As many of my readers know, I have not been updating this blog on a regular schedule.  It's been an extremely busy summer for me.  My family and I just came back from a two week vacation in Maui.  I have helped 14 families buy or sell a home over the last few months and have 6 open escrows as I write this post. 

I can't tell you how busy and exciting this summer has been.  We have seen the best and the worst in the real estate industry.  Buying and selling homes in Pasadena has been evolving daily.  Let's see:

• Lenders were tight with their money.  Lender conditions were outrageous and ridiculous at times.  Many lenders are slowly, but surely are now moving back to a more balanced view and perspective on helping home buyers get home loans.  The pendulum is slowly shifting to a bit more of a realistic approach to lending. 
• Bank of America went beserk with their take over of Countrywide and screwed up a ton of escrows.  A few of my home buyers got caught in Bank of America's turmoil and no one in management seemed to care or be able to address any issues.  There is only one B of A loan officer that I trust and will not work with any other.  Email me for his name.
• FHA loans with minimal down payment are more and more prevalant and accepted.  I have helped several home buyers buy their Pasadena homes with only 3.5% or 5.1% down.
• Home sales were down and then exploded with multiple offers on any home decently priced.
• Bank foreclosures are here and more are expected.  The last few months have shown that timing is everything when it comes to bank owned or REO homes.
• Short sales are here, but need to go away...  Only 1 in 9 are successful!  Thank you, NOT, non-responsive loss mitigators.
• California came out with a New Construction Credit and ran out of funds almost immediately!
• First time home buyer credit is here for only a few more months.  Yes... all you first time home buyers listen up:  You have to find a home and buy it before November 1st, 2009 to qualify for your $8,000 tax credit.  And, yes... it's an actual credit against what you owe.  Pretty darn good!
• New government regulations came out for the Truth in Lending and HVCC (Home Valuation Code of Conduct)
• Home buyers now need to get pre-approved with at least 2 lenders.  Although, if you are working with me to find your next home, you are most likely approved with 2 direct lenders and a mortgage broker.  Minimum requirements if you are a serious buyer!

I can go on and on... but to not bore you and finish my real estate home sales reports, this month, I will combine the different city home sales reports in one.  Too much guilt on my end for not getting them out timely.  So... here goes...

Pasadena Home, Condo and Townhome Sales and Real Estate Reports:

Read more »

http://www.pasadenacarealestatehomes.com/009B70

Home sales in Sierra Madre were pretty consistent over the last two months and of course, a little on the slow side in April.  Remember when looking at closed home sales, we're looking at properties that went under contract and in escrow a month to two months prior. 

Aborption rate went down drastically from 37.9 weeks of inventory in April for single family homes to only 16.4 weeks.  Homes in June sold on average of 95.54% of asking price.

Since there are not too many condos and townhomes, there were no surprises in statistics.  Sierra Madre condos and townhomes sales stayed pretty consistent.

Sierra Madre Real Estate Statistics for April through June 2009:

Real estate data based on information from ITEC (Pasadena Foothills Association MLS service)

See all homes for sale in Sierra Madre below:

For detailed information on any of these homes, please visit Sierra Madre homes for sale for an up to date list of all single family homes for sale in Sierra Madre.

Also, if you are looking to buy land in Sierra Madre, take a look at this amazing opportunity for a lot with city views with plans to build a 5,000 sq. ft. estate.

For weekly updates on the real estate market activity, please feel free to request market analysis reports with detailed information by clicking on How's the Market page on this Pasadena real estate blog.  These reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

READ MORE:

Sierra Madre Land for Sale

Sierra Madre Luxury Homes Sale

See Previous Real Estate Reports:

Sierra Madre real estate report for September 2008

Sierra Madre real estate report for August 2008

Sierra Madre real estate report for May 2008 - June 2008

If you are thinking of buying a Sierra Madre home, Sierra Madre condo or townhome, please give us a call for a comprehensive and free consultation. We can be reached at 626-204-3340.

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)204-3340

Do you dream of building a gated estate at the top of the world with incredible views?

