El Molino Terrace Condos in Pasadena
300 North El Molino Avenue
This is a real estate market activity report for the El Molino Terrace a condominium complex at 300 North El Molino Avenue in Pasadena zip code 91101. In this report, I will share activity so far in 2017 with a comparison to 
sales for the previous five years. The statistical information in this report
has been gathered from our local multiple listing service(mls) and may not include all transactions in the complex.
El Molino Terrace consists of 77 single level condos in a multi-story complex built in 1987. The complex was converted from apartments to condos in 2004 and 2005. The sizes range from studio units to three bedrooms/two baths with approximate square footages from around 450 to nearly 1300. Interior features(vary by unit) include: nine foot ceilings, fireplaces, in-unit laundry connections, walk-in closets and either a balcony or patio area. As part of the renovation when the units became condos, granite countertops, stainless steel appliances and other interior updates were added.
Common area includes elevator service to all floors, pool, spa, lounge and barbecue area, meeting room and fitness center. Parking in the professionally managed complex is subterranean.
The location is very convenient with easy access to the Foothill(210)Freeway and the Gold Line light rail station at Lake Avenue. The Pasadena Playhouse District, South Lake Avenue, Paseo Colorado, Pasadena Civic Center and Old Pasadena are nearby with an abundance of shopping, dining, cultural and entertainment options. Higher education venues California Institute of Technology (Caltech), Pasadena City College(PCC) and Fuller School of Theology are close to El Molino Terrace as well, making the complex a consideration for investors.
There is currently one condo at El Molino Terrace available for sale. Newly listed, it is on the top floor and features one bedroom/one bath with approximately 672 square feet. It is offered at $399,000. Note: this is a tenant occupied unit with a lease that expires October 31, 2017. There are no units in escrow and there have been no mls-reported sales so far this year.
There were six closed sales reported in 2016. These transactions ranged from $265,000 to $465,000 with an average sales price of $437,500. All but one unit sold at or above last list price for an average 100.9%
In 2015, activity was good with ten sales reported ranging from $245,000 to $488,000 with an average price of $357,400(median $351,500). Half of these sales were at or above list price for an average 99.47%. The average price per square foot was $496.64.
For full year 2014, there were five reported closed transactions ranging from $395,000 to $450,000 with an average price of $409,000(median $395,000). They sold at 99.93% of last list price and for $397.14 per square foot on average.
There was just one sale in 2013 according to mls statistics. It was a short sale of a two bedroom/two bath unit which closed for its list price of $295,000 in May of that year.
In 2012, there were eight sales ranging from $192,500 to $295,000 with an average price of $258,813 (median $274,900). They sold at 98.72% of last list price and $303.32 per square foot on average.
The convenience factor as well as the relative affordability make El Molino Terrace a strong contender for either first time buyers or for those looking for a long term investment strategy in Pasadena real estate. It is important to look at the story behind the numbers in order for prospective buyers to arrive at an offer price for their purchase or homeowners considering selling to determine an appropriate listing price. When comparing numbers, a more detailed look is recommend. Averages can be impacted by the mix in sales and size of the units sold. Condition, updates(or lack thereof), location within the complex, emotional appeal and timing all come into play along with other factors.
If you are interested in knowing more - either about El Molino Terrace or any Pasadena real estate, I invite you to contact me at 818.516.4393 cell. I look forward to learning more about what is important to you and your real estate needs.
Published: March 31, 2017
300 North El Molino Avenue
El Molino Terrace Condos in Pasadena
Comments(19)