Pasadena Homes for Sale and Real Estate

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Posted in Altadena, Buyers, Homes For Sale

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Jan. 6, 2012

Arcadia Real Estate Market & Housing Report

Arcadia Real Estate Statistics for December 2011 – Arcadia California – Single Family Homes

Arcadia is a city in the Los Angeles county just East of Pasadena. It is known for the the Santa Anita Race Track and highly rated public school district. Arcadia offers a lot of real estate options and you can find starter homes, executive homes and luxury estates, all within 11 square miles.

Wow... 2011 is over and the new year has just begun. We close out the last month of 2011 with the following Arcadia housing statistics:

There are 94 active single family homes for sale in Arcadia California in December of 2011 ranging between $347,500 to $7,390,000. The $7 Million dollar Arcadia estate has been on the market for a year now with no takers. Only 15 homes were listed for sale, but the activity usually slows down during December given that many folks want to have the holiday season without interruptions. We can safely assume that the 15 sellers that came on the market are very serious and want to sell. The average list price was $1,160,967. The average price per square foot of homes available for sale is $405.
There are 32 pending/under contract sales and in the past 30 days.
December had 32 closed sales with an average closed price $1,236,891. It took about 133 days to sell a home.
YTD there have been 437 closed sales with an average sold price of $1,068,457 spending an average of 100 days on the market.
- Average price per square foot closed the year at $405
- Average interior square footage – 2,638
Highest Priced Home for December 2011 – $3,300,000 – sold in only 47 days.
Lowest Priced Home for December 2011 – $320,000 - home had major foundation issues and sold for all cash.

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

2010 had 393 closed sales with an average sold price of $1,012,026 spending an average of 62 days on the market with an average price of square foot running at $407.
Highest Sold– $6,200,000 – 148 days on the market
Lowest Sold– $291,000 – 77 days on the market

Learn More: A list of all Arcadia homes for sale.

Here’s a 10 year look at Arcadia's housing prices:

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.

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

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:

Previous Arcadia Real Estate Market Reports

November 2011

There are 112 active single family homes for sale in Arcadia California ranging between $352,500 to $7,390,000. 28 of these homes were listed in the month of November with an average list price of $1,052,596. The average price per square foot of homes available for sale is $398.
There are 30 pending/under contract sales and in the past 30 days.
November had 28 closed sales with an average closed price $1,133,736. It took 3 months to sell a home.
YTD there have been 403 closed sales with an average sold price of $1,054,240 spending an average of 97 days on the market.
- Average price per square foot went up to $406
- Average interior square footage – 2,602
Highest Priced Home for November 2011 – $3,500,000 – on the market for over a year. Originally listed at $4,680,000.
Lowest Priced Home for November 2011 – $310,000 – a short sale.

October 2011

There are 116 active single family homes for sale in Arcadia California ranging between $350,000 to $7,390,000. 30 of these homes were listed in the month of November with an average list price of $1,052,596. The average price per square foot of homes available for sale is $408.
There are 41 pending/under contract sales and in the past 30 days.
October had 45 closed sales with an average closed price $1,164,400 spending an average of 84 days on the market. Given that there were 57 homes under contract last month, I'm happy to report that homes are closing with a lot less homes falling out of escrow and lenders are coming through with financing.
YTD there have been 376 closed sales with an average sold price of $1,052,963 spending an average of 97 days on the market.
- Average price per square foot went up to $406
- Average interior square footage – 2,603
Highest Priced Home for October 2011 – $3,780,000 – on the market for only 53 days and sold 12% under asking.
Lowest Priced Home for October 2011 – $335,000 – A foreclosure (REO) sale sold for all cash.

September 2011

[caption id="attachment_3313" align="aligncenter" width="375" caption="Singing Wood Drive Arcadia - most expensive home sold YTD 2011"][/caption]

There are 108 active single family homes for sale in Arcadia California ranging between $349,000 to $7,390,000. 26 of these homes were listed in the month of September with an average list price of $1,562,480.
There are 57 pending/under contract sales and in the past 30 days - a significant increase over the 36 from last month.
September had 39 closed sales with an average closed price $1,039,477 spending an average of 96 days on the market.
YTD there have been 331 closed sales with an average sold price of $1,037,813 spending an average of 99 days on the market
- Average price per square foot was $403
- Average interior square footage – 2,589
Highest Priced Home for September 2011 – $3,350,000 – a brand new, custom built home sold 10% under asking price.
Lowest Priced Home for September 2011 – $319,000 – Short sale sold over asking.

August 2011

There are 123 active single family homes for sale in Arcadia California ranging between $320,000 to $7,390,000. 40 of these homes were listed in the month of August with an average list price of $1,273,155.
There are 36 pending/under contract sales and in the past 30 days there has been 37 closed sales with an average closed price $1,086,865 spending an average of 72 days on the market.
YTD there have been 292 closed sales with an average sold price of $1,037,858 spending an average of 99 days on the market
- Average price per square foot was $404
- Average interior square footage – 2,583
Highest Priced Home for August 2011 – $3,898,000 – 73 days on the market.
Lowest Priced Home for August 2011 – $288,000 – A bank owned (REO) sale purchased for all cash.

