Pasadena CA - South Orange Grove Condo & Townhome Market Update

The South Orange Grove Boulevard corridor is home to some of the most luxurious condo and townhome complexes in Pasadena and throughout the San Gabriel Valley.   This area is known as “Millionaires Row” for the grand mansions that once lined the wide boulevard.   

South Orange Grove Boulevard is highly convenient to Old Pasadena where you will find a wide range of restaurants, shopping and entertainment.  Located between the Arroyo Seco Parkway(110) and the Foothill(210) and Ventura(134)freeways, access to Downtown Los Angeles as well as other destinations throughout the San Gabriel and San Fernando valleys is excellent.  

There are currently ten properties available for sale in the South Orange Grove corridor which for this report includes the boulevard as well as the adjacent streets as well South Grand Avenue and the Altos de Arroyo complexes.   Prices range from $628,000 to $1,095,000.   Eight condos are in escrow.    In April 2013, there were five sales ranging in closed price from $440,000 to $670,000 with an average sales price of $531,000(median $520,000).   This compares to six sales in April 2013 which ranged in price from $415,000 to $825,000 with an average sales price of $620,475(median $612,925.

For the first four months of 2013, there have been eleven sales of condos and townhomes along South Orange Grove.  The sales ranged in price from $440,000 to $849,000 with an average sales price of $592,273(median $550,000).

In the same time period of 2012, there were 17 closed transactions.   The sales ranged in price from $353,000 to $825,000 with an average sales price of $554,668(median $530,000).

The average price per square foot for sales so far in 2013 is $362.59 versus $314.07 in 2012.  All statistical information is from our local multiple listing service(MLS) information.   

It should be noted  that of the eight properties currently in escrow, five of those were on the market less than 14 days.  Inventory remains quite low which will have an effect on sales - both the number of units sold as well as skewing the average/median sales prices.  

You can check out condos and townhomes along South Orange Grove Boulevard as well as  Pasadena properties for sale at www.camoves.com/michael.jacobs.    Better yet contact Michael Jacobs at 818.516.4393 cell or michaeljacobs@coldwellbanker.com as the inventory of properties available for sell is always changing.   Whether you are a homeowner thinking of selling, a prospective buyer or just curious about real estate, I welcome the opportunity to speak with you.  

Pasadena CA - South Orange Grove Condo & Townhome Market Update