Pasadena CA Real Estate

San Marino, known for its stately homes and green lawns is begining to see foreclosures in the real estate market.  A couple of days ago, I wrote a post about 2975 Wallingford - a San Marino property that is now owned by the bank and is listed as a foreclosure. 

Today, I profiled 1525 St. Albans in San Marino on the San Marino Community Website.

Take a look at the Google Street Map of the home on St. Albans:

This San Marino home has been under construction for over a year now - actually, construction has pretty much stopped awhile back.  It's located only a few blocks from Lacy Park and will be an amazing property once completed.

For more information about San Marino, California, please visit my San Marino City Guide

For information about foreclosures and short sales, you might want to take a look at the following property searches:

Pasadena Foreclosures

San Marino Foreclosures

South Pasadena Foreclosures

Arcadia Foreclosures

Inventory of San Gabriel homes has been pretty stable, but the number of sales has decreased over 50%.  Price per sq. ft. has dropped to $322 in October from $394 in August.  It takes close to 5 months to sell a San Gabriel home.  Based on the current sales rate, it will take almost 38 weeks to sell the existing inventory.

Lowest priced San Gabriel home on the market in October was 706 E Mision Road at $295,000.  It is a 2 bedroom and 2 bath home with 825 sq. ft.

Highest priced San Gabriel home on the market in October was 8300 Longden Avenue listed at $2,700,000.  It is a 3 bedroom, 4 bath home built in 1941.

See all San Gabriel Single Family Homes for Sale:

We are seeing more foreclosures or bank "real estate owned" homes coming up on the San Gabriel market.

Search all San Gabriel Foreclosures (Bank Owned - REOs):

San Gabriel Real Estate Market Statistics for August through October 2008:

Data taken from ITEC (Pasadena Foothills Association MLS service)

SEARCH SAN GABRIEL HOMES FOR SALE (Single Family Residences)

SEARCH SAN GABRIEL CONDOS AND TOWNHOMES FOR SALE

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

Posted by Irina Netchaev, Real Estate Agent

In today's economic downturn, real estate investors are coming out in droves.   Why?  Because it is truly a great time to buy residential property for their personal investment portfolio.

The mortgage interest rates are at historic lows.  There's lots of inventory to choose from and there are plenty of motivated sellers!

Rents are holding steady because many potential home buyers are unable to secure financing or do not have a large enough down payment enabling them to buy a home.  This increases the pool of renters and allows investors to get high enough rents to cover their debt.  Most investors are looking at  holding their properties for rental income and are not necessarily focusing on appreciation.  Although, living in Pasadena and Southern California, means that appreciation will be there over the long term.

What are Pasadena real estate investors looking for?

• Properties that can be freshened up inexpensively - cosmetic fixers.
• Multi-family buildings - one to four units that qualify for conventional mortgage financing and spread vacancy risk across all units.
• Foreclosures, real estate owned (REO) - bank owned properties, and short sales - best prices and deals.

How do real estate investors find the properties to purchase?

• The first and most productive source for homes for sale is the Multiple Listing Service (MLS).  Some real estate agent websites offer access to MLS home listings, but most are limited.  I am happy to say that Pasadena real estate website now offers access to most Southern California MLS systems - including Pasadena Foothill Association, Arcadia Association of Realtors, CRISNET - San Fernando Valley Association, Orange County, Ventura and more.  Feed free to set up as many searches as you'd like and access the MLS at your convenience.  You can even program this MLS listing system to email you as new home listings come up on the market.
• Foreclosures, For Sale By Owners (FSBO), and new construction that isn't selling are all sources of viable investments.
• Connect with a trusted Real Estate consultant, banker, attorney or other investors.  There are many "burned out" or inexperienced investors, or investors that have run into cash-flow issues and are unable to weather a problem with a property and are ready to sell.  In most instances, they will contact a professional real estate agent to help them with the sale of their property.  Most Realtors have a list of investors to contact who are waiting for these opportunities to come their way.

How do real estate investors pick their deals?

• Look for cash flow or break even investments - most real estate investors agree that purchasing an investment property is less about timing the market than good analysis.  
• Look for homes in good areas with good schools, near jobs and shopping for a long-term hold.
• Some prefer smaller properties and single-family homes because there's greater opportunity for appreciation.
• Most prefer moderately priced property and stay away from luxury property as tempting as it can be.  Moderate prices mean moderate rents, which means not only a larger pool of tenants, but also tenants who are less likely to buy a home of their own.