July 2011

There are 173 active single family homes for sale in Arcadia California ranging between $320,000 to $7,390,000. 48 of these homes were listed in the month of July with an average list price of $$1,199,829.
There are 66 pending/under contract sales and in the past 30 days there has been 40 closed sales with an average closed price $958,975 (closing just 2.5% under asking price) spending an average of 107 days on the market.
YTD there have been 255 closed sales with an average sold price of $1,030,747 spending an average of 102 days on the market
- Average price per square foot was $400
- Average interior square footage – 2,591
Highest Priced Home for July 2011 – $3,120,000 – 115 days on the market purchased for all cash just under 6% below asking price.
Lowest Priced Home for July 2011 – $349,000 – A short sale finally approved by the bank after sitting 235 days on the market.

June 2011

There are 170 active single family homes for sale in Arcadia California ranging between $304,900 to $7,390,000. 43 of these homes were listed in the month of June with an average list price of $$1,205,190.
There are 44 pending/under contract sales and in the past 30 days there has been 40 closed sales with an average closed price $1,023,672 spending an average of 70 days on the market.
YTD there have been 216 closed sales with an average sold price of $1,024,415 spending an average of 70 days on the market.
- Average price per square foot was $402
- Average interior square footage – 2,610
Highest Priced Home for June 2011 – $3,750,000 – 94 days on the market. The home was on Wistaria in the Baldwin School District of Arcadia.
Lowest Priced Home for June 2011 – $323,000 – 3 days on the market! All cash offer and sold over asking price.

May 2011

There are 158 active single family homes for sale in Arcadia California ranging between $319,900,000 to $7,390,000. 40 of these homes were listed in the month of May with an average list price of $2,109,000.
There are 38 pending/under contract sales and in the past 30 days there has been 31 closed sales with an average closed price $1,180,000 spending an average of 57 days on the market.
YTD there have been 176 closed sales with an average sold price of $1,046,674 spending an average of 69 days on the market
- Average price per square foot was $401
- Average interior square footage – 2,619
Highest Priced Home for May 2011 – $3,728,000 – 48 days on the market.
Lowest Priced Home for May 2011 – $198,000 – 3 days on the market!

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

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

Thinking of selling your Arcadia 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 Arcadia Real Estate Market.

Posted in Arcadia, Real Estate Market Reports

3 comments

Dec. 31, 2011

San Marino CA Real Estate Market Report

San Marino Real Estate Statistics for October 2011 – San Marino California – Single Family Homes

San Marino is a very affluent community next to Pasadena. It is known for the Huntington Library, magnificent mansions and #1 rated public school district. This report will provide you with an overview of the real estate market.

There are only 13 active homes for sale in San Marino California ranging between $1,089,688 to $3,380,000. And, only 3 of these homes were listed in the month of November with an average list price of $1,296,000. The home inventory keeps getting lower and lower!
There are 7 homes that are currently in escrow and in the past 30 days there have been 12 closed sales with an average closed price $2,544,317. On average these 7 real estate listings were marketed for 178 days.
YTD there have been 120 closed sales with an average sold price of $1,750,893 spending an average of 95 days on the market.
- Average price per square foot was $568
- Average interior square footage – 2,9103,025
Highest Priced Home Sold for November 2011 – $6,680,000 – an all CASH sale at $987 per square foot.
Lowest Priced Home Sold for November 2011 – $1,100,000 – another all cash sale!

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

2010 had 117 closed sales with an average sold price of $1,924,304 spending an average of 58 days on the market with an average price of square foot running at $603.
Highest Sold– $6,200,000 – 58 days on the market
Lowest Sold– $818,888 – 11 days on the market

Here’s a 10 year look:

Previous San Marino Market Reports

October 2011

There are only 19 active single family homes for sale in San Marino California ranging between $950,000 to $3,380,000. And, 14 of these homes were listed in the month of October with an average list price of $1,781,400. The inventory is the lowest of the year!.
There are 14 pending/under contract sales and in the past 30 days there has been 10 closed sales with an average closed price $1,478,000. It is still taking a little less than 3 months to sell homes in San Marino.
YTD there have been 107 closed sales with an average sold price of $1,665,622 spending an average of 86 days on the market.
- Average price per square foot was $567
- Average interior square footage – 2,910
Highest Priced Home Sold for October 2011 – $2,700,000 – marketed for 51 days and sold to an all cash buyer at 90.06% of asking price.
Lowest Priced Home Sold for October 2011 – $887,000 – over a year on the market. The original asking price on this home was $1,650,000.

