The Ostrich Farm Lofts in South Pasadena
A Look At Lofts For Sale and Recent Market Activity
This is a report of real estate market activity report for the Ostrich Farm Lofts in South Pasadena. In this report, I will cover units for sale, in escrow and sold so far in 2017 . I will also share closed sales for the complex for the 
previous four years. 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 of the South Pasadena loft complex at 1010 Sycamore Avenue was the original site of the first ostrich farm in the United States in the late 1800s. 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 a difficult and changing real estate market. 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, exposed brick and ductwork as well as concrete floors. Some have patio or 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 with both covered and uncovered spaces.
The South Pasadena location is at the city border of Los Angeles(the historic Garvanza District of the Highland Park neighborhood). Also known as South Pas, the city has a small town feel but is highly convenient to Downtown Los Angeles along with the San Gabriel and San Fernando valleys and even Los Angeles’ Westside. 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 are currently two Ostrich Farm Lofts for sale. One is a two bedroom/one bath first floor unit with a patio and approximately 850 square feet that is listed for $599,000. The other is a two level, two bedroom/two bath unit with an incredible rooftop deck that is currently available for $948,000. There have been no mls-reported closings so far in 2017.
During 2016, there were five closed sales reported according to our mls statistics. These transactions ranged from $564,500 to $850,000 with an average sales price of $646,900(median sales price $605,000). Three of the five sold above last list price for an average 100.26% and a price per square foot of $578.78 for the year.
In 2015, there were four closed sales ranging from $495,000 to $575,000 with an average price of $531,250(median $527,500). They sold at 98.15% of last list price and for $555.39 per square foot on average.
There were three reported closed transactions in 2014. The sales ranged from $525,000 to $856,000 with an average price of $656,167 (median $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).
Obviously more detailed information is necessary for a homeowner who is considering a sale in order to arrive at the best possible listing price. It’s the same for prospective buyers as we analyze the information behind the numbers. Factors to consider for either purchasing or selling include: location within the building, outdoor space(or lack thereof) for a particular unit, condition, updates(if any), emotional appeal, timing and parking(the type and number of spaces vary here).
If unique and historic condominium living seems interesting to you, Ostrich Farm Lofts might be an ideal fit. Would you like to know more? Contact me regarding this complex or any South Pasadena real estate at 818.516.4393 cell and let’s discuss what is important to you.
Published: February 21, 2017
Ostrich Farm Lofts in South Pasadena
Comments(26)