Where do real estate investors get their money?

• Established lines of credit with a lender.
• Savings
• Solo 401(K) and Roth 401(K) plans
• Seller financing
• Most investors prefer 30 year fixed loans.

Additional tips for better investing:

• Think cash on cash - determine your return based on the equity you have in the deal, not the total price of the property.
• Make your money on the buy - don't make the mistake of believing that the asking price represents the final price or value.  Do not expect short-term appreciation to bail you out.  Do your analysis and negotiate at the point of sale.
• Get pre approved for a loan - this market is too dynamic and the lending requirements constantly change, ensure that you understand how much you can afford and the terms that are available to you.  A strong buyer has more negotiating power.
• Don't buy more than you can manage.
• Protect your assets from lawsuits - discuss with your CPA (certified public accountant) or your attorney as to how best to hold your investment property to limit liability and protect your assets in case you are sued.
• Don't overlook deductions!  Tax deductions for depreciation and expenses such as mileage related to managing your investment can reduce your taxable obligations even if your property is generating income.

Read More:

     State of the California and Pasadena Housing Market

     Nine Stupid Things Buyers do to Mess Up their Home Purchase

SEARCH FOR PROPERTY

SEARCH FORECLOSURES IN PASADENA

I just got off the phone with my personal mortgage consultant - Mondie Pic'l at Wells Fargo.  Today, Pasadena mortgage rates have hit the lowest that we'd seen in quite some time.  I have asked her to lock the mortgage rate for me and will be refinancing my home. 

The opportunities are tremendous TODAY to refinance your existing loan or to lock in a mortgage rate on your Pasadena home purchase.  We're seeing rates as low as 5.75% with NO points for a 30 year fixed loan.

If you'd like to reach Mondie to discuss your mortgage options, please call her at 909-912-1847.

Don't miss this one!

Looking for more information about Pasadena California - see Pasadena City Guide.

This week, I was privileged to attend a presentation by Leslie Appleton-Young.  Leslie is the Vice President of California Association of Realtors and their Chief Economist.

I have never heard Leslie speak before and was surprised with her vibrant personality and down to earth style.  it's always hard to deliver bad news to a room full of Pasadena realtors, but she did with style and ease.

It turns out that Leslie is a resident of Pasadena and has been living in our community for the last year and a half.  Pretty exciting for me since I'm hoping that I'll run into her one day at Pete's and will have an opportunity to pick her brain a bit. 

I will be writing a post over the next few days to share my thoughts on real estate market expectations for 2009 in Pasadena, but in the meantime, here's what Leslie shared with the real estate community.

Personal Consumption:

American consumers have been spending more and saving less.  For the first time since 1992, personal consumption dropped.  Simply, this means that people buy less which causes employers to cut back jobs.

California is losing more jobs on average - California's unemployment rate in August 2008 was 7.7% while United States as a whole was 6.1% in September 2008.

California Housing Permits:

New Housing Permits are down by 45.1% year to date in California - under 50,000 units compared to over 100,000 in 2007.  Builders are waiting for the existing inventory to be absorbed.

National Economy Outlook through 2009:

READ ENTIRE ARTICLE BY CLICKING HERE - ORIGINAL POST ON THE STATE OF PASADENA CALIFORNIA HOUSING MARKET

by Brian Brady

The economy is really sick:

Today's CPI report signals deflation, or a prolonged price slide, may become another hazard facing Federal Reserve Chairman Ben S. Bernanke and President-elect Barack Obama. Deflation could worsen the economic downturn by making debts harder to pay off and countering the impact of Fed interest-rate cuts.

''The economy's really just in horrific shape,'' said Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities in New York. Fed officials will ''take rates as low as they have to'' to avoid ''a deflation-type scenario, which now all of a sudden is very possible.''

LaVorgna predicts the Fed will cut its main rate to 0.5 percent from its current 1 percent when it meets on Dec. 16.

Fed Vice Chairman Donald Kohn said today that while the risk of deflation is ''still small,'' policy makers must be ''aggressive'' in fighting the danger. The economy ''is declining right now'' and will record a couple of quarters of contraction, he said in answering questions after a speech in Washington.

