Historic Living in South Pasadena at Ostrich Farm Lofts
This is a recap of real estate transactions for Ostrich Farm Lofts in the city of South Pasadena. This report covers 2015 year-to-date activity as well as a look at closed sales for the complex for full years 2012 through 2014.
Statistical information in this report has been gathered from our local multiple listing service(mls) and may not include all sales in the complex.
As its name indicates, the location really was the original site of the first ostrich farm in the United States in the late 1800s. It has been said that the original ostriches made the journey from their native South Africa to Texas before eventually arriving by train to what is now the historic location of the Ostrich Farm Lofts.
Although the trip was not entirely successful, the surviving 18 ostriches on that trip grew to over 100 at one point. During the early 20th century, visitors could experience ostrich drawn carriage rides and buy ostrich related items at the factory store. After ceasing to exist as a farm and destination, it later turned into a clothing factory and outlet before an extensive transformation of the building in 2006 created 53 unique loft spaces at 1010 Sycamore Avenue.
2006 proved to be quite challenging as Southern California faced difficult and changing real estate times. In 2009, there was an auction held to sell the remaining units at discounted prices.
The Ostrich Farm lofts range in size from approximately 700 to over 2000 square feet of living in a variety of single and multi-level floor plans. There is a lobby entrance which has an art gallery feel to it along with an interior garden courtyard area. The units feature open floor plans, high ceilings, expansive windows and concrete floors. Some have terrace or patio areas. Kitchens and baths were designed with European style cabinetry and sophisticated finishes along with washer-dryer connections in the unit. Parking is secured.
The South Pasadena location is at the city border with Los Angeles(the historic Garvanza District of the Highland Park neighborhood). Commonly known as South Pas to residents and fans alike, the city has a small town feel but is close to desired conveniences. The Arroyo Seco Parkway(110) plus the Gold Line light rail station at Mission and Meridian where the weekly Farmers Market is held are easily accessible. You will also find unique shopping and dining in the city in addition to award winning public schools along with popular community services and events.
There is currently just one Ostrich Farm Loft on the market for sale. With approximately 1520 square feet each, the three bedroom unit with extensive outdoor space is listed for sale at $988,000. There are two additional units in escrow. So far in 2015, there have been four mls-reported closed transactions ranging from $420,000 to $575,000 with an average sales price of $512,500(median sales price $527,500). They have sold at 97.39% of last list price and for $556.65 per square foot on average.
There were three mls-reported closed transactions in full year 2014. The sales ranged from $525,000 to $856,000 with an average sales price of $656,167(median sales price $587,500). They sold at 95.30% of last list price and for $527.58 per square foot on average.
A single level unit with approximately 760 square feet was the only mls-reported sale in 2013, It sold for $380,000 (list price $389,000).
There were no mls-reported closed transactions in 2012.
Full year 2011 reflected two transactions. Both short sales, they sold for $310,000 and $342,000 in all cash transactions.
If unique and historic condominium loft living seems interesting to you, Ostrich Farm Lofts might be an ideal fit. As always, there is much more detailed information available to share than exists in a report as brief as this. If you would like to know more regarding such opportunities in our area, whether you are a prospective buyer or a homeowner thinking of selling, contact me at 818.516.4393 cell. Let’s discuss what is important to you.
Published: December 21, 2015
Historic Living in South Pasadena at Ostrich Farm Lofts
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