption id="attachment_3510" align="aligncenter" width="600" caption="Pasadena Condos and Townhomes - 2001 to 2011 Pricing (data from TrendVision)"]Pasadena Condos and Townhomes 10 year Pricing Statistics[/caption]

[caption id="attachment_3511" align="aligncenter" width="607" caption="Pasadena Real Estate Condo and Townhouse (data from TrendVision)"]Pasadena Real Estate Condo and Townhouse stats[/caption]

Interested in more information about Pasadena and surrounding cities, check out our City Guides below:

Alhambra City Guide

Altadena City Guide

Arcadia City Guide

Eagle Rock City Guide

Monterey Hills City Guide

Pasadena City Guide

San Gabriel City Guide

San Marino City Guide

Sierra Madre City Guide

South Pasadena City Guide
And, if you are interested in fun activities to do in Pasadena, take a look at our 365 Things To Do In Pasadena® page.

Thinking of selling your Pasadena home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Irina Netchaev at (626) 629-8439 to discuss what is happening in today’s Pasadena Real Estate Market.

November 2011 Real Estate Market Report for Pasadena California Condos and Townhomes:

  • There are 171 Pasadena condos and townhouses for sale.  28 of these homes were listed in the month of November with an average list price of $461,909 with an average price per square foot of $341.
  • There are 51 condos, lofts and townhouses that are currently in escrow (under contract) and in the past 30 days there has been 38 condos sold with an average closed price $409,783, with an average sold per square foot price of $330 (just below the listing price per square foot of $341) spending an average of 121 days on the market.
  • YTD there have been 415 closed sales with an average sold price of $427,396 spending an average of 125 days on the real estate market.
    • Average price per square foot was $326
    • Average interior square footage – 1,307
  • Highest  sold in November 2011– $1,000,000  – Not a surprise that a million dollar sale was in the Millionaire's Row neighborhood.  All Cash Purchase.
  • Lowest sold in November 2011 – $150,000.  A studio in the historic 1922 Barcelona building on Madison.  Another all cash purchase which also happened to be a bank owned property.

October 2011 Real Estate Market Report for Pasadena California Condos and Townhomes:

  • There are 183 active condos and townhouses for sale in Pasadena California.  43 of these homes were listed in the month of October with an average list price of $569,400.
  • There are 42 pending/under contract sales and in the past 30 days there has been 30 closed sales with an average closed price $474,083 spending an average of 113 days on the market.
  • YTD there have been 382 closed sales with an average sold price of $426,464 spending an average of 126 days on the real estate market.
    • Average price per square foot was $325
    • Average interior square footage – 1,308
  • Highest  sold in October– $1,050,000  – Brand new construction at Terra Bella.  There are still quite a few units available in that luxury complex, give me a call if you're interested in seeing them.
  • Lowest sold in October – $132,500.

September 2011 Real Estate Market Report for Pasadena California Condos and Townhomes:

  • There are 188 active condos and townhomes for sale in Pasadena California.  50 of these properties were listed in the month of September with an average list price of $603,800.  The volume remains similar to August's numbers, but the condos and townhouses listed this month are substantially more expensive.  Luxury condo buyers have more choices.
  • There are 80 pending/under contract sales and in the past 30 days there has been 38 closed sales with an average closed price $353,574 spending an average of 160 days on the market.
  • YTD there have been 350 closed sales with an average sold price of $422,605 spending an average of 126 days on the real estate market.
    • Average price per square foot was $325
    • Average interior square footage – 1,296
  • Highest  sold in September– $723,000  – 123 days on the market.  This was a conventional sale in the Residences at Wilson.  See photo above.
  • Lowest sold in September – $159,000.  Another all cash sale - 1 bedroom and 1 bath.

