Orange Grove Village Townhomes with Garages in Pasadena Market Update

Orange Grove Village Townhomes with Garages in Pasadena Market Update

This is a recap of market activity for the Orange Grove Village townhome complex in Pasadena for the first six months of 2016 with a comparison to the same period in 2015.  I will also share sales information for full year sales dating back to 2012.   All statistical information is from our local multiple listing service(mls) and may not reflect all transactions in the complex.    

While the appearance of Orange Grove Village may be similar to many townhome communities across Los Angeles County and throughout the country, it is a bit unusual for Pasadena.  The first reason is the vast amount of land for the complex which is a little bit more than ten acres.  It is my understanding that when the complex opened(it was built in 1975) there were waiting lines to purchase the townhomes.  The popularity of the complex is possibly even stronger today.  The number of units in this Pasadena townhome complex is also larger than typical as well with 122 residences in both single and two level floor plans.  The units feature two or three bedrooms with a private two car garage which is accessed from the patio area.   The extensive grounds include rolling lawns, mature landscaping with a pool, spa, recreation center and tennis courts.

The location is adjacent to the Prospect Park Historic District and directly across from the Greene and Greene Arts and Crafts architectural treasure The Gamble House.   It is also very close to Old Pasadena where you will find abundant shopping, dining and entertainment options on the 22 blocks and alleyways in the historic and thriving district.  Cultural life in Pasadena is very much alive with multiple museums.  The Rose Bowl is just west of the complex where you will also find Brookside Golf Course, Pasadena Aquatic Center, Kidspace Museum and much more.  Transportation is nearby via multiple freeways.   There is a Gold Line light rail station in Old Pasadena at Memorial Park.

• In the first six months of 2016, there were seven mls-reported closed sales ranging from $450,000 (described as a fixer and a rare short sale) to $700,000 with an average sales price of $619,014 (median sales price $630,000).   All but one sold at or above its list price for an average 106.23%.  The average price per square foot was $461.94 for the period.  There are currently no Orange Grove Village townhomes available for sale or in escrow.

   

• From January through June in 2015, there was just one closed transaction reported.  It was a two bedroom floor plan with approximately 1385 square feet which closed for $628,000(list price $599,000)

• In all of 2015, there were just closed sales reported in Orange Grove Village.  The sales ranged from $575,000 to $628,000 with an average price of $598,563(median $595,625).   They sold at 103.11% of last list price and for an average price per square foot of $432.10.   Each sold at or above the list price.

• 2014 was a better year in the Pasadena townhome complex with nine reported sales.  The closed transactions ranged from $525,000 to $643,000 with an average price of $573,778(median $565,000).   They sold on average at 99.74% of last list price and for $417.70 per square foot on average.

• In 2013, the number sold was even better with twelve sales.  Those sales ranged from a low of $437,000 to $550,000 with an average price of $509,833 and a median of $508,500.   They sold at 101.56% of last list price and for $371.56 per square foot.

• There were seven sales in 2012. Those transactions ranged in price from $400,000 to $539,000 with an average price of $477,357(median $477,500).   The transactions sold at 99.2% of last list price and for $356.54 per square foot.

Inventory of properties for sale in Orange Grove Village improved in 2016 versus 2015 but these townhomes have typically sold with multiple offers so far this year. While I can’t predict the future, prospective buyers should be aware that there is likely to be competition especially when a unit is priced competitively.  

It should also be noted that units in this Pasadena townhome complex can range from nearly original to extensively renovated so a closer look is necessary in order to arrive at an offering price for buyers or a realistic list price for sellers.   If you are interested in learning more, contact me at 818.516.4393 cell.  Let’s discuss what is important to you.  

Published:  July 29, 2016

Orange Grove Village Townhomes with Garages in Pasadena Market Update