September 2011

There are 30 active single family homes for sale in San Marino California ranging between $968,000 to $4,500,000. Only 4 of these homes were listed in the month of September with an average list price of $2,216,000.
There are 21 pending/under contract sales and in the past 30 days there has been 18 closed sales with an average closed price $1,489,444.
YTD there have been 97 closed sales with an average sold price of $1,685,094 spending an average of 83 days on the market.
- Average price per square foot was $569
- Average interior square footage – 2,932
Highest Priced Home Sold for September 2011 – $2,820,000 – marketed for only 38 days and sold to an all cash buyer.
Lowest Priced Home Sold for September 2011 – $845,000 – 66 days on the market and sold with VA financing.

August 2011

There are 35 active single family homes for sale in San Marino California ranging between $968,000 to $4,500,000. 10 of these homes were listed in the month of August with an average list price of $1,899,169.
There are 6 pending/under contract sales and in the past 30 days there has been 7 closed sales with an average closed price $1,840,413.
YTD there have been 79 closed sales with an average sold price of $1,730,243 spending an average of 85 days on the market.
- Average price per square foot was $572
- Average interior square footage – 2,980
Highest Priced Home Sold for August 2011 – $3,290,000 – marketed for only 50 days.
Lowest Priced Home Sold for August 2011 – $1,260,000 – 54 days on the market.

July 2011

There are 47 active single family homes for sale, an increase of 12 from last month, in San Marino California ranging between $849,000 to $5,998,000. 16 of these homes were listed in the month of July with an average list price of $1,988,375.
There are 18 pending/under contract sales and in the past 30 days there has been 17 closed sales with an average closed price $1,670,249 spending an average of 85 days on the market.
YTD there have been 72 closed sales with an average sold price of $1,719,382 spending an average of 86 days on the market
- Average price per square foot was $569
- Average interior square footage – 2,974
Highest Priced Home Sold for July 2011 – $6,398,000 – sold at 92% of list price and marketed for only 140 days.
Lowest Priced Home Sold for July 2011 – $935,000 – 153 days on the market.

June 2011

There are 35 active single family homes for sale in San Marino California ranging between 875,000 to $4,500,000. 10 of these homes were listed in the month of June with an average list price of $2,046,700.
There are 11 pending/under contract sales and in the past 30 days there has been 10 closed sales with an average closed price $1,638,200 spending an average of 71 days on the market.
YTD there have been 55 closed sales with an average sold price of $1,733,675 spending an average of 77 days on the market
- Average price per square foot was $591
- Average interior square footage – 3,007
Highest Priced Home Sold for June 2011 – $5,800,000 – 62 days on the market.
Lowest Priced Home Sold for June 2011 – $688,000 – 27 days on the market!

May 2011

There are 41 active single family homes for sale in San Marino California ranging between 875,000 to $6,800,000. 37 of these homes were listed in the month of May with an average list price of $2,109,000.
There are 13 pending/under contract sales and in the past 30 days there has been 12 closed sales with an average closed price $1,897,000 spending an average of 97 days on the market.
YTD there have been 45 closed sales with an average sold price of $1,754,891 spending an average of 78 days on the market
- Average price per square foot was $587
- Average interior square footage – 3,063
Highest Priced Home for May 2011 – $5,80,000 – 658 days on the market. ***
Lowest Priced Home for May 2011 – $1,150,000 – 93 days on the market.

*** I thought it was interesting to note that the highest priced sale last month was for a beautiful 1930 Wallace Ness with over 14,000 sq. ft. It is located at 1221 Virginia just North of Lacy Park and I'm sure was absolutely glorious when it was built. Today, it will need a lot of loving restoration, but this home will be quite something to behold upon completion of the renovations by the new buyer.

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.

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

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:

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

SEE ALL MONTEREY HILLS CONDO LISTINGS HERE

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

Thinking of selling your San Marino 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 San Marino Real Estate Market.

Posted in Real Estate Market Reports, San Marino

2 comments

Dec. 30, 2011

Monterey Hills Real Estate Market Report

Monterey Hills Real Estate Statistics for November 2011 – Monterey Hills California – Condos and Townhomes

Monterey Hills is a community next to South Pasadena, a truly hidden gem since not too many people know about it. It's conveniently situated next to 110, 134, 5 and 10 freeways, making it easy to get to pretty much anywhere within Los Angeles County. Known by USC Pharmacy students and Kaiser professionals as the place to live, it is a hill that only offers condos, townhomes and a few PUDs (Planned Unit Development). This report will provide you with an overview of the real estate market.

There are 12 condos and townhouses for sale in Monterey Hills California ranging between $165,000 to $558,000,000. 2 of these condos were listed in the month of November with an average list price of $285,000.
There are 5 pending/under contract sales and in the past 30 days there has been 5 closed sales with an average closed price $306,250 spending an average of 171 days on the market.
Year To Date (YTD) there have been 58 closed sales with an average sold price of $256,278 spending an average of 158 days on the market.
- Average price per square foot was $230
- Average interior square footage – 1,107
Highest Priced Condo/Townhome for November 2011 – $420,000 - an all cash purchase.
Lowest Priced Condo/Townhome sold for October 2011 – $240,000 sold - a short sale.