August 2011 Real Estate Statistics for Pasadena California Condos and Townhomes:

  • There are 190 active condos and townhomes for sale in Pasadena California.  56 of these properties were listed in the month of August with an average list price of $477,427.
  • There are 55 pending/under contract sales and in the past 30 days there has been 38 closed sales with an average closed price $415,096 spending an average of 109 days on the market.
  • YTD there have been 311 closed sales with an average sold price of $430,181 spending an average of 123 days on the real estate market.
    • Average price per square foot was $327
    • Average interior square footage – 1,311
  • Highest  sold in August– $1,050,000 (originally listed at $1,075,000) – 79 days on the market.  This was an all cash sale!
  • Lowest sold in August – $160,000.  Another all cash sale - 1 bedroom and 1 bath.

July 2011 Real Estate Statistics for Pasadena California Condos and Townhomes:

  • There are 219 active condos and townhomes for sale in Pasadena California.  50 of these properties were listed in the month of July with an average list price of $442,116.
  • There are 82 pending/under contract sales and in the past 30 days there has been 33 closed sales with an average closed price $447,842 spending an average of 132 days on the market and on average sold at $332 per sq. ft.
  • YTD there have been 273 closed sales with an average sold price of $432,280 spending an average of 124 days on the real estate market.
    • Average price per square foot was $330
    • Average interior square footage – 1,308
  • Highest  sold in July– $1,050,000 – 169 days on the market.
  • Lowest sold in July – $200,000.

November 2010 Statistics

When we are looking at Pasadena's real estate statistics for November 2010, the number of sales reported will reflect home purchases that took place early fall in September and October months. The escrow period, the time that it takes from home seller's acceptance of your offer to the actual property title change into your name usually takes 30 to 45 days. With the tightened lending requirements and appraisal issues, it might take a little longer.

In the month of November, 79 single family homes had signed contracts and 38 condos and tonwhomes went under contract. Let's take a look at how Pasadena real estate performed a little deeper:

Pasadena Real Estate November 2010 Volume

  Single FamilyHomes Condos & Townhomes
New On the Market 69 43
Contracts Signed 79 38
Total # of Listings 318 247
# of Closed Sales 27 15

Not too many distressed sales during the month of November - only 6 out of 27 (1 in 5 or 22%) of homes and 2 short sales (13%) of condos and townhomes.

Pasadena Real Estate November 2010 Pricing

  Single FamilyHomes Condos & Townhomes
Average List Price $654,210 $506,700
Average Sold Price $615,072 $496,300
Average Price/Sq. Ft. $336 $341
# of Days to Sell 96 89

Interestingly enough, the average sold price per square foot for Pasadena homes, condos and townhomes is pretty much the same. It also takes about the same amount of time to sell - 3 months. Drilling down a little more the signed contracts in November actually moved the price per square foot higher for single family homes. They are tracking at $380 per square foot, while condos and townhomes are tracking at $331.


Interested in seeing what available for sale? Click on the form below to search for full access to the Multiple Listing Service. 

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.

Interested in seeing what available for sale? Take a look at the home listings below. The information is updated real-time as new homes are entered into the Multiple listings service:

Feb. 19, 2012

Old Pasadena - Raymond Renaissance - New Construction

Love, love, love the new condos in the Raymond Renaissance smack in the middle of Old Pasadena.  Imagine... restaurants, cinema, museums, boutiques and the famous Rose Parade, just outside your door.

Raymond Renaissance - new condo construction

READ MORE:  Pasadena City Guide

These new construction homes are anchored by the historic Raymond Theatre where Bruce Springsteen and many others performed.  This is a community of 47 lofts, condominiums and live work spaces starting at only $400,000.  Beautifully designed, contemporary floor plans range from 950 to close to 2,000 square feet.

Location:
Raymond Renaissance
125 North Raymond Avenue (corner of Holly Street)
Pasadena, California 91103
3 blocks North of Colorado and across from Memorial Park known for its summer concerts at the Levitt Pavillion.

Building Features:

  • Key-pad entry access
  • Fitness center
  • Courtyard with whirlpool
  • Secured indoor parking
  • Additional storage available for purchase

Residence Features with beautiful appointments:

  • Interior views for privacy and Old Pasadena city views
  • Private balconies in most homes
  • Tile, polished concrete, or carpet floors depending on the unit
  • Washer & Dryer
  • Oversized windows with window treatments
  • Contemporary cabinetry with stainless steel hardware
  • Stainless steel appliance package
  • Tile shower surrounds
  • Kohler fixtures

If you are looking for an ultimate in urban lifestyle, living in a vibrant neighborhood with picturesque streetscapes and rich history, these beautifully appointed homes are for you.

