Pasadena CA Real Estate

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

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 real estate for sale 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!

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

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

Address	BR	BA	Price	Price/Sq.Ft.	MLS #	DOM
1415 S San Gabriel Blvd San Marino, CA 91108	4	3	$1,098,500	$469	22108278	129
2734 Monterey Rd San Marino, CA 91108	4	3	$1,248,800	$544	22106513	615
2280 Roanoke RD San Marino, CA 91108	3	2	$1,265,000	$644	488055882	119
2065 Courtland Ave San Marino, CA 91108-1754	5	6	$4,280,000	$880	22105856	171
1385 Old Mill Rd San Marino, CA 91108	8	7	$8,900,000	$1,093	22109072	113

 

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.

If you are interested in getting more information about any of these home listings, please call me at   626-204-3340   or email me at Irina@Irina4RealEstate.com.

You can also search all San Marino homes for sale by clicking here.

http://www.pasadenacarealestatehomes.com/0040DC

San Marino's real estate activity has been holding steady in the month of August.  We actuallly saw an increase in the number of San Marino homes that opened escrow, from 8 in June to 13 in July. 

The number of homes on the market in July remained at 41 with 14 new San Marino listings coming on the market.

Looking at the 12 San Marino homes that actually closed escrow in July, the sales price to listing price ratio is pretty close - 98.23% - meaning that most homes sold close to asking price.  Interestingly enough, we're still seeing multiple offers in San Marino.  Three of the 12 homes sold OVER asking:

Address	Asking Price	Selling Price	$/Sq.Ft.	% of Sold/Asking
1755 Sharon Place	$950,876	$1,028,000	$671.46	108.1%
2270 Huntley Circle	$1,050,000	$1,100,000	$541.61	104.8%
1522 Wembley Road	$1,598,000	$1,668,000	$725.85	104.4%
1740 Hilliard* 1846 Lorain Road*	$1,050,000 $1,950,000	$1,050,000 $1,950,000	$496.45 $596.70	100% 100%

Both 1740 Hilliard and 1846 Lorain Road were sold after a price adjustment and being on the mrket for several months.  Once the prices were adjusted, both homes pretty quickly at full asking price.  A lot to be said for correctly pricing your home.

May 2008 to July 2008 San Marino Housing Statistics:

Read more »

http://www.pasadenacarealestatehomes.com/0040F9

Pasadena Mortgage rates were stable this week.  ARM rates went up and the fixed rate mortgage rates are the same as they were Monday.  I mentioned that traders felt "stuck in the middle" of conflicting data.  Core inflation is rising but oil prices are falling like a rock off a cliff.  I'm as confused as the mortgage bond traders so I'm taking this opportunity to lock rates for loans closing within 30 days.   READ: Why Oil Prices Will Drop BELOW $100/ Barrel in 2009 Why?  I think the rising ARM rates suggest that traders believe, in their hearts, that the Fed will tighten before Thanksgiving.  I'm more about mitigating risk rather than pouncing on opportunity so when I'm confused, I lock mortgage rates.  Maybe the descent in oil prices will continue and mortgage rates decline further but "I ain't seeing it" from my ivory tower.   Pasadena Mortgage rates  for August 15, 2008.  Loan amounts up to $417,000:

Read more »

http://www.pasadenacarealestatehomes.com/0040F1

Joanna Beresford, a Pasadena Weekly reporter, wrote an article asking the ultimate real estate question - To Buy or Not To Buy?  She was kind enough to interview me to get my perspective and gave me an honorable mention.  :-)

So... here's this week's, August 14, 2008, Pasadena Weekly's real estate article:

What Price is Paradise?

Now may be the best time to make that move to a new home

By Joanna Beresford 08/14/2008

To buy or not to buy? That is the question. Is it better to await the possibilities of further plummeting home values and rock-steady interest rates or, by acting now, avoid the potential effects of world affairs, federal regulations and other cosmic catastrophes? And by acting, perchance, to acquire the home of your dreams ...

Well, in a recent Los Angeles Times article, Celia Chen, director of housing economics for Moody'sEconomy.com, contends that housing prices will continue to deflate by as much as 25 percent. In the same story, Los Angeles economist Christopher Thornberg agrees (so emphatically, in fact, that he resorts to using a bad word; can you really write H-E-double toothpicks in the newspaper these days? Wow).

"There's no way in hell the house you buy now will be more expensive next year," asserts Mr. Thornberg. Or, asserted. I don't think he keeps on asserting it after the initial statement, in spite of literary convention, or unless he suffers from some form of Tourette's syndrome, or something.

Naturally, no absolute realities will provide us with a singular, satisfying response to the question.

Many experts will advise consumers: calm down, don't rush into anything, but consider MAKING A MOVE before the market turns something worse or different than upside down. So everyone scrambles to seize upon some semblance of a property, sell off the family heirlooms, scrape together a down payment, make an offer, and don't think about sleeping or eating until you get a response from homeowner or banker.

That's one way to go. But, then there's the voice of reason. First of all, the Pasadena and San Gabriel Valley region aren't equivalent to the country, the state, or even the county of Los Angeles. The region hardly comprises its own cohesive, discreet entity that can be uniformly assessed.

Enter two of my most enterprising, intelligent and doggone cute local resources. First, Martha Shanks, mortgage professional with Vesta Marketing, in Pasadena. Martha never freaks out or jumps to conclusions. Ask her about fluctuating markets and she replies with refreshing candor. "My initial response is this. I've always told people, and I've been saying until the last 30 days, that really time is on your side. You can buy or not, housing prices will probably continue to tumble. You're in a perfect position to find the house that really suits your needs."

