HOT Pasadena Real Estate Market!

In Pasadena’s hot real estate market, home prices have increased 28% from last year.

According to real estate information firm DataQuick, home prices in Southern California skyrocketed in June 2013 when compared to June 2012. This dramatic increase was greater than any year-over-year increase seen during the housing boom, and the most since DataQuick started tracking this specific data in January 1989.

Sales in the six-county Southland region declined slightly in June, which indicates that inventory remains extremely tight.

There are signs, however, that the dramatic increases will slow somewhat due to rising mortgage rates and the probability that the current price gains will encourage more home owners to place their houses on the market. The housing recovery began to accelerate last year as the number of foreclosures declined, and low interest rates urged home buyers into action in the middle of an improving economy. Traditional home buyers and investors have battled over an extremely low number of homes for sale, which has created bidding wars and higher prices.

The median sales price for homes in Pasadena for the past quarter was $580,500. This represents an increase of 16.1% ($80,500) compared to the prior quarter. Sales prices have appreciated 5.5% over the last five years in Pasadena. The average listing price for Pasadena homes for sale on Trulia was $1,022,348 for the week ending July 10, which represents a decline of 1.9% ($19,808) compared to the prior week and a decline of 4% ($42,573) compared to the week ending June 19. Average price-per-square foot for Pasadena increased 18.6% ($446) compared to the same period last year. Popular neighborhoods in Pasadena include North Central, East Central, South Arroyo, North Arroyo, West Central, and Mid Central.

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WHY BUY IN PASADENA?

Pasadena-City HallAlthough Pasadena is best known as the host of the annual Tournament of Roses Parade and Rose Bowl football game, the city also boasts top-quality restaurants, great shopping and a variety of amenities. Known as the Crown of the Valley, Pasadena is a wonderful city for businesses and residents alike. Its unique size makes Pasadena a warm and inviting urban setting that lacks the worries and hassles of big cities like Los Angeles. Residents are close to their favorite shops, restaurants and entertainment and get to experience the famous Rose Parade and Rose Bowl, world-class museums, great schools and various recreation facilities, outdoor opportunities and good, sunny weather.

PASADENA REAL ESTATE SUMMARY

The median sales price for homes in Pasadena last quarter was $564,000.
(A 10.6% increase of $53,931, compared to the prior quarter and an increase of 12.8% compared to the prior year.)

Sales prices have appreciated 2.5% over the last five years in Pasadena.
This week, the average listing price for Pasadena homes for sale on Trulia was $1,097,275. (A 0.8% increase of $8,663, compared to the prior week and a 6.5% increase of $67,053 compared to two weeks prior.)

The average price per square foot for Pasadena was $422.
(A 13.7% increase compared to the same period last year.)

Popular neighborhoods in Pasadena include East Central, South Arroyo, North Central, North Arroyo, West Central, and Mid Central.

Downsizing, Remodeling or Moving?

In this “hot” Pasadena real estate market, every member of my team is integral to making each transaction as simple and effortless as possible. Sometimes the simplest things can be overlooked in the hectic times preparing for a move. P.E. Deans Consignment store in Sierra Madre is part of my real estate team for many reasons.

PasadenaNow8Downsizing, remodeling, or moving?

So you have some great furniture, mirrors, lamps, and accessories that you can no longer use. They’re too good to donate, the kids can’t use them and you just don’t have the space for them. What should you do?

Have a yard sale? Post to Craigslist? List on eBay?

The truth is, you have decided you don’t really want to deal with those options, or you’ve tried them all. The people at the yard sale offered $5 for something you marked $100 (which you spent $500 for originally), they showed up at 6 a.m. when you specifically advertised not before 8 a.m., and after all of the fun you had to drag the remaining items back into the garage.

PasadenaNow4When you put something on Craigslist, you got some very strange calls, a little scary, or none at all. When you put something on eBay, you forgot to calculate the shipping properly and the freight came out to be more than the cost of the goods.

A consignment store is a great option, specifically P. E. Deans in Sierra Madre. Yes, you do have to share the sales price, but a good consignment store will probably get a much better price than you ever could, and we do all of the work.

We work hard to make your items look the best they possibly can. We cover scratches, we polish, and we set up room vignettes with other great merchandise. We advertise in print and online. We attract customers that are looking for quality and we give them the customer service needed to close the sale and then you get your check.

Sherry-Grossi-PE-Deans-CROPP.E. Deans Consignments, Etc.
49 W. Sierra Madre Blvd.
Sierra Madre, CA 91024
(626) 355.0400
www.pedeans.comEtsy

Using Landscape Design as a Selling Feature

McKelligonDesign 08BLOGIn this “hot” Pasadena real estate market, beautiful landscape design can be an excellent selling feature for your property. It adds value, functionality, curb appeal and makes a great first impression on potential buyers. Make your home stand out with these ideas from an important member of Cynthia’s team, Matthew McKelligon.

Matthew is an excellent landscape designer who graduated summa cum laude from the School of Environmental Design at the University of California, Berkeley. He spent a significant amount of time living and studying in Japan, Switzerland and Germany to develop his aesthetics and philosophy.