Call Irina at 626-629-8439 to ensure that you have representation.

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.

 


Interested in seeing what available for sale? Click on the form below to search for full access to the Multiple Listing Service. 

READ MORE:  Pasadena real estate update 2012 – see luxury home sales.


 Interested in more information about Pasadena and surrounding cities, check out our City Guides below:

Alhambra City Guide

Altadena City Guide

Arcadia City Guide

Eagle Rock City Guide

Monterey Hills City Guide

Pasadena City Guide

San Gabriel City Guide

San Marino City Guide

Sierra Madre City Guide

South Pasadena City Guide

And, if you are interested in fun activities to do in Pasadena and the surrounding cities, take a look at our 365 Things To Do In Pasadena® page.

Thinking of selling your Pasadena home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Irina Netchaev at (626) 629-8439 to discuss what is happening in today’s Pasadena Real Estate Market.

Feb. 16, 2012

South Pasadena Housing Review 2003 to 2011

South Pasadena Housing Report Card

Home Sales (Single Family Homes) – 2003 through 2011

Average Home Pricing:

Let's take a look at South Pasadena's real estate market performance for the last 9 years.  Looking at the average prices of homes sold, it's interesting to note that even though the prices fell down from the height of 2008, they have certainly recovered and ended 2011 almost 16% higher than 2010.

For those fortunate to have bought their home in 2003, the equity gain is quite significant - a whopping 51%!!!

The driving force behind South Pasadena's home prices is continuing demand for good schools and family oriented neighborhood that provides trendy restaurants, parks and easy access to Metro Rail's Gold Line.

READ MORE:  South Pasadena City Guide

South Pasadena Average Sold Price 2003 to 2011

Housing Inventory:

Supply and demand are definitely at play here.  Take a look at the number of available homes in 2003 (255) compared to the average sales price ($646,771).  In 2008, there were only 79 available homes for sale in South Pasadena demanding the highest average sales price close to $1.1 million.  The last three years, we've seen a consistent number of property listings - around 10 a month.

We are not seeing many distressed properties like Real Estate Owned (REO) or short sales in South Pas.  The shadow inventory doesn't really apply here as well, with only 31 distressed homes in the funnel based on the latest Foreclosure Radar reports unlike Pasadena's foreclosure statistics.

Well priced homes are still generating multiple offers at times given the lower inventory.

South Pasadena Inventory 2003 - 2011Average Price per Square Foot:

We are seeing a similar curve on the price per square foot as the sales price.  It's interesting to note that almost every year the sold to list percentage is pretty close indicating that the homes are usually priced well and are in demand:

South Pasadena 2009 2010 2011
List Price per Sq. Ft. $489 $461 $455
Sold Price per Sq. Ft. $478 $460 $450
Sold to List % 96.6% 99.5% 98.5%

Price per sq. ft. is holding steady in mid $400s.  Still a bargain compared to the neighboring and school dueling San Marino which averaged $571 in 2011!

South Pasadena Price per Sq. Ft. 2003 to 2011All of the statistics gathered from Pasadena Foothill Association.

Are you geeky?  Like stats, follow us each month at South Pasadena monthly statistics report.


Interested in seeing what available for sale? Click on the form below to search for full access to the Multiple Listing Service. 

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.

Interested in seeing what available for sale? Take a look at the home listings below. The information is updated real-time as new homes are entered into the Multiple listings service:

Feb. 14, 2012

Pasadena Foreclosure Update: Auction Sales to Investors are Up

California Foreclosure Market at a Glance Jan 2012

ForeclosureRadar reports that Real Estate investors started off 2012 with a bang. Sales to Third Parties, typically investors rose significantly in January throughout our coverage area, with the exception of Washington. California saw the most activity, with investors purchasing 3,964 properties for $766.2 million. Note that trustee sale investors must pay in cash, in full, with no title insurance or inspections prior to purchase. This means that investors are buying the properties with potential liens and additional loans against them.  This is the fourth largest month on record in California, and the busiest since March of 2011.

