Ostrich Farm Lofts in South Pasadena Offers More Than A Bit of History
This is a real estate market activity report for the Ostrich Farm Lofts in South Pasadena. This report covers units for sale, in escrow and sold so far in 2016. I will also share closed sales for the complex for full year 2011 through 2015. Statistical information in this report has been gathered from our local multiple listing service(mls) and may not include all sales in the complex.
True to its unique name, the location at 1010 Sycamore Avenue in South Pasadena, 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 Ostrich Farm Lofts.
Although the trip was not entirely successful, the surviving 18 ostriches on that trip eventually 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. It later turned into a clothing factory and outlet before an extensive transformation of the building in 2006 created 53 unique loft spaces.
2006 proved to be 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 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 of 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 with 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 nearby. You will also find unique shopping and dining in the city in addition to award winning public schools and popular community services and events.
There is currently just one Ostrich Farm Loft on the market for sale. With approximately 1520 square feet, the three bedroom unit with extensive outdoor space is listed for sale at $948,000. There is a single level loft unit with approximately 850 square feet in escrow(list price $559,000). In January, a three bedroom floor plan with approximately 1770 square feet closed for $850,000(last list price $860,000).
In 2015, there were four mls-reported closed transactions ranging from $495,000 to $575,000 with an average sales price of $531,250(median sales price $527,500). They sold at 98.15% of last list price and for $555.39 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 living seems interesting to you, Ostrich Farm Lofts might be an ideal fit. If you would like to know more detailed information regarding this or any South Pasadena real estate, please contact me at 818.516.4393 cell. Let’s discuss what is important to you.
Published: March 29, 2016
Ostrich Farm Lofts in South Pasadena Offers More Than A Bit of History
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