Martha says won't be surprised if home prices in general continue to drop, but she's more likely, very recently, to consider the undulating  landscape of world events, interest  rates, etc. as potentially significant factors in the home-buying experience.

"It may make more sense to buy now," she concedes.

Then there's Irina Netchaev with Keller Williams Realty. I'm still toying with the idea that Irina is a beautiful Soviet-era spy, sent to the United States to report on our bad grammar, poor hygiene and other slovenly habits. She's so elegant. But she also really knows her business, so I accept her at agent/face value. Here's what Irina says about The Question.

"It is always a good time to buy real estate if you are prepared to buy real estate and have consulted with a real estate professional and lender to understand your options. For example, if a buyer has spoken with a lender, was preapproved and has a very clear understanding as to how much they can afford to pay monthly, what their closing costs will be and how much house they can afford, they are ready."

Irina also expresses some concern about the possibility of rising interest rates: "The interest rates are still very low ... If interest rates go up, even if the home prices go down, waiting could be a serious mistake."

Guess what? When the first Midwestern settlers purchased the land that would become Pasadena in 1873, they bought the property for about $6.30 per acre. Boy, it's a good thing they didn't wait for the market to turn around, eh? In spite of the seemingly low-ball price, these Hoosiers (Indiana natives, mostly) believed they had stumbled upon an unlikely expanse of paradise, and that's one thing that most of us, more than two centuries later, can agree on; so how do you put a price on that?

Joanna Dehn Beresford is a former teacher, nanny, actress, rock star, farm girl, waitress and clerk. She can be reached at truewrite@yahoo.com.

READ MORE:   It's fun to be famous if only for a day!

http://www.pasadenacarealestatehomes.com/0040E2

Every time I meet with a potential Pasadena home buyer, a question comes up about tax benefits of home ownership.  In this post, I'll cover some of the tax incentives that are currently available.  These tax incentives are a nice little bonus that is allowed by the IRS to add on to the satisfaction and enjoyment of being a homeowner.

 

INTEREST DEDUCTIBLE:

 

 

Interest paid on the primary residence and a second or vacation home is deductible from one's income tax. Since the vast majority of the early years' mortgage payment is interest, this can be a substantial deduction, saving the homeowner thousands of dollars in Federal and State income taxes. This is often the largest single itemized deduction the taxpayer has.

 

TAXES DEDUCTIBLE:

Real estate property taxes are deductible on the primary residence and a second or vacation home. That portion of the homeowner's monthly mortgage payment which goes toward the payment of real estate taxes may be deducted from federal income taxes. In the early years of a mortgage, as much as 95% of the payment goes toward interest and taxes, making as much as 95% of the total house payment tax deductible.

 

READ MORE:  Decline in Value Reassessments

READ MORE:  Property Tax increases on Your Pasadena Home

INCREASE IN TAKE HOME PAY:

 

 

IRS codes allow individuals who already exceed the minimum standard tax deduction barriers to claim additional tax withholding allowances or exemptions when they purchase homes of greater value or second/vacation homes. This increase in W-4 exemptions allows the homeowner to receive $30-600 per month in additional take home pay from their employer. It may assist them in budgeting a home of greater value or a second home. This monthly increase in take home pay is in lieu of a large lump sum income tax refund. This little known tax law may also be used by first time purchasers, if they purchase a home which will allow them to itemize substantially more than the minimum standard deduction amount.

 

MOVING EXPENSES:

Moving expenses may be tax deductible if you are moving more than 50 miles from your present location. The actual moving expenses plus cost of the trips for job hunting and some other expenses associated with moving may be deductible.

HOME OFFICE USE:

 

 

Part or full time use of an office in your home may be tax deductible. Under IRS rules, a prorated portion of the housing expense, operating expenses and depreciation may be deducted from income taxes if you use a portion of your home as an office, and you meet certain guidelines.

 

 

 

CAPITAL GAINS EXCLUSIONS:

A homeowner may sell his principal residence and exclude up to $250,000 of profits under a capital gains exclusion. A married couple may exclude up to $500,000 in profits, each time they meet the eligibility requirements, but not more than every two years. To be eligible for this capital gain exclusion, the homeowner must have owned and occupied the home as a primary residence for at least two of the five years prior to the sale.

REAL ESTATE INVESTORS:

 

Active real estate investors who actively participate in the management of rental properties can deduct up to $25,000 per year for deprecation, negative cash flows, interest, taxes, maintenance, repairs and miscellaneous costs, as long as their adjusted gross incomes do not exceed $100,000. $1,000 of the $25,000 deduction is eliminated for every $2,000 over the $100,000 adjusted gross income, until the AGI reaches $150,000.

 

No deductions are available for the 3-5% of taxpayers whose adjusted gross income exceeds $150,000. - However, the $25,000 tax deduction is a huge deduction and would be over and above the deductions for one's primary residence and second home. This $25,000 tax deduction could conceivably reduce a gross income of $50,000 to a taxable income of only $25,000, resulting in a substantial tax savings. The tax savings would even be greater in states having state income taxes, as state income taxes are usually based on Federal income taxes, which would be lowered.

 

Information courtesy of Jeff Elias.

 

http://www.pasadenacarealestatehomes.com/0040D2