This is a real estate market activity report for the condos at 314 Monterey Road in South Pasadena. The aptly named 314 Monterey Road complex consists of 24 single and two level condos. They range in size from 847 to 1521 square feet per public records with one and two bedrooms and up to two baths. The units have patios or balconies(some with both) and many have high ceilings that enhances the living spaces. Built in 1982 the complex with a unique modern Mediterranean-inspired architectural feel includes a pool, spa and common area laundry facilities 
although some units have laundry connections (check with homeowner association). Parking is subterranean and there is guest parking on site as well.
In this report I will share information regarding units for sale, in escrow and sold so far in 2017 along with a recap of sales 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 transactions in the complex.
The convenient location is definitely the “selling point” here as there is relatively easy access to multiple freeways, the Gold Line light rail station at Mission/ Meridian and a couple of short cuts I can share to Downtown Los Angeles, USC Health Sciences Campus and other surrounding areas. South Pasadena is well-known for its small-town charm and appeal. The school district is highly acclaimed as are the parks and recreation programs in the city. Each Thursday afternoon you will find a Farmers Market that further enhances the appeal of the city.
There is currently a two bedroom, two bath plus den townhouse-style unit available in the complex. Newly listed, it has approximately 1104 square feet and is offered at $525,000. A comparably-sized unit is in escrow.
So far in 2017, there was one mls-reported closed transaction. In June, a two bedroom(although officially recorded as a one bedroom) with one bath and approximately 847 square feet sold for its list price of $487,000 in an all cash sale.
In 2016, there was one reported sale. A Two bedroom/ one-and-one- half bath unit sold for its list price of $489,000 in July of that year. A two story unit with two bedrooms/ one-and-one-half baths closed in July 2015 of $497,000(list price $495,000). In October, a smaller two bedroom/one bath single level floorplan sold for $432,000(list price $425,000).
Two sales were reported in 2014 as well with a two bedroom floor plan closing in June for $445,000(list price $448,000) and a one bedroom unit closing in July for $381,500(list $388,000).
In 2013, there were two transactions according to mls statistics. Each was a two bedroom, one-and-one-half bath townhouse-style unit. In April, a unit sold for $386,000(list $345,000) and in September there was a closing for $443,000(list $448,000).
Obviously in a smaller complex such as this, turnover of units is expected to be low. For those considering a purchase in this or elsewhere in the city - a more detailed look at a specific property is advised. When reviewing a condo/townhome/loft purchase -- not only the location within the city should be analyzed but so should the location within a complex. The size of the unit is important but condition, updates(or lack thereof), emotional appeal and timing also come into play. These factors are important for sellers as well as they choose the most appropriate listing price that will bring the best results.
Would you like to know more? Let’s discuss what is important to you. I can be reached at 818.516.4393 cell.
Published: August 15, 2017
Condos In South Pasadena at 314 Monterey Road
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