South Orange Grove Blvd Pasadena Condos and Townhomes Market Update

This is an update for market activity along the South Orange Grove Boulevard corridor for condominiums and townhomes. Also known as Millionaire’s Row for the grand mansions which once graced this broad palm-lined street, South Orange Grove is considered by many as the ultimate luxury condominium address in the San Gabriel Valley. In this report I will share information regarding properties currently on the market for sale, in escrow and sold during September as well as for the first nine months of 2015 with a comparison to the same periods in 2014. Statistical information in this report has been gathered from our local multiple listing service(mls) and may not include all transactions.   Please note that the report does not include any activity from the Ambassador Gardens development under construction at the former Ambassador College campus.

The overwhelming majority of condos and townhomes along the South Orange Grove corridor are parts of the many complexes where extensive lawns, gardens and lush landscaping flourish.   

Due to the cost of land today, it would be difficult and cost-prohibitive to replicate this mature appearance today. Inside, many of the residences are quite spacious - certainly enough room to accommodate right-sizing buyers from much larger homes.

Location is top notch as well as the area is situated between the Arroyo Seco Parkway(110), Ventura(134) and Foothill(210) freeways.   The thriving Old Pasadena District is very convenient and home to abundant choices for shopping and dining. The numerous museums and other points of culture in Pasadena are easily accessible. The annual Tournament of Roses Parade assembles on South Orange Grove Boulevard before making its way down Colorado Boulevard for the five-and-one-half mile trip.

There are currently 23 condos and townhomes available for sale ranging in price from $599,000 to $2,299,990 with an additional eight in escrow.  During September there were three mls-reported closed transactions ranging from $991,500 to $2,400,000.   In September 2014, there were two sales.  One at $799,000 and another at $670.000.   

To get a better idea of the Pasadena Millionaire’s Row real estate  market, let’s look at year-to-date transactions.  From January through September this year, there have been 36 closed transactions ranging from $619,000 to $2,400,000 with an average sales price of $929,311 (median sales price $797,500). They have sold at 100.93% and for $462.18 per square foot on average.   During the same nine month period in 2014, there were 38 mls-reported sales.  These transactions ranged from $500,000 to $2,600,000 with an average sales price of $927,658(median $825,000).  They have sold at 98.89% of last list price and for $374.06 per square feet on average.  

Available inventory of properties for sale along the South Orange Grove Boulevard corridor has increased substantially but the market still favors sellers especially for those units that reflect today’s Pasadena real estate market.   A year ago when gathering data for this same report, there were just five condos on the market for sale.  Being aware of the obvious attention to proper pricing and presentation along with timing is critical.   There are many nuances between complexes in this area that need to be addressed at greater length than in this brief report.

The South Orange Grove Boulevard corridor is an interesting market.  Let’s discuss what is important to you whether you are thinking of a purchase or a property owner considering a sale.  I can be reached at 818.516.4393 cell.  

Published:   October 5, 2015

South Orange Grove Blvd Pasadena Condos and Townhomes Market Update