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

2010 had 67 closed sales with an average sold price of $350,431 spending an average of 75 days on the market with an average price of square foot running at $259.
Highest Sold– $675,000 – 17 days on the market - one of the Planned Unit Developments (very few on the hill and rarely go on the market!)
Lowest Sold– $187,000 – 14 days on the market

Here's a 10 Year Look at the Monterey Hills Real Estate Market:

More Local Area Real Estate Housing Reports:

Arcadia Home Sales Statistics and Reporting
Pasadena Condos and Townhomes Sales Statistics and Reporting
Pasadena Single Family Home Sales Statistics and Reporting
San Marino Home Sales Statistics and Reporting
South Pasadena Home Sales Statistics and Reporting

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.

Interested in seeing what Monterey Hills condos and townhouses are available for sale? Click on the home search button below to search for full access to the Multiple Listing Service.

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:

Previous Months Real Estate Data

October 2011

There are 16 condos and townhouses for sale ranging between $156,000 to $558,000,000. 7 of these properties were listed in the month of October with an average list price of $287,229. Even though this this an increase in inventory from only 2 listed homes in September, the inventory is really low and there are slim pickings for condo buyers right now.
There are 6 pending/under contract sales and in the past 30 days there has been 4 closed sales with an average closed price $246,000 spending an average of 89 days on the market. We are consistently seeing a 3 month marketing period.
Year To Date (YTD) there have been 53 closed sales with an average sold price of $249,418 spending an average of 157 days on the market.
- Average price per square foot was $229
- Average interior square footage – 1,085
Highest Priced Condo/Townhome for October 2011 – $297,000.
Lowest Priced Condo/Townhome sold for October 2011 – $210,000 sold.

September 2011

There are 13 homes for sale ranging between $149,900 to $409,000. 2 of these Monterey Hills condos and townhomes were listed in the month of September with an average list price of $294,000.
There are 12 pending/under contract sales and in the past 30 days there has been 5 closed sales with an average closed price $204,460 spending an average of 97 days on the market.
Year To Date (YTD) there have been 49 closed sales with an average sold price of $249,697 spending an average of 161 days on the market.
- Average price per square foot was $228
- Average interior square footage – 1,086
Highest Priced Condo/Townhome for September 2011 – $262,000 sold in Stanford Terrace.
Lowest Priced Condo/Townhome sold for September 2011 – $145,800 sold in Linden Heights.

August 2011

There are 12 homes for sale in Monterey Hills California ranging between $165,000 to $439,000. 1 of these condos was listed in the month of July with an average list price of $292,208.
There are 7 pending/under contract sales and in the past 30 days there has been 8 closed sales with an average closed price $248,469 spending an average of 84 days on the market. The average size of these sold homes is 1,109 and they are usually 2 bedrooms and 2 baths.
YTD there have been 44 closed sales with an average sold price of $254,838 spending an average of 161 days on the market.
- Average price per square foot was $229
- Average interior square footage – 1,109
Highest Priced Condo/Townhome for August 2011 – $388,000 – sold with FHA financing
Lowest Priced Condo/Townhome sold for August 2011 – $186,750.

July 2011

There are 21 active properties for sale ranging between $165,000 to $439,000. 8 of these Monterey Hills condos and townhomes were listed in the month of July with an average list price of $292,350.
There are 16 pending/under contract sales and in the past 30 days there has been 6 closed sales with an average closed price $234,658 spending an average of 48 days on the market.
YTD there have been 36 closed sales with an average sold price of $256,253 spending an average of 154 days on the market
- Average price per square foot was $230
- Average interior square footage – 1,106
Highest Priced Home for July 2011 – $305,000 – listed for 47 days.
Lowest Priced Condo sold for July 2011 – $187,950 – 49 days on the market. A unit in Eaton Crest.

June 2011

There are 21 active condos and townhomes for sale in Monterey Hills California ranging between $173,500 to $419,000. 4 of these condos and townhomes were listed in the month of June with an average list price of $264,700.
There are 15 pending/under contract sales and in the past 30 days there has been 10 closed sales with an average closed price $239,925 spending an average of 295* days on the market.
YTD there have been 30 closed sales with an average sold price of $260,572 spending an average of 154* days on the market
- Average price per square foot was $232
- Average interior square footage – 1,118
Highest Priced Home for June 2011 – $315,000 – over 2,000 days on the market. (*data from the MLS does not seem to be correct... notified Pasadena Multiple Listing Service to check into the discrepancy)
Lowest Priced Home for June 2011 – $135,000 – 30 days on the market. Quite a deal - 2 bedrooms and 1 bath in Temple Terrace. All cash buyer.