Nevada saw the largest month-over-month increase in Foreclosure Sales, with investors there purchasing 973 properties for $99.1 million. This increase, coupled with the dramatic decline in new foreclosures that began in October 2011, is quickly depleting the foreclosure inventory that remains scheduled for sale in Nevada. Year-over-year the number of Nevada properties scheduled for sale has dropped 57.6 percent.

Despite what appears to be significant percentage increases in Foreclosure Starts in California, Nevada and Washington, these increases barely offset the declines seen over the holidays. Compared to January one year ago, Foreclosure Starts are significantly lower now - despite the fact that many banks were still under self-imposed moratoriums due to robo-signing last year.

READ MORE:  Do you qualify for the Mortgage Settlement Deal?

Let's take a look at Pasadena foreclosures statistics:

Pasadena Notice of Default Filings:

Pasadena California - Foreclosure Filings

Notice of Default filings are the first step in the foreclosure process. Notice of Trustee Sale filings set the date and time of an auction, and serve as the homeowner's final notice before sale.

Pasadena Foreclosure Outcomes:

Pasadena California Foreclosure Outcomes

After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be Cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements. Alternatively, if the property is taken to sale, the bank will place the opening bid. If a 3rd party, typically an investor, bids more than the bank's opening bid, the property will be Sold to 3rd Party; if not, it will go back to the Bank and become part of that bank's REO inventory.

Note that cancellations have consistently been very high.  As seen in the chart above, it takes a very long time for banks to foreclose especially given the robo-signing fiasco.

Pasadena Foreclosure Bids:

Pasadena California - Foreclosure Bids

The Published Bid is the amount listed in the Notice of Trustee Sale and is typically the balance due at the original date of sale. The Opening Bid is the bank's starting bid at auction, and is often discounted from the Published Bid. The Winning Bid is the highest bid received at auction and reflects the amount at which the bank or 3rd party purchased the foreclosure.


Interested in seeing what foreclosures are available for sale? Click on the home search button below to search for full access to the Multiple Listing Service. 

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.

Interested in seeing what available for sale? Take a look at the home listings below. The information is updated real-time as new homes are entered into the Multiple listings service:

Feb. 13, 2012

San Marino Housing Review 2003 to 2011

San Marino Housing Report Card

Home Sales - 2003 through 2011

I've been providing monthly San Marino Statistics for awhile now.  But, at the beginning of each year, time permitting, I try to take a look at historical real estate data to see where the real estate market was and to try to identify some trends to see where it's heading.

Below, is home sales data for 2003 through 2011 as captured by the Pasadena Foothill Association of Realtors.  Every time a house in San Marino is sold, the selling real estate agent is responsible for updating the home sales price, date of sale, type of financing and more to allow for appropriate pricing and trending by realtors and appraisers alike.

San Marino Home Sales Volume:

San Marino Sales Volume

As you can see the volume of available homes for sale has dropped significantly from 2003.  There's less available inventory, but home buyers, both local and international, are drawn to San Marino due to its prestigious reputation amongst the Chinese buyers and the #1 rated school district that attracts local move-up families.

San Marino Average Sold Prices:

San Marino Average Sales Price 2003 - 2011

As you can see the prices of homes sold have been on the rise since 2003.  We have seen a dip from 2010 to 2011 of almost 8%, but given the surrounding real estate market activity in neighboring cities, San Marino is certainly continues to stay strong and provide a good investment for home owners.

Interestingly enough, San Marino home buyers are feeling so confident that last year 38% of all sales - that is 49 out of 128 homes sold - were purchased for all cash!

We are also not seeing distressed sales partly because the homes in San Marino are holding value and due to the large down payments and all cash purchases of the affluent home buyers who end up holding quite a bit of equity.

San Marino Price Per Square Foot:

San Marino Price Per Square Foot 2003-2011

The home owners that purchased their homes in 2003 or prior have ended up gaining quite a bit of equity since price per square foot increased from $375 to $571 in 2011.  That's an increase of almost 35%!  2007 saw a high of $611 per square foot and then moved down to $582 in 2008, saw a bit of a bump again to over $600 in 2010 and then settled back down to the high $500s last year.

