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Pasadena CA Millionaires Row Condo/Townhome Update

By
Industry Observer CalDRE #01165532

Pasadena CA Millionaires Row Condo/Townhome Update


Tournament of Roses headquarters in Pasadena CA


This is a market update for the condominium and townhome segment of the area known as Millionaires Row in Pasadena.   For purposes of this report, Millionaires Row is along South Orange Grove Boulevard starting at Colorado Boulevard and continuing to Columbia and extends to the adjoining streets as well as along Grand Avenue and near the Colorado Street Bridge - it does cover any condos in the Old Pasadena area.


The Millionaires Row moniker dates back to the early part of the 20th century when grand mansions and estates graced South Orange Grove Boulevard.   While most of those homes are gone with some significant exceptions, the South Orange Grove corridor is home to some of the most luxurious and desired condominium addresses in Pasadena and the San Gabriel Valley.   People worldwide will recognize the area as the start of the annual Rose Parade each January 1.

As of December 7, 2012, there are five condos on the market for sale according to our local multiple listing service(MLS).   There are no townhomes on the market as of this date.   The range in available properties is $499,000 to $950,000.   There are two properties in escrow.  Inventory of properties in this category is very low and will definitely have an effect on sales in December and first quarter 2013 should the situation remain as it is today.

In November 2012, there were two sales according to the MLS.   One a historic circa 1936 condo unit in the Vista Grande complex closed for $505,000(list price $489,000).  The other sale was a mid-century luxury first floor condo across from the Wrigley Mansion home to the Tournament of Roses which closed for $520,000.   During November 2011, there were four sales ranging in closed price from $515,000 to $1,000,000.

2012 year-to-date through November reflects 53 closed transactions.   The MLS shows sold prices ranging from $353,000 to $1,200,000 with an average sales price of $655,541(median sales price $629,000).   In the same January through November time period in 2011, there were 39 sales with closed prices from $369,000 to $1,200,000 - average $650,228/median $625,000.
The average price per square foot for the time period in 2012 has been $340.08 and in 2011 - $329.49.

If you would like more information for South Orange Grove and Millionaires Row corridor condos/townhomes check www.camoves.com/michael.jacobs and better yet contact Michael Jacobs at 818.516.4393 cell or michaeljacobs@coldwellbanker.com.


Vista Grande - historic condos along South Orange Grove corridor in Pasadena CA


211 South Orange Grove Blvd a Pasadena luxury address for condos


Mid-century modern luxury condos along South Orange Grove corridor in Pasadena

Posted by

Michael Jacobs

 

CalBRE # 01165532

P. O. Box 587

Pasadena, CA 91102

Call/Text:  818.516.4393

mtj916@gmail.com

 

 

Comments (9)

Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Hi Michael, thanks for the update.  Always enjoy viewing information on other locations..

Dec 07, 2012 06:49 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Michael what a great market report, quick question the Mansion what would it go today if it sold???

Dec 07, 2012 10:27 AM
Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

Michael Jacobs is the real estate expert on Millionaire's Row in Pasadena.  Read his great market reports.

Excellent again, Michael.

Dec 07, 2012 10:57 AM
Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

Michael Jacobs, you have another great market update for on Millionaires Row in Pasadena.  Thanks.  And have a great weekend!

Dec 08, 2012 01:28 AM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Michael - Nice market report - those are all very attractively-designed buildings. It's too bad there isn't more available inventory. Is the Pasadena area market seasonal at all? I wouldn't expect that weather is much of a factor, but holidays could still have an impact.

Dec 08, 2012 02:00 AM
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale TahoeLauraRealEstate.com
Coldwell Banker Realty, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

Michel - Who wouldn't want a condo in the Millionaires' Row?  What a beautiful area to call home.  If you want to know your condo/townhouse options, call Michael Jacobs today 818.516.4393, he really is a local expert!

Dec 08, 2012 08:51 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Ron - Endre - Don - Ron - Dick - Laura

Thanks for stopping by and commenting on this update for South Orange Grove corridor condos and townhomes AKA Millionaires Row in Pasadena

Endre - the Wrigley Mansion(yes, the chewing gum people) was given to the city of Pasadena as a gift in the late 1950s -- I imagine due to the historical significance and the amount of land -- it would be akin to trying to put a value on the White House(at least in the minds of many in Pasadena).

Dick - we have some seasonality in our market but obviously not based on weather factors.   I've had some very busy Decembers in my career when real buyers and real sellers are out in force.   

Dec 08, 2012 01:54 PM
C. Lloyd McKenzie
Living Albuquerque - Albuquerque, NM
Living Albuquerque

  All Prospective Buyers and Sellers of Real Estate on Millionaire Row should definitely contact Michael Jacobs.  The Local Real Estate Expert

Dec 09, 2012 02:56 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Lloyd - thanks very much for the very kind comment.   I hope your week is off to a successful start.

Dec 10, 2012 08:11 PM