May 2011

There are 20 active homes for sale in Monterey Hills California ranging between $173,500 to $437,000. 6 of these condos and townhomes were listed in the month of May with an average list price of $298,000.
There are 11 pending/under contract sales and in the past 30 days there has been 6 closed sales with an average closed price $260,000 spending an average of 71 days on the market.
YTD there have been 19 closed sales with an average sold price of $273,100 spending an average of 85 days on the market
- Average price per square foot was $245
- Average interior square footage – 1,133
Highest Priced Home for May 2011 – $349,000 – 111 days on the market.
Lowest Priced Home for May 2011 – $185,000 – 195 days on the market.

This post will be updated monthly, around the first week of the month, for the previous month and will give you key real estate market indicators for Monterey Hills California. Bookmark this page and visit it each month to see how Monterey Hills condos and townhomes are faring in today's real estate market.

If you are already a Monterey Hills homeowner and would like to get a monthly email sent to you with real estate activity around your Monterey Hills condo or townhome, please click here and order your real estate monthly market report. You will not be contacted by me or anyone on my team and the information will be generated automatically via email based on the criteria that you list.

If you are considering selling your Monterey Hills condo or townhome and would like a private consultation, please contact me at 626-627-7107 or email me.

Monterey Hills Real Estate Market Report for the month of June 2008:

Condos
New Listings	5
Total Listings	24
Sales Pending	4
Homes Sold	4
Listings Expired	2
Average Days on the Market	136
Average Price Per Sq. Ft.	$297
Average Selling Price	$304,520


Townhomes
New Listings	0
Total Listings	4
Sales Pending	1
Homes Sold	1
Listings Expired	0
Average Days on the Market	154
Average Price Per Sq. Ft.	$401
Average Selling Price	$655,000

Monterey Hills Real Estate Market Report for the month of May 2008:

Condos	May-08
New Listings	7
Total Listings	26
Sales Pending	6
Homes Sold	5
Listings Expired	3
Average Days on the Market	83
Average Selling Price	$356,400


Townhomes	May-08
New Listings	6
Total Listings	8
Sales Pending	0
Homes Sold	3
Listings Expired	0
Average Days on the Market	48
Average Selling Price	$426,000

* Data compiled from ITEC MLS

Posted By: Irina Netchaev - Pasadena California Real Estate Agent. Irina is a real estate broker who has founded Pasadena Views Real Estate Team in Pasadena California specializing in Pasadena Real Estate, San Marino Real Estate, South Pasadena Real Estate, San Gabriel Real Estate, Altadena Real Estate, Alhambra Real Estate, Monterey Hills Real Estate, Arcadia Real Estate, Sierra Madre Real Estate and surrounding communities.

(626) 629-8439

Posted in Buyers, Real Estate Market Reports

3 comments

Dec. 18, 2011

Pasadena Condo Buying Guide

Pasadena Condo or Townhouse Buying Guide - Everything you ever wanted to know about buying a condominium.

Whether you are a first time buyer, an experienced pro or investor buying a Pasadena condo or townhouse can be a confusing and often a stressful process. It's an emotional experience filled with many decisions, most with financial repercussions. Finding the right condo, townhouse or loft is difficult enough; knowing what to offer, what and when to negotiate and how to make the deal work best for you, the buyer, is another story altogether.

As a real estate professional who has sold many Pasadena condos and placed countless buyers in the Pasadena homes of their dreams, I feel it is my responsibility to tell you that there is a lot you need to know before jumping into your condo purchase.

Your Needs and Wants...

It is important that you have a clear image of what you are looking for and that you transmit this clearly to your Realtor. First, make a list with your needs and wants. Understanding the difference between your needs and your desires will make your choices much easier to make. Your needs must be met, your desires may be sacrificed if they are not practical or within your price range.

Are you looking for a larger place for your growing family or are you looking for a larger place for entertaining? Where do you need that extra square footage? What will you sacrifice for it, if necessary? Are you downsizing? What are you willing to let go of? Don't let emotions cloud your judgement. Make certain that you get what you need from the new purchase; if some of your desires are fulfilled, all the better.

Be clear with your Realtor when explaining what you are looking for. What is most important to you?

Newly Remodeled
Newer Construction
Specific Amenities like pool, spa, recreation room, gym, movie theater (yes... we have a condo complex in Pasadena with a movie theater!)
Specific Location
View
Square Footage
Number of Bedrooms
Number of Baths
Condition
Flooring
Fireplace
Parking Spaces/Garages/Guest Parking
- Side by side
- Tandem
Pet Rules
Pool
Spa
Community amenities
Concierge Services
Doorman
Gated Security
High Rise
Elevator
Location in the complex/top floor/corner unit/bottom floor
Neighborhood
Age of condo
Proximity to
- Old Pasadena
- Restaurants
- Galleries
- Parks
- Golf courses
- Shopping
- Freeways
etc...

Often a condo purchase is more about buying into a neighborhood lifestyle (location). If lifestyle is at the top of your needs list, make certain that is clearly communicated to your Realtor. Do you entertain much? Make sure your complex has guest parking or there is ample parking in your new neighborhood.

Are You Ready to Start Shopping?

Unless you are an all cash buyer (be prepared with proof of funds), you will need to be pre-approved, preferably by a direct lender. This is a critical and the most important first step even if you have great credit.