San Marino homes are selling close to list price on average 2011 saw a 97% ratio.  However, there have been quite a few properties that sold significantly over asking with multiple offers.

San Marino is your ultimate micro-market that doesn't seem to be subjected to the nuances of economy and surrounding real estate market activity.

Learn More:  San Marino City Guide

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.


Interested in seeing what available for sale? Click on the form below to search for full access to the Multiple Listing Service. 

READ MORE:  Pasadena real estate update 2012 – see luxury home sales.


Interested in seeing what available for sale? Take a look at the home listings below. The information is updated real-time as new homes are entered into the Multiple listings service:

Feb. 10, 2012

Largest Mortgage Settlement Deal in History - Do You Qualify for Relief?

Today, Federal and State officials announced the largest mortgage relief settlement, $26 billion dollars, aimed to address the robo-signing scandal where banks seized foreclosed homes without appropriate paperwork.  The deal settles potential state charges about allegations of improper foreclosures.

What does it mean for you?

The settlement sets up a federal monitor to oversee the process and try to prevent the challenges that tripped up many homeowners seeking help in earlier programs designed to address the housing crisis.

Most of the relief will go to those who are underwater on their homes.  That relief will come over the course of the next three years, with banks having incentives to provide most of the relief in the next 12 months.

Principal Reduction:  At least $17 billion will go to reducing the principal owed by homeowners who are underwater and behind on their mortgages.  However, the $17 Billion is supposed to be spread across 1 million people equating to $17,000 each.  Most home owners that are upside down on their loans in Pasadena will need significantly more than a $17,000 principal reduction.   However, certain "troubled areas and loans" in California have been identified and could potentially get more than $17,000.  I have not seen a list of criteria or areas yet.

Refinancing:  Up to 750,000 other underwater homeowners who are current on their mortgages will be able to refinance their current loans at lower rates.  They will not receive a reduction in principal, but with mortgage rates near record lows, they could receive substantial savings on their monthly payments.  $3 Billion dollars are set aside for the refinancing portion of this plan.

Robo-Signing Payments:  Approximately $1.5 billion will go to homeowners who had their homes foreclosed upon between Jan. 1, 2008 and Dec. 31, 2011, and who meet other criteria.  They will receive up to $2,000 each.

The five mortgage servicers that are parties to the settlement include Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, and Ally Financial (formerly GMAC).

Negotiations are underway with additional mortgage servicers.  I will bring you the latest information as it becomes available.

So it’s not yet clear which mortgage borrowers will ultimately be eligible.  Here’s where you can call, keeping in mind that specifics won’t come quickly:

• Ally/GMAC: 800-766-4622, https://www.gmacmortgage.com/finform/hhstart.htm.

• Bank of America: 877-488-7814, homeloanhelp.bankofamerica.com. Look for a link to the settlement.

• Citi: 866-272-4749, https://www.citimortgage.com/Mortgage/displayHomeOwnerAssistance.do?page=overview.

• JPMorgan Chase: 866-372-6901, https://www.chase.com/chf/mortgage/keeping-your-home.

• Wells Fargo: 800-288-3212, https://www.wellsfargo.com/homeassist.

Loans owned by Fannie Mae or Freddie Mac are not covered by the agreement.

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.

READ MORE:  Pasadena Real Estate Guide - Everything You Need to Know about Buying or Selling Your Home

Interested in more information about Greater Pasadena Area cities, check out our City Guides below:

Alhambra City Guide

Altadena City Guide

Arcadia City Guide

Eagle Rock City Guide

Monterey Hills City Guide

Pasadena City Guide

San Gabriel City Guide

San Marino City Guide

Sierra Madre City Guide

South Pasadena City Guide

Feb. 2, 2012

4 Tips on First-Time Homebuyer Credit Repayment

Pasadena first time homebuyer in 2008? Did you buy your Pasadena area home under the The Housing and Economic Recovery Act of 2008?  If so,  you most likely received up to $7,500 which needs to be repaid over 15 years. It is very different from the Obama's stimulus package that was introduced later and allowed home buyers to get an $8,000 credit that did not need to be repaid.

