Pasadena CA Real Estate

Monterey Hills real estate is in a flux of confusion right now.  Even though the volume of available condos  and townhomes on the market is quite low, the prices are dropping at a rapid pace.  The area has been affected by a number of short sales and foreclosures that are pulling the sales prices down.  Buyers are taking a "wait and see" attitude.

It is now reasonable to expect to find a decent 2 bedroom condo with all the amenities for under $300,000.  Monterey Hills sellers are still hoping for the mid $300,000 where the majority of the condo listings are.  This will explain an average days on the market of the October condo listings of 142 days - over 3 months.  These condos are also listed at an average of $333 per sq. ft. vs. the sold price per sq. ft. of $268.  I don't see the market getting better for these sellers, but amazing opportunities exist for Monterey Hills condo buyers.

 

Search All Monterey Hills condos and Townhomes for Sale:

 

Monterey Hills Real Estate Statistics for August through October 2008:

 

Condos	Aug-08	Sep-08	Oct-08
New Listings	2	2	1
Total Listings	14	12	10
Sales Pending	2	3	2
Homes Sold	2	2	3
Listings Expired	7	3	4
Average Days on the Market	77	108	75
Average Price Per Sq. Ft.	$295	$313	$268
Median Selling Price		$425,000	$280,000
Average Selling Price	$344,450	$394,500	$295,667
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	30.3	26.0	14.4
Townhomes	Aug-08	Sep-08	Oct-08
New Listings	2	0	1
Total Listings	4	1	1
Sales Pending	0	3	1
Homes Sold	1	3	2
Listings Expired	2	0	0
Average Days on the Market	122	57	74
Average Price Per Sq. Ft.	$401	$307	$285
Median Selling Price		$394,500	$467,500
Average Selling Price	$655,000	$425,667	$467,500
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	17.3	1.4	2.2

 

Data taken from ITEC (Pasadena Foothills Association MLS service)

If you are interested in beginning your search for a Monterey Hills condominium or townhouse, please click on the search home link.

For weekly updates on Monterey Hills real estate market activity, please feel free to request market analysis reports with detailed information by clicking here.  These reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

Posted by Irina Netchaev, Monterey Hills Real Estate Agent                 626-627-7107         

 

http://www.pasadenacarealestatehomes.com/0084F3

So what's going on in Monterey Hills real estate market?  I find it very curious that in the month of Septmeber no townhomes came on the market in Monterey Hills.  New listings of Monterey Hills condos always remained at its lowest at only 2 condos that were listed. 

Inventory, overall, is trending down each month from June to September with the sales at the all time low as well.  Even with the lower unit volume of available condos, we are still looking at 26 week absorption rate.  This means that if only 2 units continue to sell monthly at today's inventory levels, it will take sellers an average of 26 weeks to sell the existing inventory of 12 listings.  Price per square foot ended at $313 and has been around the $300 range for awhile now.

The lowest priced condo in Monterey Hills is in Chadwick Terrace at 4260 Via Arbolada #204 - $258,000.

The highest priced condo in Monterey Hills is in Drake Terrace at 4141 Via Marisol #415 - $439,000.  In my opinion, this condo is extremely overpriced at $391 a sq. ft.  

Monterey Hills Real Estate Market Report - Juen 2008 through September 2008:

Condos	Jun-08	Jul-08	Aug-08	Sep-08
New Listings	5	8	2	2
Total Listings	24	16	14	12
Sales Pending	4	3	2	3
Homes Sold	4	5	2	2
Listings Expired	2	8	7	3
Average Days on the Market	136	79	77	108
Average Price Per Sq. Ft.	$297	$302	$295	$313
Average Selling Price	$304,520	$344,578	$344,450	$394,500
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	26.0	13.9	30.3	26.0
Townhomes	Jun-08	Jul-08	Aug-08	Sep-08
New Listings	0	1	2	0
Total Listings	4	2	4	0
Sales Pending	1	2	0	3
Homes Sold	1	2	1	3
Listings Expired	0	0	2	0
Average Days on the Market	154	98	122	57
Average Price Per Sq. Ft.	$401	$302	$401	$307
Average Selling Price	$655,000	$465,500	$655,000	$425,667
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	17.3	4.3	17.3	0.0

Data taken from ITEC (Pasadena Foothills Association MLS service)

If you are interested in beginning your search for a Monterey Hills condominium or townhouse, please click on the search home link.

