Where is Pasadena Millionaire’s Row?
A Market Report For Pasadena Millionaire’s Row AKA The South Orange Grove Boulevard Corridor
This is a real estate market activity report for the condos and townhomes along Millionaire’s Row in Pasadena which is also known as the South Orange Grove Boulevard corridor.
In this report I will share sales information for July and the first seven months of 2017 as well as a recap of units sold in the same time periods for the previous two years.
Additionally, I will share information of condos and townhomes currently on the market for sale and in escrow.
All statistical information has been gathered from our local multiple listing service(mls) and may not include all transactions in the neighborhood.
Where is Pasadena Millionaire’s Row?
For this report, I am including units located on South Orange Grove Boulevard south of Colorado Boulevard to the city limits at Columbia Street as well as the adjacent streets in that area with the exception of California Boulevard. Additional note: this report does not include the condos and townhomes in the Ambassador Gardens development on the site of the former Ambassador College.
The Millionaire’s Row name has its origin for the stately mansions which graced this wide palm-lined street in the beginning years of the twentieth century. You can read a story about those days in a Pasadena Star News article here but my post is for the portion of the street that is south of Colorado Boulevard. Today on the boulevard and the adjacent streets you can find units in various complexes which feature extensive lawn areas and beautiful gardens.
The location lies between the the Arroyo Seco Parkway(110) and the juncture of the Foothill(210) and Ventura(134) freeways on the westside of Pasadena in zip code 91105. It is highly convenient to the numerous opportunities for shopping, dining, culture, entertainment and recreation opportunities that highlight the good life found in the city. Of course, each January, the street makes a significant appearance to the world as the start of the annual Tournament of Roses parade begins at the Wrigley Mansion which today is known as Tournament House.
Pasadena Millionaire’s Row - July Recap
In July 2017, there were eight mls-reported closed transactions. These sales ranged from $655,000 to $1,425,000 with an average price of $931,875(median $860,000). Half of these sales sold at or above last list price for an average 99.69% and for $486.59 per square foot for the month.
There are currently just two condos and two townhomes on the market for sale along the South Orange Grove Boulevard corridor ranging from $749,000 to $1,049,000 with an additional six properties in escrow.
A year ago in 2016, there were nine sales reported ranging from $563,000 to $950,000 with an average of $830,843(median $825,000). They sold at 99.62% and for $455.90 per square foot.
There were four sales in July, 2015. These transactions ranged from $690,000 to $1,200,000 with an average of $846,250(median $747,500). They sold on at 99.01% and for $426.34 per square foot on average during the month.
Pasadena Millionaire’s Row - Sales Recap From January through July
In the first seven months of 2017, there have been 26 sales of condos and townhomes along the corridor. These closed transactions range from $655,000 to $1,425,000 with an average sales price of $938,981(median price $866,500). Nearly 60% have sold at or above last list price for an average 100.08% and for $496.15 per square foot.
During the January through July time period in 2016, there were 37 transactions reported. Those sales ranged in closed prices from $563,000 to $2,400,000 with an average of $928,435(median $827,000). They sold at 98.61% of last list price with over 30% selling at or above the last list price. The average price per square foot for the period was $457.79.
In the first seven months of 2015, there were 24 closed transactions. The sales ranged in price from $619,000 to $1,688,000 with an average price of $901,976(median sales price of $792,500). They sold at 102.18% of last list price and for $457.96 per square foot on average.
Some Additional Thoughts on Millionaire’s Row in Pasadena
A year ago when gathering data for this Pasadena neighborhood real estate update, there were eleven properties on the market for sale along the South Orange Grove Boulevard corridor. Today there are just four. The inventory, or more specifically the lack thereof, remains an issue. Obviously, a more detailed look at a specific condo or townhome along the South Orange Grove Boulevard corridor is necessary for those thinking of making a move in order to select the most appropriate marketing price or to develop an offer strategy.
There are nuances that need to be examined which include location in the neighborhood and within a complex, the complex itself, updates(or lack thereof), motivation, emotional appeal as well as the obvious size differences. Timing is also an important consieration.
If you would like to know more about the condos and townhomes along the South Orange Grove corridor whether you are thinking of a purchase or selling, let’s discuss what is important to you. I can be reached at 818.516.4393 cell.
Published: August 3, 2017
Where is Pasadena Millionaire’s Row?
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