The IRS has a tool to help people who have to repay their First-Time Homebuyer Credit. Reminder letters will no longer be mailed to taxpayers who have to repay the credit but you can now use an online lookup tool on the IRS website to check your repayment obligation.

The following four tips will help you look up information on your First-Time Homebuyer Credit:

1. Who needs to repay the credit?

If you bought a Pasadena home in 2008 and claimed the First-Time Homebuyer Credit, it is similar to a no-interest loan and must be repaid in 15 equal annual installments that began with your 2010 return. Also, anyone who sold their home, or stopped using it as their main home, may have to repay the entire amount whether their home was purchased in 2008, 2009 or 2010.

2. Information needed to access the tool
The First-Time Homebuyer Credit Tool will provide critical account information to help you report your repayment obligation on your tax return. To access the tool you will need: your Social Security number, date of birth and complete address. If you file a joint return, you’ll only be able to access your portion of the First-Time Homebuyer Credit account information.

3. What the tool provides?
The tool will show the original amount of the obligation, annual repayment amounts, total amount paid and the total balance left to be paid. You will be able to print your account page to share with your tax preparer and keep for your records.

4. How to repay the credit?
To repay the First-Time Homebuyer Credit, add the amount you have to repay to any other tax you owe on your federal tax return. This could result in an additional tax owed or a reduced refund. To repay the obligation, you report the repayment on line 59b on Form 1040, U.S. Individual Income Tax Return. If you make an installment payment, you do not need to attach Form 5405, First-Time Homebuyer Credit and Repayment of the Credit, to your tax return. However, if you are repaying the credit because the home stopped being your main home, you must attach Form 5405.

You can access the First-Time Homebuyer Credit Lookup Tool, 24 hours a day, seven days a week, visit the IRS.gov website.

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.

Interested in more information about Greater Pasadena Area cities, check out our City Guides below:

Alhambra City Guide

Altadena City Guide

Arcadia City Guide

Eagle Rock City Guide

Monterey Hills City Guide

Pasadena City Guide

San Gabriel City Guide

San Marino City Guide

Sierra Madre City Guide

South Pasadena City Guide


Jan. 21, 2012

Looming FHA Changes are on the Horizon

Federal Housing Administration (FHA) has been instrumental in helping first time home buyers achieve their dream of home ownership.  Over the last several years, we've been seeing many changes in programs offered.  As we start 2012, we see that this year is no different - the changes are coming.

READ MORE:  When does FHA financing make sense?

Here's an article from Mondie Pic'l discussing some of the changes that are on the horizon:

The Congress and President continued their schizophrenia with respect to housing policy on December 23, 2011 by passing and signing into law the Payroll Tax Cut Continuation Act of 2011 (H.R. 3630) that continues the payroll tax cut for American workers that was scheduled to expire January 1, 2012, but pays for this tax cut by raising fees on housing programs.

These tax cuts will be funded by an increase of 10 basis points in Fannie/Freddie guaranty fees and an increase of up to 10 basis points in the FHA annual insurance premiums.   The Federal Housing Finance Agency (FHFA) has announced that this funding increase will take effect for Fannie and Freddie on April 1, 2012 and be in effect, as required by the law, until October 1, 2021.  You can read the FHFA announcement at this link:
http://www.fhfa.gov/webfiles/22982/GFEESTMT122911F.pdf

What this all means is that we saw a small increase in rates last week on FNMA and FHLMC loans so that lenders could absorb the cost of the guarantee increase.   We have also seen a increase in the cost to extend locks on home loans.  It is more important than ever for lenders to close escrows on time because of the impact they will have on their pricing to extend the rate.

Going forward it is important that FHA buyers  understand that the cost of FHA mortgage insurance could be increasing within the next couple of months.