For weekly updates on Monterey Hills real estate market activity, please feel free to request market analysis reports with detailed information by clicking here.  These reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

Posted by Irina Netchaev, Monterey Hills Real Estate Agent  626-627-7107  

http://www.pasadenacarealestatehomes.com/00773F

Interestingly enough, the inventory of condos and townhomes in Monterey Hills is dwindling drastically.  Only 2 new Monterey Hills condos for sale came up on the market last month.   One condo in Eaton Crest was listed for only $279,000.  It's a great price for a 2 bedroom and 2 bath condo with over 1,000 sq. ft.  I previewed it and was quite impressed.  It has an updated kitchen a nice view of the hills and faces away from the pool.  A great opportunity for a first time buyer or an investor.

Monterey Hills townhomes are almost non-existent.  Only 4 Monterey Hills townhomes are on the market.  There was only 1 closed sale in August and it was at 4267 Via Arbolada and closed escrow at $655,000. 

READ ALSO:  Monterey Hills Real Estate Market Update May 2008 to July 2008

Below are the Monterey Hills real estate market statistics for June 2008 through August 2008 for your review:

Condos	Jun-08	Jul-08	Aug-08
New Listings	5	8	2
Total Listings	24	16	14
Sales Pending	4	3	2
Homes Sold	4	5	2
Listings Expired	2	8	7
Average Days on the Market	136	79	77
Average Price Per Sq. Ft.	$297	$302	$295
Average Selling Price	$304,520	$344,578	$344,450
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	20.8	17.3	12.1
Townhomes	Jun-08	Jul-08	Aug-08
New Listings	0	1	2
Total Listings	4	2	4
Sales Pending	1	2	0
Homes Sold	1	2	1
Listings Expired	0	0	2
Average Days on the Market	154	98	122
Average Price Per Sq. Ft.	$401	$302	$401
Average Selling Price	$655,000	$465,500	$655,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	5.8	8.7	8.7

 

Data taken from ITEC (Pasadena Foothills Association MLS service)

If you are interested in beginning your search for a Monterey Hills condominium or townhouse, please click on the search home link here.

For weekly updates on Monterey Hills real estate market activity, please feel free to request market analysis reports with detailed information by clicking here.  These reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

Posted by Irina Netchaev  626-627-7107  

http://www.pasadenacarealestatehomes.com/007730

There are definite opportunities in Monterey Hills right now for both first time home buyers and investors. For the first time, we're actually seeing 2 bedroom and 2 bath condos fall under $300,000 thanks to short sales and hesitant buyers.

The inventory for condos remains pretty much the same. Even though looking at the graph below, the number of total Monterey Hills condos dropped to 16, there were 8 condo listings that expired which suggests that they will be relisted and put back on the Monterey Hills real estate market shortly. At today's rate of condo sales of about 5 per month, there's about 17 weeks of existing inventory available.

Investor Recommendation: Wait for condos to drop around $275,000 if you'd like to be at break even at about 25% down.

Homeowner Recommendation: The prices are much lower than the surrounding South Pasadena and are perfect for purchase to live if you see a condo that you like, especially if you're thinking of holding on to it for 3 to 5 years. Go for it!

READ MORE: South Pasadena Real Estate Housing Market Report for May 08 to July 08

Monterey Hills Townhouses are still hard to find. Inventory of Monterey Hills Townhouse listings has dropped to 2. Only a couple sell per month, but that can be do to the lack of available townhomes to begin with.