Fed policy makers last month forecast the U.S. economy will contract through the middle of 2009, with some officials prepared to cut interest rates further in response, according to a record of the group's meeting.

If the Fed's thinking of cutting rates further, why aren't mortgage rates going down?  I think it's because the Fed has done all it can do.  Future rate cuts are like that eighth scotch.  Drinking that eighth scotch isn't going to make you feel any better than the seven prior.  It just might make you feel worse.

I advised folks, right after the election, to lock loans with rates under 6% if they were closing within 30 days.  Today, I'm suggesting that you lock any loan that is closing this year.  Today, a 45-day lock for a 6.0% rate would costs 1.25%.  While you may see rates drop below 6% , in the next 45 days, the risk of them moving higher is greater.

Take 6% and run.

As a real estate agent working in and around Pasadena California, I am constantly getting phone calls from buyers looking for great deals and information on the latest real estate prices.

If you are looking for a real estate deal, you came to the right place. I will be posting my "Dusty Deals" by area on a monthly basis right here for your review.

What is a "Dusty Deal" list? It is a list of homes for sale in Pasadena including homes, condos and townhomes that have been on the market for over 100 days. Are all of these great deals? Not necessarily. BUT, the seller has been actively marketing their homes for a very long time and is probably ready to deal.

Why are these homes on the market still? The most likely reason is that they were overpriced to begin with. The first few weeks of marketing a home for sale are the most critical weeks for any seller. If the property is overpriced, or not marketed correctly, it gets stale. Local real estate agents ignore these homes and avoid showing them to their buyers. Potential home buyers look these homes up on the internet, but wonder what is wrong with these homes since they didn't sell.

My take on this is, if you are looking for a deal, these homes are the best place to start. Why? Home sellers are tired of showing their homes and most are ready to NEGOTIATE their price and SELL!

For a complete list of dusty deals for November - homes for sale in Arcadia, Alhambra, Altadena, Burbank, Eagle Rock, Highland Park, La Canada Flintridge, Monrovia and Monterey Hills, please visit - Dusty Deals for November 2008.   With the inventory of homes being at a record high, you'll need to scroll down to find the city that you're interested in.  It's a very long post.

If there's a particular city that you're interested in getting a list for, please leave a comment and I'll make sure that I include it in future posts.

So here's a list of homes for sale in San Marino California that have been on the market for over 100 days:

As you're going through the list, please look at the last column titled DOM (Days on the Market). This will tell you how many days these homes have been on the market.

READ MORE:

Dusty Deals list for September 08 - Pasadena, San Marino, Alhambra, Altadena, South Pasadena, Arcadia, Monrovia, Sierra Madre, Monrovia

Dusty Deals List for August 08 - Pasadena, Alhambra, South Pasadena, Monterey Hills, Altadena, Sierra Madre, Arcadia, Monrovia and San Marino

As you're going through the list, please look at the last column titled DOM (Days on the Market). This will tell you how many days these homes have been on the market.

Are you looking to buy a home in San Marino California? We are happy to give you all the information that might help you with your home purchase.  Please call us at   626-204-3340   or email Irina at Irina@Irina4RealEstate.com.

As a real estate agent working in and around Pasadena California, I am constantly getting phone calls from buyers looking for great deals and information on the latest real estate prices.

If you are looking for a real estate deal, you came to the right place. I will be posting my "Dusty Deals" by area on a monthly basis right here for your review.

What is a "Dusty Deal" list? It is a list of homes for sale in Pasadena including homes, condos and townhomes that have been on the market for over 100 days. Are all of these great deals? Not necessarily. BUT, the seller has been actively marketing their homes for a very long time and is probably ready to deal.

Why are these homes on the market still? The most likely reason is that they were overpriced to begin with. The first few weeks of marketing a home for sale are the most critical weeks for any seller. If the property is overpriced, or not marketed correctly, it gets stale. Local real estate agents ignore these homes and avoid showing them to their buyers. Potential home buyers look these homes up on the internet, but wonder what is wrong with these homes since they didn't sell.

My take on this is, if you are looking for a deal, these homes are the best place to start. Why? Home sellers are tired of showing their homes and most are ready to NEGOTIATE their price and SELL!