When you find a condo that you want to make an offer on, you will need to submit your pre-approval with the offer to be taken seriously by the home seller.

It is foolish to begin to shop without a pre-approval. You might find your dream condo the first day out. You need to be in a position to write and submit your offer when you find the Pasadena condo that you want to purchase. Bank statements will need to be submitted along with your offer as proof of sufficient funds to consummate the transaction. Have them with you with the account number blacked out. To make it easier, my buyers leave a copy of the statements on file with me so that we are fully prepared and do not need to worry about getting them ready in time for offer submission.

Consider Your Future...

Where do you want to be 5 years from now? Are you planning on selling it and moving into a single family home. Do you think you will want to hold on to the condo and rent it out. Many Pasadena condos make great rentals and are perfect for investment. Or, are you planning on living in your condo or townhouse long term?

Always consider the future resale value of your condo purchase. I know, it's difficult when you find the perfect condo in a not so perfect location; or it has the 2 bedrooms and 2 baths that you wanted but only has 1 parking space in a parking impacted area.

Unless you live alone that missing 2^nd parking space is certain to become a real problem while you are living in your new dream condo and will probably become the reason you will want to move on rather quickly. Will you be able to sell that condo easily without a 2^nd parking space, or in an area that isn't in such high demand? Some areas appreciate quicker than others, if you can afford to purchase in an area with higher appreciation it would be a much smarter purchase.

Are you buying the smallest or least desirable condo in a highly desirable complex? When it is time to sell you may sit on the market for longer, sell for less, or not sell at all if other larger more desirable units are for sale at the same time. Buying the smallest, least desirable condo in a highly desirable complex and neighborhood isn't always a bad decision. If it provides you with the lifestyle that you are craving, at a price that you can afford, the condo will fulfill your needs. Just remain aware that it might take you longer to sell it when the time comes. In the meantime have a grand time enjoying the lifestyle you were looking for.

Remain Flexible and Alert...

Your Realtor should be familiar with the inventory available in the neighborhood of your choice. They will most likely show you the best of what is available, based on your stated needs and desires, on your first and second trips out. If you do not find what you want, you should begin making adjustments in your search criteria quickly.

Continuing to search, in a specific area, after having seen the best of what is available within your price range is usually a downward spiral; either adjust your needs, desires or price range; or wait for new inventory to enter the market. Remember there are other buyers watching and waiting as well, you will have to move quickly.

Loose Lips Sink Ships...

While you are shopping you may run into a seller at home. As a buyer this may seem like a stellar opportunity to ask questions and garner information about the condo, the complex and the area. Often without realizing it, your simple conversation with the seller could cost you money at the negotiating table. Without realizing it you may be letting the seller, or the listing agent, know how badly you want the condo, or how much you love the condo or neighborhood.

Knowing how badly you want it may net you a different counter offer than you may have received had you not had that conversation. Sellers face the same problem, conversations with buyers or their agents often cost them money by way of a lower offer and tougher negotiation than they would have received. This is why Realtors always try to keep the buyer and seller apart until the deal is either closed or past any possible negotiation time frames; loan approval, removal of contingencies, appraisal, repair requests, etc... It's in your best interest! You should be confident that your Realtor is capable of negotiating your offer and will not reveal personal information that could adversely affect negotiations.

Future Planning?

Condo prices are so affordable right now that many buyers are purchasing more condo than they need with a mindset towards their future growth and needs; marriage, children, home office, etc... Do you have future needs? Will they become an issue in the next 3 to 5 years? Perhaps you are a better candidate for a single family residence to anticipate these needs? Keep in mind that there is no guarantee that you will be able to sell at break even in 3 to 5 years. When you do sell you will need to recoup your purchase price plus the cost of sale. The cost of sale involves commission, your closing costs and any costs given to your buyer during negotiations; plan on approximately 9% appreciation to break even. That could take some time in today's market.

After Purchase Expenses...

Not all condos are in turnkey condition. Condo fixer-uppers can become expensive and the upgrades are all 'after purchase' money and can add up quickly.

Kitchen
Baths
Appliances
Flooring
Heating
Air Conditioning
Water Heater
Paint
- Wallpaper Removal
- Ceiling Scraping

Do you have the after purchase resources to accommodate these upgrades? Are you willing to pay market value, or near market value, then make an additional investment into the property? How long will it take you to recoup the additional investment? How will that affect your future life plan?

Many inexperienced investors are purchasing, doing a quick remodel, then attempting to sell (flip) to recover costs and make a profit. Often these inexperienced investors find they spent too much on the remodel and become stuck renting the unit out. Truly experienced investors have warehouses filled with cabinets, flooring, etc... which were purchased at wholesale, and have crews on salary trained to go in and do a professional, fast and inexpensive remodel, list the condo and still retain a decent profit margin. Flipping condos is not for the inexperienced investor.

Always Inspect...