Condos	May-08	Jun-08	Jul-08
New Listings	7	5	8
Total Listings	26	24	16
Sales Pending	6	4	3
Homes Sold	5	4	5
Listings Expired	3	2	8
Average Days on the Market	83	136	79
Average Price Per Sq. Ft.		$297	$302
Average Selling Price	$356,400	$304,520	$344,578
Absorption Rate (# of weeks to sell current inventory at present rate of sales)		20.8	17.3
Townhomes	May-08	Jun-08	Jul-08
New Listings	6	0	1
Total Listings	8	4	2
Sales Pending	0	1	2
Homes Sold	3	1	2
Listings Expired	0	0	0
Average Days on the Market	48	154	98
Average Price Per Sq. Ft.		$401	$302
Average Selling Price	$426,000	$655,000	$465,500
Absorption Rate (# of weeks to sell current inventory at present rate of sales)		5.8	8.7

Data taken from ITEC (Pasadena Foothills Association MLS service)

If you are interested in beginning your search for a Monterey Hills condominium or townhouse, please click on the search home link here.

For weekly updates on Monterey Hills real estate market activity, please feel free to request market analysis reports with detailed information by clicking here. These reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

Posted by Irina Netchaev 626-627-7107

http://www.pasadenacarealestatehomes.com/007747

 LINDEN HEIGHTS

Linden Heights is one of the newer condo complexes on the hill built in 1987.  Located on the corner of Via Marisol and Via Arbolada, it has a beautiful pool and spa, recreation room, sauna and a gym.  A gorgeous courtyard with mature trees and beautiful landscaping envelopes this beautiful complex.

READ MORE:  Monterey Hills Neighborhood Overview

There are 50 units in this complex featuring a more modern look and floorplan.  All units have central air conditioning and heating, balconies or patios.

The garage is subterranean with most units having two parking spaces.

As of June 15th, 2008, there are two 2 bedroom and 2 bath units available for sale.  One is offered at $439,000 and the other at $459,000. 

 READ MORE:  Monterey Hills Market Report

If you would like to get a list of all current condos for sale in Eaton Crest, please click on the Contact Irina form below.

http://www.pasadenacarealestatehomes.com/007715

Monterey Hills is such a great place to live.  It's centrally located next to South Pasadena, Pasadena, Alhambra, Highland Park.  It's next to 110 fwy, 5 fwy, 210 fwy, 10 fwy, 134 fwy and 101 fwy.  It's minutes from downtown LA, USC, Hollywood and Old Town Pasadena.

 

 

Read Also:  Monterey Hills and Monterey Hills Jazz Festival and background History of Monterey Hills Redevelopment Project

It's a great area to purchase a condo or a townhome and pay quite a bit less than in the surrounding towns of South Pasadena and Pasadena. 

Read Also:  Top 10 Monterey Hills Condo Buying Tips

Monterey Hills is also great for investors.  Rental condos are always in demand and I'm constantly getting phone calls and emails inquiring about any available leases.

Monterey Hills has been built in the early 1980s.  It's set in a serene setting and consists of 21 condominium and townhome complexes with several PUDs (Planned Unit Developments) that run off of Via Marisol and Via Arbolada.

It is also known for its annual Summer Jazz Festival which will be taking place this year on September 13th, so save the date!

So what kind of condos can you expect to find in Monterey Hills?

Condominium Complexes:

For the most part, most complexes have four different types of floor plans.

There is usually a one bedroom, one bathroom condo floor plan.  Two different two bedroom condos - one where bedrooms are on opposite sides of the living room and another where the two bedrooms are together.  And, some complexes have two bedrooms plus a den or a three bedroom condo floorplan.  Although, 3 bedrooms are pretty rare.

Most condo complexes are three stories with individual units being one leve with someone living above or below you.  Usually, you will also share side walls with your neighbors on both sides, unless you have a corner unit.  Almost all condominiums have balconies and first level units have large patios.

Parking is below in a subterranean garage with most units having two assigned parking spaces.  Most of the parking spaces are tandem although some of the larger units have side by side parking.  There's plenty of guest parking both inside and outside the complexes and street parking is ample.