Well... here's your opportunity! This incredible piece of land is nestled at the top of Oak Crest Drive in Sierra Madre and offers absolutely incredible city views. Wake up to the beauty of San Gabriel Valley and still be only minutes away from Pasadena, downtown LA and freeways.

This exceptional property in the foothills of Sierra Madre has breathtaking views of the surrounding mountains and city lights in the valleys below on the east, south and west.  A south facing hidden Sierra Madre treasure, abundant w/ lush vegetation, panoramic views and a pervasive sense of peace, privacy & serenity.

This R1 property totals approximately .54 acres (23,610 sq. ft.) offering a variety of residential use potential.  There are gated entrances on the east and west boundaries with private roads leading to the property, perfect for grand private estate.

Utilities run up the road providing easy access.

Seller had spent approximately $200,000 on Geo Reports, Soils Report, and an Environmental Impact Report.Architectural plans for a 5,000 Sq. Ft. estate and grading plans are available for review.

This lot is surrounded by wilderness land owned by The Friends of Sierra Madre Wilderness. Check with the City regarding all existing approvals & development possibilities.

Whether you are planning your retirement in a serene and beautiful setting or are looking to build an entertainer's paradise, do not miss this very rare opprotunity.

Get started on your gated view estate today! 

Interested in pricing and more details, please visit Sierra Madre Land - Build a Grand Estate

READ MORE:

Sierra Madre Land for Sale

Sierra Madre Luxury Homes Sale

Sierra Madre Homes for Sale

Sierra Madre condos and Townhomes for Sale

Sierra Madre's real estate statistics for the month of September are below.  In September, only 9 homes closed escrow in Sierra Madre.  That's a significant drop from August.  At the same time, the number of new Sierra Madre homes on the market remain pretty constant.  Steady listing numbrs and lower Sierra Madre home sales result in a significantly higher absorption rate.  It will take 19.3 weeks to sell the existing Sierra Madre inventory if no additional homes come up on the market and if the rate of sales remains the same.

Looking over the September listing inventory for Sierra Madre shows that home sellers are still signifcantly over pricing their homes.  On average, sellers are asking $463 per square foot.  While buyers were willing to pay only $417 in September.

The lowest priced Sierra Madre home is $360,000 at 261 Grove Street.

The highest priced Sierra Madre home is $1,999,999 at 380 N. Lima Street.

There are five available Sierra Madre condos and townhomes for sale.  The rate of sales for the last two months have been at two sales each month.

See: Sierra Madre Real Estate Market Report for August

Sierra Madre Real Estate Market statistics for September 2008:

 Real estate data based on information from ITEC (Pasadena Foothills Association MLS service)

For weekly updates on the real estate market activity, please feel free to request market analysis reports with detailed information by clicking on How's the Market page on this Pasadena real estate blog.  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   

SEARCH SIERRA MADRE HOMES FOR SALE

SEARCH SIERRA MADRE CONDOS AND TOWNHOMES FOR SALE

Sierra Madre real estate home sellers are begining to price their homes more aggressively and closer to what the home buyers are willing to pay.  The average price per square foot for sold homes in August was $435 and the average price per square foot of homes on the real estate market is $452.  There's still a bit of a discrepancy, but it's getting closer.

Price reductions 23 out of 37 single family Sierra Madre homes for sale underwent price reductions.  That's 62% of the sellers finally realizing that they are no longer driving the market, the buyers are!  It's about time since some of these homes have been on the market for a year or longer and the majority of these Sierra Madre homes have been listed for sale close to 4 months.

Lowest priced SFR (single family residence) in Sierra Madre is listed at $399,000.

Highest priced SFR in Sierra Madre is listed at almost $2,000,000 at $1,999,999.

Sierra Madre Real Estate Market statistics for August 2008:

Real estate data based on information from ITEC (Pasadena Foothills Association MLS service)

SEARCH SIERRA MADRE HOMES FOR SALE

SEARCH SIERRA MADRE CONDOS AND TOWNHOMES FOR SALE

Posted by Irina Netchaev, real estate agent in Pasadena California.

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