Pasadena "Millionaire's Row" Update

Pasadena “Millionaire’s Row” Update

Pasadena Tournament of Roses "Wrigley Mansion"

If you have been a regular follower of my market reports, I first want to thank you and to let you know I am refining the parameters I use when describing Pasadena’s “Millionaire’s Row” or the “South Orange Grove Corridor”.   In the past I extended a bit beyond the Boulevard to include the condos along West California -- this report will not include those properties and will include only condominiums and townhomes along South Orange Grove Boulevard and the adjacent streets:  South Grand, South Arroyo Drive, Palmetto, Gordon Terrace and Bellevue.   It does not include condos or townhomes north of the 210 Freeway(Colorado Boulevard marks the difference between North and South directions).   All information is from our multiple listing service as of May 10, 2012 - it has not been verified and is not guaranteed.

The term “Millionaire’s Row” dates back to the turn of the twentieth century when mansions lined South Orange Grove Boulevard.   Luxury apartments that later turned into own-your-owns and then condominiums started being built in the 1950s.   Today, with its stately palm trees lining the street, South Orange Grove Boulevard stands as the definition of luxury condominium and townhome living in Pasadena and the San Gabriel Valley.   

The Atherton 

Grosvenor Square

Vista Grande

Pasadena CA April 2012 and Year-to-Date Sales Recap & Market Update - South Orange Grove Corridor Condos & Townhomes aka "Millionaire's Row"

There were six sales in the category during April 2012.   The sold prices ranged from $415,000(a two bedroom condo at Garden Grove) to $825,000(a single level stand alone condo at 437 South Orange Grove which was listed at $799,000).   The average sales price for the month was $620,475(median price $612,925).    This compares to five sales during April 2011 where sales ranged from $369,000(two bedroom at Vista Grande and a rare short sale in the area) to $670,000(a three bedroom mostly original unit at The Madeline).   The average sales price for April 2011 was $534,800(median price $540,000).   

There are currently ten properties on the market for sale along “Millionaire’s Row”.   Prices range from $525,000(one of two units available at The Bellegrove) to $977,000( a two bedroom unit at 300 South Orange Grove).   Eleven properties are in escrow ranging from $499,000 to $1,200,000.    

Would you like more detailed information regarding “Millionaire’s Row” and the South Orange Grove Boulevard contact Michael Jacobs at 818.516.4393 cell or michaeljacobs@coldwellbanker.com.   In addition to South Orange Grove, Michael is a Realtor who serves the Pasadena and San Gabriel Valley as well as the northeast foothill communties within the city of Los Angeles.

www.480orangegrove10.com

Check out my current listing along South Orange Grove at Ardmore House