MatthewMcKelligon©stevenjamesscottBLOG“I really appreciate landscaping with a strong design statement,” he says. “One of my primary considerations in designing a backyard is its connection the home and environment. Many times we don’t adequately make use of our yards because there is a disconnect between the home and yard. With that in mind, some of my landscape projects have evolved through design and turned into partial interior remodels to better make that connection.

“Functionality is key to my designs. I like to find a use for all the outdoor space as it relates to the home. Highly useful spaces should be located closer to the house and as you proceed farther back, you make use of lower-occupancy, more intimate spaces: fire pits, hammocks, vegetable gardens and other features.”

Matthew McKelligon  |  310-409-7435  |  mckelligon@gmail.com  |  Yelp

Recent projects:
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McKelligonDesign 04BLOGMcKelligonDesign 13BLOG

Spanish Architecture in Pasadena

As the proud owner of a 1928 Spanish Colonial Revival home, I never tire of them. Every one I have come across in the Pasadena area has been unique and well-constructed with lots of character and charm. This type of architecture was born as a result of the Panama-California Exposition, and became a U.S. style movement from 1915 to 1931. It is a hybrid style based on the architecture found during the early Spanish colonization of North and South America.

This style started in California and Florida, which has the ideal climate for Mediterranean-inspired-homes, and remains popular today. In Spanish Revival architecture, new features were added to classic ones to create a distinct look. Let’s explore some of the exterior elements which define this style.

If you would like to buy or sell a Spanish home in the Pasadena area, please call me at (626) 825-0161 or visit cynthia.tilleman@podley.com

The Pasadena Real Estate Market is Heating Up

The Real Estate market is definitely heating up in Pasadena and the surrounding areas.

Mortgage rates are still at all-time lows, we have low inventory on properties coming on the market and at the same time we have many people moving to our area who want to raise their families here. Myself and many agents are experiencing multiple offers and bidding wars as we did six years ago before we had the big mortgage debacle and the economy tanked.

The reasons for the low inventory are many but the main ones are worries over new taxes, higher income taxes, tax on home sales, etc. have caused many people to hold off on selling their property. Hopefully now know that some of the tax questions have been answered we will see some people feeling more comfortable that if they sell they won’t be subject to additional tax on the sale.

Is this a good time to buy or sell?

This is a good time for both buyers and sellers! Interest Rates are at an all-time low, the minimum for fico scores for a loan has dropped several points.

Owning a home in Pasadena and surrounding areas is still a sound investment and we can still deduct mortgage interest on our taxes. However, on the other hand, inventory of homes for sale is very low at the moment. Some sellers have been waiting to find out about the consequences of taxes on the sale of their homes and income tax rates and just the whole talk about the fiscal cliff effects the overall comfort level for many. But the good news for sellers is that we are seeing the return of multiple and higher than listed offers on most properties in Pasadena and the surrounding areas, like we did before the market crashed a few years ago.

Find out what your home is worth!

Understanding The Value Of Real Estate

Years ago you had to go to a real estate agent in order to get information on property listings. Volumes were filled with all the local real estate listings, and were distributed to real estate offices. The agents would review the books and find homes that matched the needs of their clients. Then the address was given to the clients so they could do a “drive by” to see, at least, the outside of the home. This information was not readily available to the public.

The times have changed drastically. Today, the majority of once-private information is now public. So does that mean you can handle the entire real estate transaction on your own? Not likely… especially if you want a highly successful outcome.

Understanding my value as an agent:

Professional experienced real estate agents are trained to help streamline your real estate transaction. Experienced agents are highly knowledgeable about the industry. I can offer more than just good listings for you to consider. I can help you understand the information that you are getting. I can help you sort through comparable properties and decipher information listed in the Multiple Listing Service. I can help you spot potential issues and make you aware of important documents. Having me as your agent to help guide you through the process of buying or selling your home can help you save time, and money.

Pricing experience:

One of the biggest values an experienced professional agent can offer has to do with pricing. Whether you’re buying or selling your home, I can help you understand the current market conditions. . I can design negotiation strategies to help ensure that your interest is protected. Good negotiation skills of a highly knowledgeable agent can be critical to your transaction. When you hire me to work on your transaction, I have a vested interest in the sale. However, the commission is far less than the amount of interest you have in the property. Therefore, I, as an experienced agent, can leave emotional interest out of the negotiations and work for the best outcome by presenting my client’s situation in the most appealing way possible. I must also keep my client information confidential as part of my fiduciary duty.

Coordinating the process:

Another very useful function of an experienced professional real estate agents is the assistance I can provide to coordinate the complex home-buying and home-selling process. Real estate transactions require an enormous amount of paperwork. I cannot provide legal advice about the documents, but I can point out important aspects and disclosures, and alert you to the filing time-frame when these materials must be signed. I also have a very good network to direct you to other business experts for more specific answers to your questions. I am very accustomed to coordinate and keep on schedule things like hiring inspectors, staying in touch with the other party’s agent, explaining how repairs will be fixed and who should pay for them, and directing you to resources for financial matters. I have a transaction coordinator on site to make sure everything is done in a timely matter prior to closing.

I also tell my clients, ”when you are in a position to buy or sell real estate, get educated.” Read articles, go on the internet, and watch videos from as many sources as possible. Study the market and prepare questions to ask me when we meet. This will make you more prepared to interview and hire the right agent. Ultimately, you will find that having an experienced professional agent to help guide you through the real estate transaction will be a very good investment.