When you consider buying a condo in Monterey Hills, location of the unit will drive the price.  The higher floor units are usually more expensive since they offer views and most 3rd floor units offer fireplaces.  1st floor units are preferred by families with kids or pets due to their large patios.  And, 2nd floor units tend to price a little below 3rd and 1st floor.  Corner units offer a little more privacy and more light due to extra windows.

All complexes have pools & spa and washer & dryer hook ups on each floor and inside most of the units.  Some of the complexes also have gyms, recreation rooms, saunas, paddle tennis courts and sun decks.

Townhouses:

Most of the townhouses are two to three stories. No one is above or below you, but you might share some common walls with neighbors either on one or both sides of your townhome unit. 

All townhouses have an attached, private garage for two cars.  The ceilings are usually vaulted with skylights.  Balconies are off each floor.  Fireplaces grace the living rooms.  Kitchens are usually roomy with space for breakfast table and chairs.  Washer & Dryer hookups are in each unit.

These complexes have pools and spa.  Some have other amenities like gyms.

Points of Interest:

What most people don't know is that Monterey Hills is all electric.  There are no gas appliances inside the units.  It takes a little getting used to cooking with an electric range and oven, but once you do, it's hard to go back to gas. 

Monterey Hills also has a dog park!

Here's a comprehensive list of complexes that you can find on "The Hill". 

AUSTIN TERRACE

Austin Terrace is located at 4295 Via Arbolada.  Built in 1982, it's one of the smaller complexes in Monterey Hills with only 45 units.

Amenities include a pool and a spa. 

Home Owner Association (HOA) dues are in the mid $300 per month.

There were three closed sales in 2007 in Austin Terrace.  All three units were 2 bedrooms and 2 baths and sold in the range of $355,000 to $453,000.

In 2008, there has only been one sale through June 12th, 2008. 

BRADLEY COURT (PUD)

There are two things that make Bradley Court stand out in Monterey Hills.

First, it's the only PUD (Planned Unit Development) in Monterey Hills. It consists of 16 spacious homes with their own garages and their own individual style.

Second, built in 2001, Bradley Court is the last property complex built on the hill, making it the newest.
 
These beautiful PUD style homes offer majestic views and a lot of interior space. Most are 3 bedrooms and 3 baths with over 1,600 sq. ft. A little private yard, a gourmet kitchen, bathroom with a spa are just some of the amenities of Bradley Court.

Bradley Court homes were selling originally in the $800,000 range. There was a recent sale, a short sale, that closed a few months ago for $655,000. Because there are only 16 units in this very small Monterey Hills complex, it's very rare to see a Bradley Court come up for sale on the Montere Hills real estate market.

CATALINA TERRACE

CHADWICK TERRACE

DRAKE TERRACE

EATON CREST

 

Eaton Crest complex consists of 2 buildings.  The first one is at 4499 Via Marisol and is large enough to be separated into three different sections.  That's why you will find 4499A Via Marisol, 4499B Via Marisol and 4499B Via Marisol.  The second building is much smaller and is at 4589 Via Marisol. 

Amenities include a pool, a spa and a huge recreation room that can be rented for parties.  Eaton Crest just underwent extensive updating, has been repainted and has one of the most beautiful landscape designs on the hill.

 

Washer & dryer hook ups are on each floor, as well as trash chutes.

There are a few one bedroom floor plans available, but the majority of the units are two bedrooms with a sprinkling of 2 bedrooms and a den.  Some floorplans have 1 bathroom while others have 2.

As of June 11, 2008, there are 7 condos for sale in Eaton Crest ranging from $299,000 to $399,000. 

The last 2 bedroom and 1 bath sold for $317,000 and 2 bedrooms and 2 baths sold for $365,000.

FREMONT VILLAS

 

Built in 1981, as part of the original Monterey Hills residential community plan, Fremont Villas is a 45 unit townhome complex.  It is accessed off of Via Marisol and sits next to Vallejo Villas. 

