South Pasadena Condo/Loft/Townhome Mid-Year Update
This report reflects market activity for the January through June 2012 sales period in South Pasadena in the condominium, loft and townhome segment. While its small town ambience where tree-lined streets filled with character homes is well-known in the San Gabriel Valley - you can also find condos, lofts and townhomes. Highly acclaimed schools, unique shops and dining, a well-regarded library and an established park and recreation program combine with a convenient location to make South Pasadena one of the area’s most desirable addresses.
During the first half of 2012, there were 22 sales in this category according to our local multiple listing service(MLS). The closed prices ranged from $110,000(an own-your-own unit* on Orange Grove) to $725,000(one of the larger townhome style condos at Mission Meridian Village). In the same January through June sales period in 2011, there were 33 closed transactions. They ranged in price from $275,000(two bedroom on Fair Oaks) to $625,000(in Mission Meridian Village). Average sales price for the period in 2012 was $450,091 versus $417,590 in 2011. Median price in 2012 was $451,000 and $378,000 in 2011. It should be noted that in 2011 that 14 sales were at the two newly constructed developments that were sold during 2011: Station Lofts(10 sales) and Mission Commons(4 sales).
Currently there are ten condos, lofts and townhomes available for sale according to our MLS. They range in price from $315,000(a one bedroom condo near Garfield Park) to $737,000(two bedroom townhome at San Pasqual).
If you would like more information regarding a South Pasadena condominium, loft or townhome please contact Michael Jacobs at 818.516.4393 cell or michaeljacobs@coldwellbanker.com.
*an own-your-own is a form of ownership -- the physical property looks like an apartment/condominum but the complex has not gone through the formal conversion process to becoming a condominium. This form of ownership is not very common in our area any longer and makes financing very difficult -- most own-your-own purchases are all cash.
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