Condos and Lofts in Old Pasadena
Market Activity Report 2016
This is a real estate market activity report for the condos and lofts in the Old Pasadena district. In this report I will share a recap of units sold in 2016 along with a comparison to the previous two years. I am also including information regarding units for sale and in escrow.
Statistical information in this report has been gathered from our local multiple listing service(mls) and may not include all transactions in the neighborhood.
Old Pasadena offers a more urban lifestyle within steps of well-known stores and unique boutiques, more than 100 restaurants, cafes and intimate bistros along its 22 historic blocks and alleyways. Entertainment and cultural options are abundant as well. There is a Gold Line light rail station at Memorial Park and access to the Foothill(210) and Ventura(134) freeways plus the Arroyo Seco Parkway(110) is nearby.
For purposes of this report, I am using the following boundaries to identify Old Pasadena: Walnut Avenue, Arroyo Parkway, Del Mar Boulevard and Pasadena Avenue. Selection at any given time for units to buy is limited as apartments available(many of them newer construction) for lease are more common. Please note: this report does not include the condominiums and townhomes under construction or newer construction adjacent to this area at Ambassador Gardens.
Choices in Old Pasadena range from a 19th century historic building to 21st century luxury condos. Condominium and loft complexes include: Pasadena Place(159 West Green), Castle Green(99 South Raymond), 80 North Raymond, Raymond Renaissance(125 North Raymond), Boston Centennial(35 North Raymond), De Lacey at Green(111 South De Lacey), DeLacey Place(250 South Delacey) and Library Lofts(50 West Dayton).
2016 proved to be a very active year for condo and loft sales in Old Pasadena with 20 mls-reported closed sales. These sales ranged from $598,000 t0 $1,438,800 with an average sales price of $869,790(median sales price $762,500). Twelve units or 60% of those transactions were at or above last list price for an average 99.34% for the year. During 2016, the average price per square foot for sales was $582.63.
There is currently just one unit for sale in Old Pasadena. An approximate 930 square foot loft in the Boston Centennial building is offered at $595,000. A unit at the historic Castle Green and a condo at Raymond Renaissance are in escrow.
Sales were good in 2015 as well with 16 sales reported for the year. Ranging in sold prices from $420,000 to $1,195,000, the average was $661,334(median $632,500). They sold at 99.46% on average price with 62.5% selling at or above their last list price.
In 2014, there were twelve closed sales reported ranging from $340,000 to $1,250,000 with an average price of $674,750(median $645,000). They sold at 99.67% of last list price and for $571.71 per square foot on average.
Since each condo or loft building in Old Pas is quite different, a more detailed analysis is important when deciding on the most appropriate asking price to attract the greatest attention while maximizing net proceeds when you are a property owner thinking of selling. This is true as well when I am working with a prospective buyer in crafting a winning offer strategy. Even with the same building, there are nuances to consider such as location within the building, updates(or the lack thereof), emotional appeal, motivation and timing among other factors.
If living in a vibrant neighborhood sounds like the right fit for you, Old Pasadena may be a good choice and if you are looking for something different, I know the neighborhoods of Pasadena. I can assist you in finding the ideal match when purchasing or maximizing your net proceeds if you are considering selling. Let’s discuss what is important to you, contact me at 818.516.4393 cell.
Published: January 6, 2017
Condos and Lofts in Old Pasadena
Market Activity Report 2016
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