Currently monthly mortgage insurance is 1.15% (1.15% x loan amount / 12 = monthly mortgage insurance). This was significantly increased last year. Now we have to be prepared for another .10% increase to 1.25% sometime in the near future. This means that a home buyer with a $200,000 loan amount will pay $20 more per month for their mortgage insurance or $240 per year for their financing.   Any buyer sitting on the fence looking for a deal could lose the benefit of the price reduction just because of this change.  The simple reason for this is to help offset the cost of the payroll tax extension.  This wasn’t reported in the news!

Another looming change for FHA loans could be the home sellers ability to pay closing costs.

Currently FHA allows the seller to pay 6% towards closing costs both recurring and non recurring. FHA is looking at two alternatives to this. The first is only allowing the seller to pay actual closing costs (no recurring such as taxes, insurance and interest) OR following FNMA rules and only allow the seller to pay 3% towards the closing costs.   This could also impact many of the preapproved FHA buyers ability to qualify. Many of these home buyers need the seller to pay all costs as they can only afford to come in with 3.5% down.

As you can see, the future of FHA buyer costs is a bit unclear at this time, but changes are definitely on the horizon.

For additional information, please contact Irina at (626) 629-8439.

Irina is available to assist you in all of your Pasadena Real Estate transactions. Irina is a Top Pasadena Realtor. Email or call her today at (626)629-8439.

Jan. 16, 2012

Zoned for Commercial for Sale - 2728 S Baldwin Arcadia California

Looking to buy a home in Arcadia that has tremendous potential?  Look no further...

2728 South Baldwin, Arcadia California presents that perfect opportunity!

2728 S Baldwin Arcadia California

Price:  $775,000
MLS#: 22160221
Lot: Over 15,000 sq. ft. per assessor
Main House: 2 bedrooms and 1.75 baths with Formal Dining Room and Den (currently used as a bedroom)
Guest House: 1 bedroom and 1 bath
Party House: Huge party/recreation room with a full bar, BBQ pit, fireplace, refrigerator water hook up +++
Other: 2-car garage; space for RV parking; sparkling pool (fenced), very large yard
Zoning: Commercial, but grandfathered for residential

This one is truly a one of a kind property in the heart of Arcadia. It is three separate structures on a huge lot. And, this property is zoned for commercial use (C2 - General Commercial Zoning) perfect for anyone looking to have a visible business and private home.

The main home is accessed through a formal entry which has a guest closet and leads to the living room. The living room is anchored by a beautiful brick fireplace and mantle with lots of windows to bring in light. It opens up to a formal dining room with wainscoting.

The kitchen has a ton of old world charm with lots of original built-ins, tiled counters, a bay window and a breakfast area. You will find a utility room immediately off of the kitchen.

Two sizable bedrooms and a den are serviced by 1.75 baths.

A guest house has 1 bedroom and 3/4 bath. There's also a stand alone recreation room with a bar and sink and a one-of-a-kind brick fireplace and BBQ with a gas feed. It's refrigerator hook up ready and is perfect for entertaining inside or out on the attached, covered patio. Other features include a full two car garage, pool, ad A/C.

Surrounded by beautiful and affluent homes, but conveniently located on the corner of Baldwin and Workman Avenues, this home is perfect for owner occupied buyers, an investment or for commercial use.

 

Here are some additional photos:

[caption id="attachment_12599" align="aligncenter" width="600" caption="On the corner of Baldwin and Workman Avenue"]Beautiful Arcadia Street[/caption]

[caption id="attachment_12597" align="aligncenter" width="600" caption="Beautiful side yard with roses"]2728 S Baldwin Arcadia Side Yard[/caption]

[caption id="attachment_12598" align="aligncenter" width="600" caption="A large 2-car garage"]2728 S Baldwin Arcadia - Side Garage[/caption]

[caption id="attachment_12600" align="aligncenter" width="600" caption="The main house has 2 bedrooms and 2 baths."]2728 Baldwin - Main House[/caption]

[caption id="attachment_12602" align="aligncenter" width="600" caption="Den - currently being used as a bedroom."]2728 S Baldwin Arcadia Enclosed Sun Porch[/caption]

[caption id="attachment_12603" align="aligncenter" width="600" caption="A formal dining room accessed from Lilving Room, Den and Kitchen."]2728 S Baldwin Arcadia Dining Room[/caption]

