Pasadena CA Millionaire’s Row Condos For Sale
Market Update 5.5.15
This is a market update for the condos and townhomes along the South Orange Grove Boulevard corridor in Pasadena including those for sale, in escrow and sold so far in 2015. The area is also known as Millionaire’s Row for the grand mansions which once lined the wide palm-lined street at the turn of the 20th century.
Today the street and adjacent streets East of the Arroyo Seco features units in various complexes in a variety of architectural influences with extensive gardens and verdant green lawns. All information in this report is from our local multiple listing service(mls) and may not include all transactions.
The area lies between the Arroyo Seco Parkway(110) and the juncture of the Foothill(210) and Ventura(134) freeways and is convenient to the abundant shopping, dining, cultural, entertainment and recreation opportunities that have made Pasadena so popular.
Each January, the street is the center of world-wide attention as Tournament of Roses headquarters, the Wrigley Mansion(Tournament House) hosts many New Year’s Day festivities near the start of the over five-mile long Rose Parade on nearby Colorado Boulevard.
There are currently 15 condos and townhomes along Pasadena Millionaire’s Row ranging in price from $710,000 to $1,680,000 with an additional six properties in escrow. In the first four months of 2015, there have been ten mls-reported closed transactions from $625,000 to $1,688,000 with an average sales price of $1,009,000(median sales price $1,069,000). They have sold at 104% and for $485.90 per square foot on average.
In the same January through April time period in 2014, there were 15 closed sales according to mls statistics. Those transactions ranged from $575,000 to $2,100,000 with an average price of $925,200(median $770,000). They sold at 99.43% of last list price and for $423.95 per square foot on average.
The number of sales is down slightly this year to date while the number of units available for sale has increased by four from this report from last May. I wouldn’t draw any conclusions as to full year predictions even if I could.
What makes sense is to take a closer and more detailed look at an individual South Orange Grove Boulevard corridor condo or townhome whether you are a buyer considering a purchase or a homeowner thinking of selling. Some factors to consider: the complex as well as where it is located within that complex, the size, single or multi-level, updates and more. Add to that list, emotional appeal which is not always as clearly evident but remains an important nuance.
Let’s discuss what’s important to you, I can be reached at 818.516.4393.
For a look at full year 2014 sales with a comparison to 2013 results check my report: Pasadena CA So Orange Grove Blvd Condos and Townhomes 2014 Market Recap
Published: May 5, 2015
Pasadena CA Millionaire’s Row Condos For Sale
Market Update 5.5.15
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