 

 

 

 

 

With beautiful views of rolling hills towards South Pasadena, Fremont Villas offers Spanish architecture with cozy porches, clay tile roofs, and lush landscaping.  As I drive through this complex, the birds are singing and the tree branches are rustling and the feeling of serenity is in the air.

Fremont Villa's amenities include a recreation room, pool and spa, a sun deck, and easy guest parking both inside the complex and on Via Marisol.

For the most part, these are 2 and 3 bedroom homes with attached garages and balconies.

As of the date of this post, there is one unit for sale - 707 Fremont Villas #24 offered at $499,000.  This town home is 2 bedrooms and 3 baths and is in move in condition.

 

HUDSON TERRACE- Search All Condos for Sale in Hudson Terrace, Monterey Hills

HUNTINGTON TERRACE

Huntington Terrace is a condominium complex in Monterey Hills. It consists of 3 stand-alone, 3 story buildings 4000 Via Marisol - 4040 Via Marisol - 4080 Via Marisol.

Huntington Terrace condo units are one level and depending on where the condo is located, you can have someone living above and/or below you.  Laundry hook ups are inside each unit as well as coin operated machines on each floor.

 Huntington Terrace 

 

Some of the Huntington Terrace condo units have gorgeous city views.  The complex is surrounded by beautiful mature trees.  All units have balconies or patios.  The patios on the first floor can be quite large which can be great for pets or children.

Huntington Terrace was built by J.D. Carley & Associates in 1981 and has four floor plans.  A one bedroom condo, two plans of two bedroom condos and a two bedroom plus a den condo.

 

 

 

Parking is in a subterranean garage.  Usually, 2 spaces have been assigned to each Huntington Terrace homeowner.  Some parking spaces are side by side.  Others are tandem.  There is plenty of guest parking spaces in the complex and easy street parking.

Amenities in this complex include a pool, spa and a recreation room. 

As of April 28th, theres one condo available for purchase:

4000 Via Marisol #102	2 BRS + DEN	1,495 sq. ft	$439,000

 

 

Last year, there was a total of 5 sales in the Huntington Terrace complex ranging from $350,000 to $417,000.

LINDEN HEIGHTS

Linden Heights is one of the newer condo complexes on the hill built in 1987.  Located on the corner of Via Marisol and Via Arbolada, it has a beautiful pool and spa, recreation room, sauna and a gym.  A gorgeous courtyard with mature trees and beautiful landscaping envelopes this beautiful complex.

There are 50 units in this complex featuring a more modern look and floorplan.  All units have central air conditioning and heating, balconies or patios.

The garage is subterranean with most units having two parking spaces.

As of June 15th, 2008, there are two 2 bedroom and 2 bath units available for sale.  One is offered at $439,000 and the other at $459,000. 

MARSHALL VILLAS

MUIR TERRACE

STANFORD TERRACE

TEMPLE TERRACE

Temple Terrace is a beautiful complex in Monterey Hills.  It is very unique for the area since it consists of both condos and townhomes.  It is located on Via Marisol, but the postal address is Temple Terrace.

There are 75 condos and 47 townhomes in this complex.  It is beautifully landscaped and has mature trees and lush foliage.  As you walk around the complex, you almost get a resort-like, almost cottage-like feel.

It is the only complex on the hill that has gas range/ovens.  Everything else in Monterey Hills is electric.  So if you like to cook with gas and live in Monterey Hills this complex is for you.

Amenities include a pool and a spa and home owner association fees are some of the lowest in Monterey Hills.  HOA dues include water, gardening, cable TV & trash service.

There's plenty of guest parking available throughout Temple Terrace although the townhomes have a 2-car attached garage and most condos come with 2 subterranean parking spaces.

VALLEJO VILLAS

Vallejo Villas was built in 1981 and in situated on Via Marisol in the heart of Monterey Hills.  It is surrounded by majestic trees and offers gorgeous hill and city views.

 

 

All units are built townhouse style - meaning that they are stand alone units with a common side wall.  Most of these townhomes are two stories high.  Each unit sports an attached two car garage, a balcony and some have back yard style patios.