[caption id="attachment_12604" align="aligncenter" width="600" caption="A bright kitchen opens to the Dining Room"]2728 S Baldwin Arcadia Kitchen[/caption]

[caption id="attachment_12605" align="aligncenter" width="600" caption="Plenty of space for a table in the kitchen. Perfect breakfast nook."]2728 S Baldwin Arcadia Kitchen Nook[/caption]

[caption id="attachment_12606" align="aligncenter" width="600" caption="Utility room off of the kitchen."]2728 S Baldwin Arcadia Laundry Room[/caption]

[caption id="attachment_12607" align="aligncenter" width="600" caption="Sparkling pool with the a Guest House behind it - 1 bedroom and 1 bath."]2728 South Baldwin Arcadia - Pool[/caption]

[caption id="attachment_12608" align="aligncenter" width="600" caption="Party room - perfect for entertaining!"]2728 S Baldwin Recreation Room with Bar and Fireplace[/caption]

[caption id="attachment_12609" align="aligncenter" width="600" caption="Lots of windows letting the sun in."]2728 S Baldwin Rec Room with windows[/caption]

Arcadia Real Estate Market Report and Update:

It's important to understand the health of the Arcadia real estate market when considering investing in Arcadia homes. Here's a quick look at year over year Arcadia housing Statistics (data is from ITEC MLS as of 1/06/12):

Single Family Homes - Arcadia California

Year Volume Average Price Price per Sq. Ft.
2011 437 $1,068,457 $405
2010 395 $1,012,026 $419
2009 391 $957,363 $408
2008 387 $932,938 $414
2007 475 $1,041,557 $443
2006 530 $965,187 $464

READ MORE: Arcadia Real Estate & Housing Data - updated monthly statistics report

Buyer's Guide to buying a home in Southern California

Arcadia Shopping and Activities:

Arcadia has plenty of things to do. From Santa Anita Race Track to the Westfield Shopping Center to the most amazing Chinese, Thai and American cuisines right around the corner.

[caption id="attachment_12610" align="aligncenter" width="600" caption="Santa Anita Race Track"]Santa Anita Race Track Arcadia Mountain View [/caption]

 

[caption id="attachment_12611" align="aligncenter" width="600" caption="Westfield Mall Arcadia"]Westfield Mall Arcadia[/caption]

 

[caption id="attachment_12612" align="aligncenter" width="600" caption="With stores like Nordstrom, Macy's, and more."]Nordstrom Arcadia[/caption]

The Arboretum is just minutes away with the most beautiful botanical gardens and a plethora of classes that you can take to learn anything from gardening to flower arrangement. Of course, Huntington Library in San Marino is also a few miles down the road with its museum, special expos, Japanese gardens, one of the largest collections of bonsai trees and so much more.

Pasadena is just West of Arcadia with its Old Town, the Rose Bowl and many museums and restaurants.

Arcadia Public Schools:

Arcadia also has some of the best rated public schools in Southern California. The API scores keep this wonderful city in the top 3 school districts in the area. It's a very desirable school district for many families. Great Schools website rates the Arcadia schools as 9 out of 10. The ratings are from parents. Take a look at the Arcadia school information here.

Is it your first time buying a home? Take a look at the articles below to learn more about the home buying process. It will be helpful to first time home buyer as well as investors:

How do you calculate your home buying affordability? Here’s great advice from our lender of choice – Calculating Your Home Affordability.

Tips for getting more home for your money – stretch that $. Read 5 tips for getting more home for your $.

Every industry, real estate included, has its own “rules of the game”. It is important to understand the proper etiquette when you are shopping for a home in Pasadena.

An absolutely “must read” when buying a home – 9 Stupid Things Buyers do to Mess Up their Home Purchase.

For additional information, please contact Irina at (626)629-8439.

Irina is available to assist you in all of your Pasadena and Arcadia Real Estate transactions.  Irina is a Top Pasadena area Realtor.  Email or call her today at (626)629-8439.

Posted in Arcadia, Homes For Sale