Hire a professional inspector. Some home buyers think that inspections are not needed when purchasing a condo or townhome. They could not be more wrong. An inspection will not only set your mind at ease, but will point out potential issues with major systems like air conditioning & heating, plumbing, structural defects and more. An inspector will also point out items that may possible be nearing or are at the end of their useful life.

Don't Procrastinate...

When you see a condo that you like, do not delay in making a purchase offer. Just like single family home sales, the Pasadena condo market is quite competitive. Chances are that if you like a condo, there will be another buyer that likes it as well.

If the property is new on the market and is highly desirable, you may find yourself in a multiple offer situation. Work with you real estate agent to write the best offer possible and decide if you are willing to negotiate further if you receive a multiple counter offer. Some people don't want to write offers if they even think there is going to be a multiple offer situation. However... you have to be in it to win it! Go ahead and write your offer, the worst that can happen is that you are overbid. Your Realtor will have called the listing agent (I hope) and may have some information that will help you decide how to best present an offer.

Going home to sleep on it or wanting to bring parents or friends to look at it before you make your decision to even write an offer will often put you out of the game. Write the offer, you'll have plenty of time to show your condo if your offer is accepted...good properties move fast. The contract will allow for a contingency period, usually between 10 to 17 days, which will allow you to back out of the escrow should this home be not right for you.

If you find a condo that you like, but something just doesn't feel right, it's probably not the right purchase for you. In this case, go home and think about it for a while. Yes... you might lose it, but that may be for the best if you had reservations in the first place. There will be more inventory on the market, something else will turn up.

Your Realtor is Your Advocate...

Thinking about shopping without a Realtor? Think you will just write an offer through the listing agent? Think this will help get your low-ball offer accepted?

It will, if you find a crooked listing agent!

Do you want to be represented by a crooked agent? Oh wait a minute...they don't represent you...they represent the seller. They are just facilitating your deal. It's called dual agency or double ending. It's actually legal in California, but very few agents can or will handle it in a truly professional manner. It's not the best position for the buyer to be in and let's face it if the agent is crooked are you going to get full disclosure or are you going to find out you were duped by a neighbor after you move in? Having your own representation is more valuable than you realize.

And... in most instances the services of a buyer's real estate agent are free to you, the buyer!

Buying Bank Owned?

Banks are not subject to the same level of disclosure as actual home owners in a standard sale. Since the bank has not occupied the home, the bank really has no knowledge of the condition of the property. The government, recognizing their unfamiliarity with the property, has relieved them of providing most disclosures. You will have to do some extra investigating to discover the facts about your possible purchase. A good agent familiar with condo purchases can make a huge difference.

Found My Condo...Now What?

The first step to writing an offer is to decide on the purchase price. Your Realtor will prepare a Comparative Market Analysis and will show you which homes have sold in the area and in the particular complex that you are thinking of buying in. Together with your Realtor you will decide on the price and terms of your offer.

Terms like the length of escrow, the amount of down payment, contingency period are just as important as the price and can make a difference between you getting the offer accepted or not. Remember when you submit an offer the bank or seller will be looking at their net proceeds. So if you offer a solid price but ask for a lot of closing costs and other extras you could easily lose the deal to a better NET offer, even one that is less in price than yours. It's all about the NET!

If your Realtor is really sharp they will find out what the sellers motivation is. A motivated seller is more likely to negotiate than an unmotivated seller. In a down market it isn't really wise to sell unless you have to, so most sellers are motivated on one level or another, some more than most.

Reasons for selling that will create a very highly motivated seller:

Job Loss
Job Transfer/Relocation
Lifestyle Change
- Marriage
- Children
- Home Business

Condos that have been sitting on the market for a long time, what I call my dusty deals™ , perhaps expired a few times and/or have reduced their price, sometimes several times, often have a worn down seller who is finally ready to negotiate. Vacant condos are expensive for owners to maintain. There is only so long anybody can or is willing to carry the mortgage, HOA fees, taxes and insurance without the rental income to offset the expense.

Home Owner Associations (HOA)

Many condo Associations are in financial difficulty especially in a bad economic environment. Once your offer is accepted, the escrow company will order a fresh copy of the CC&R's, financials, budget and meeting minutes and deliver them directly to you, the buyer, within the contingency period indicated on the purchase contract. Buyers should go over these documents very carefully to determine the financial stability of the association and whether it is prudent to move forward.

How much are the monthly expenses?
How much is in the reserve account?
Is the insurance current? Is earthquake insurance included? Not all Pasadena condo complexes have earthquake insurance.
Is there an increase in the HOA dues scheduled?
Is there mention of any upcoming assessments?
What do the meeting minutes say?
- Are there upcoming repairs scheduled?
- Is there enough money to cover the repairs or could it potentially lead to an assessment?
Are the pet rules satisfactory?
Have you read the Rules and Regulations?

Read the documents and ask questions until you are satisfied. If the documents are unsatisfactory, the buyer should cancel the escrow immediately.

Are you overwhelmed yet?

