Pasadena CA Millionaires Row Condo/Townhome Update
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.
Comments(9)