Vallejo Villas has 58 townhouses with amenities including guest parking, pool and spa, a sun deck.  It is truly very beautifully landscaped and it looks like the HOA (Home Owners Association) takes very good care of the complex.  A true pride of ownership.

 

 

As of May 12, 2008, there are no available townhomes for sale in Vallejo Villas.  But, keep checking the most current list of all Monterey Hills homes for sale right here or let me know if youd like for me to run a specific search unique to your individual needs.

In 2007, Vallejo Villas townhome sales were ranging in mid $400,000 for 2 bedroom and 2 bathroom units and mid $500,000 for 3 bedroom and 3 bathroom townhomes.

 

 

 

 

This complex is just minutes away from downtown Los Angeles, USC, Old Town Pasadena and South Pasadena.

WILSON SUMMIT

Read Also:  Monterey Hills Real Estate Market Report

 

 

 

 

 

 

Monterey Hills Federation is a good resource for additional Monterey Hills history information and activities.

http://www.pasadenacarealestatehomes.com/007712

Vallejo Villas was built in 1981 and in situated on Via Marisol in the heart of Monterey Hills.  It is surrounded by majestic trees and offers gorgeous hill and city views.

READ ALSO:  Monterey Hills Neighborhood Overview

 

All units are built townhouse style - meaning that they are stand alone units with a common side wall.  Most of these townhomes are two stories high.  Each unit sports an attached two car garage, a balcony and some have back yard style patios.

Vallejo Villas has 58 townhouses with amenities including guest parking, pool and spa, a sun deck.  It is truly very beautifully landscaped and it looks like the HOA (Home Owners Association) takes very good care of the complex.  A true pride of ownership.

 

 

As of May 12, 2008, there are no available townhomes for sale in Vallejo Villas.  But, keep checking the most current list of all Monterey Hills homes for sale right here or let me know if youd like for me to run a specific search unique to your individual needs.

In 2007, Vallejo Villas townhome sales were ranging in mid $400,000 for 2 bedroom and 2 bathroom units and mid $500,000 for 3 bedroom and 3 bathroom townhomes.

This complex is just minutes away from downtown Los Angeles, USC, Old Town Pasadena and South Pasadena.

Read More:  Top 10 Tips for buying a condo in Monterey Hills

http://www.pasadenacarealestatehomes.com/007710

Huntington Terrace is a condominium complex in Monterey Hills. It consists of 3 stand-alone, 3 story buildings 4000 Via Marisol - 4040 Via Marisol - 4080 Via Marisol.

Huntington Terrace condo units are one level and depending on where the condo is located, you can have someone living above and/or below you.  Laundry hook ups are inside each unit as well as coin operated machines on each floor.

 Huntington Terrace 

 

 

 

 

 

 

Some of the Huntington Terrace condo units have gorgeous city views.  The complex is surrounded by beautiful mature trees.  All units have balconies or patios.  The patios on the first floor can be quite large which can be great for pets or children.

Huntington Terrace was built by J.D. Carley & Associates in 1981 and has four floor plans.  A one bedroom condo, two plans of two bedroom condos and a two bedroom plus a den condo.

 

 

 

Parking is in a subterranean garage.  Usually, 2 spaces have been assigned to each Huntington Terrace homeowner.  Some parking spaces are side by side.  Others are tandem.  There is plenty of guest parking spaces in the complex and easy street parking.

Amenities in this complex include a pool, spa and a recreation room. 

As of April 28th, theres one condo available for purchase:

4000 Via Marisol #102	2 BRS + DEN	1,495 sq. ft	$439,000

 

 

Last year, there was a total of 5 sales in the Huntington Terrace complex ranging from $350,000 to $417,000.

If I can be of any assistance with your Pasadena Real Estate needs, please do not hesitate to email me at Irina@Irina4RealEstate.com or call me at  (626)627-7107 .  Thank you!

 

http://www.pasadenacarealestatehomes.com/00770E