For a complete list of dusty deals for November - homes for sale in Arcadia, Alhambra, Altadena, Burbank, Eagle Rock, Highland Park, La Canada Flintridge, Monrovia and Monterey Hills, please visit - Dusty Deals for November 2008.   With the inventory of homes being at a record high, you'll need to scroll down to find the city that you're interested in.  It's a very long post.

If there's a particular city that you're interested in getting a list for, please leave a comment and I'll make sure that I include it in future posts.

So here's a list of homes for sale in South Pasadena California that have been on the market for over 100 days:

Dusty Deals list for September 08 - Pasadena, San Marino, Alhambra, Altadena, South Pasadena, Arcadia, Monrovia, Sierra Madre, Monrovia

Dusty Deals List for August 08 - Pasadena, Alhambra, South Pasadena, Monterey Hills, Altadena, Sierra Madre, Arcadia, Monrovia and San Marino

As you're going through the list, please look at the last column titled DOM (Days on the Market). This will tell you how many days these homes have been on the market.

Are you looking to buy a home in South Pasadena California? We are happy to give you all the information that might help you with your home purchase.  Please call us at  626-204-3340  or email Irina at Irina@Irina4RealEstate.com.

As a real estate agent working in and around Pasadena California, I am constantly getting phone calls from buyers looking for great deals and information on the latest real estate prices.

If you are looking for a real estate deal, you came to the right place. I will be posting my "Dusty Deals" by area on a monthly basis right here for your review.

What is a "Dusty Deal" list? It is a list of homes for sale in Pasadena including homes, condos and townhomes that have been on the market for over 100 days. Are all of these great deals? Not necessarily. BUT, the seller has been actively marketing their homes for a very long time and is probably ready to deal.

Why are these homes on the market still? The most likely reason is that they were overpriced to begin with. The first few weeks of marketing a home for sale are the most critical weeks for any seller. If the property is overpriced, or not marketed correctly, it gets stale. Local real estate agents ignore these homes and avoid showing them to their buyers. Potential home buyers look these homes up on the internet, but wonder what is wrong with these homes since they didn't sell.

My take on this is, if you are looking for a deal, these homes are the best place to start. Why? Home sellers are tired of showing their homes and most are ready to NEGOTIATE their price and SELL!

For a complete list of dusty deals for November - homes for sale in Arcadia, Alhambra, Altadena, Burbank, Eagle Rock, Highland Park, La Canada Flintridge, Monrovia and Monterey Hills, please visit - Dusty Deals for November 2008.   With the inventory of homes being at a record high, you'll need to scroll down to find the city that you're interested in.  It's a very long post.

If there's a particular city that you're interested in getting a list for, please leave a comment and I'll make sure that I include it in future posts.

So here's a list of homes for sale in Pasadena California that have been on the market for over 100 days:

Dusty Deals list for September 08 - Pasadena, San Marino, Alhambra, Altadena, South Pasadena, Arcadia, Monrovia, Sierra Madre, Monrovia

Dusty Deals List for August 08 - Pasadena, Alhambra, South Pasadena, Monterey Hills, Altadena, Sierra Madre, Arcadia, Monrovia and San Marino

As you're going through the list, please look at the last column titled DOM (Days on the Market). This will tell you how many days these homes have been on the market.

Are you looking to buy a home in Pasadena California? We are happy to give you all the information that might help you with your home purchase.  Please call us at   626-204-3340  or email Irina at Irina@Irina4RealEstate.com.

Over the last few months, Pasadena home buyers have been learning about short sales. A short sale simply means that a bank is willing to accept less money than what the owner owes on his or her home because the property can not sell at a price high enough to cover the mortgage and selling expenses fully. In essence, an owner is "upside down" on their property.

Short sales create an opportunity for Pasadena home buyers to get a potential deal on the home of their dreams. Short sales are not the easiest sales to pull together and it takes a real estate agent with experience, excellent negotiating skills, and perseverance to work with the banks. I say banks, because in most cases, there are several banks involved in the transaction since the home sellers usually have more than one loan on their property.

Short sales also take a lot of patience on the buyer's side. They have a tendency to drag on, sometimes for months. But, having said that, we can not ignore the fact that they present potential opportunities.

Here's a list of short sales in Pasadena and surrounding cities for your review. Feel free to call me at 626-627-7107 or email me at Irina@Irina4RealEstate.com for more information or to set up an appointment for a private showing.