READ MORE: Pasadena Real Estate Guide

Sounds complicated doesn't it? It is! That is why you need the best representation. Call me at (626) 629-8439 or email me so that I can take the hassle and stress out of your condo purchase - Irina Netchaev, Your Pasadena Realtor.

PASADENA CONDOS FOR SALE:

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Dec. 15, 2011

Pasadena California: IRS Offers Tips for Year End Giving

IRS Newswire sent this notice earlier today. I thought it would be helpful to many of my Pasadena friends as we are closing out the year.

WASHINGTON — Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following:

Special Charitable Contributions for Certain IRA Owners

This provision, currently scheduled to expire at the end of 2011, offers older owners of individual retirement accounts (IRAs) a different way to give to charity. An IRA owner, age 70½ or over, can directly transfer tax-free up to $100,000 per year to an eligible charity. This option, created in 2006, is available for distributions from IRAs, regardless of whether the owners itemize their deductions. Distributions from employer-sponsored retirement plans, including SIMPLE IRAs and simplified employee pension (SEP) plans, are not eligible.

To qualify, the funds must be contributed directly by the IRA trustee to the eligible charity. Amounts so transferred are not taxable and no deduction is available for the transfer.

Not all charities are eligible. For example, donor-advised funds and supporting organizations are not eligible recipients.

Amounts transferred to a charity from an IRA are counted in determining whether the owner has met the IRA’s required minimum distribution. Where individuals have made nondeductible contributions to their traditional IRAs, a special rule treats transferred amounts as coming first from taxable funds, instead of proportionately from taxable and nontaxable funds, as would be the case with regular distributions. See Publication 590, Individual Retirement Arrangements (IRAs), for more information on qualified charitable distributions.

Rules for Clothing and Household Items

To be deductible, clothing and household items donated to charity generally must be in good used condition or better. A clothing or household item for which a taxpayer claims a deduction of over $500 does not have to meet this standard if the taxpayer includes a qualified appraisal of the item with the return. Household items include furniture, furnishings, electronics, appliances and linens.

Guidelines for Monetary Donations

To deduct any charitable donation of money, regardless of amount, a taxpayer must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution. Bank records include canceled checks, bank or credit union statements, and credit card statements. Bank or credit union statements should show the name of the charity, the date, and the amount paid. Credit card statements should show the name of the charity, the date, and the transaction posting date.

Donations of money include those made in cash or by check, electronic funds transfer, credit card and payroll deduction. For payroll deductions, the taxpayer should retain a pay stub, a Form W-2 wage statement or other document furnished by the employer showing the total amount withheld for charity, along with the pledge card showing the name of the charity.

These requirements for the deduction of monetary donations do not change the long-standing requirement that a taxpayer obtain an acknowledgment from a charity for each deductible donation (either money or property) of $250 or more. However, one statement containing all of the required information may meet both requirements.

Reminders

To help taxpayers plan their holiday-season and year-end giving, the IRS offers the following additional reminders:

Contributions are deductible in the year made. Thus, donations charged to a credit card before the end of 2011 count for 2011. This is true even if the credit card bill isn’t paid until 2012. Also, checks count for 2011 as long as they are mailed in 2011.

Check that the organization is qualified. Only donations to qualified organizations are tax-deductible. IRS Publication 78, searchable and available online, lists most organizations that are qualified to receive deductible contributions. It can be found at IRS.gov under Search for Charities. In addition, churches, synagogues, temples, mosques and government agencies are eligible to receive deductible donations, even if they are not listed in Publication 78.

For individuals, only taxpayers who itemize their deductions on Form 1040 Schedule A can claim deductions for charitable contributions. This deduction is not available to individuals who choose the standard deduction, including anyone who files a short form (Form 1040A or 1040EZ). A taxpayer will have a tax savings only if the total itemized deductions (mortgage interest, charitable contributions, state and local taxes, etc.) exceed the standard deduction. Use the 2011 Form 1040 Schedule A to determine whether itemizing is better than claiming the standard deduction.

For all donations of property, including clothing and household items, get from the charity, if possible, a receipt that includes the name of the charity, date of the contribution, and a reasonably-detailed description of the donated property. If a donation is left at a charity’s unattended drop site, keep a written record of the donation that includes this information, as well as the fair market value of the property at the time of the donation and the method used to determine that value. Additional rules apply for a contribution of $250 or more.

The deduction for a motor vehicle, boat or airplane donated to charity is usually limited to the gross proceeds from its sale. This rule applies if the claimed value is more than $500. Form 1098-C, or a similar statement, must be provided to the donor by the organization and attached to the donor’s tax return.
If the amount of a taxpayer’s deduction for all noncash contributions is over $500, a properly-completed Form 8283 must be submitted with the tax return.

And, as always it’s important to keep good records and receipts.

IRS.gov has Additional information on charitable giving including:

Charities & Non-Profits
Publication 526, Charitable Contributions.
On-line mini-course, Can I Deduct My Charitable Contributions?

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