Olive Tree Condos In Pasadena
South Lake Avenue Neighborhood
This is a recap of real estate market activity at the Olive Tree condominium complex in the South Lake Avenue neighborhood of Pasadena. I will share information regarding units currently for sale and in escrow along with an update of closed transactions so far in 2016 with a comparison to full year closed sales for the five previous years. Statistical information in this report has been gathered from our local multiple listing service and may not include all sales activity in the complex.
Olive Tree has New Orleans-inspired architecture and was built in 1971 as apartments and later converted to condos. It consists of 120 single level condos in a variety of floor plans ranging from one bedroom to two bedrooms/two baths/den
(could be used as three bedrooms). Approximate square footages range from about 700 to over 1200.
Features include a patio or balcony area(some have been enclosed with a unique greenhouse window-type enclosure).
There are two addresses for Olive Tree condo complex: 339 South Catalina Avenue and 330 South Mentor Avenue. The zip code is 91106.
The nicely-maintained complex features two lobby entrances and elevator service. Mature landscaping, pool, spa, grill area, outdoor seating areas in a pretty open 
courtyard setting. There is also a recreation/meeting room. There are no washer-dryer connections in the units but there are community laundry facilities. Parking is subterranean.
The location is popular and highly convenient and just a stroll away from South Lake Avenue with abundant choices for shopping and dining . Cultural, recreation and entertainment venues are nearby as well. Noted Pasadena higher education opportunities such as California Institute of Technology(Caltech), Pasadena City College(PCC) and Fuller School of Theology are close too. Should you want to travel - transportation via multiple freeways or the Gold Line light rail station at Lake Avenue are easily accessible.
There is currently one Olive Tree condo for sale. It is a newly listed two bedroom/two bath floor plan with a courtyard view and approximately 1045 square feet. The list price is $498,000. There is a one bedroom unit in escrow.
So far in 2016, there have been five mls-reported closed sales ranging in price from $334,000 to $470,000 with an average sales price of $413,800(median sales price $445,000). They have sold at 99.67% of last list price and for $473.56 per square foot on average.
2015 was a particularly active year for sales at Olive Tree with twelve closed transactions reported. These sales ranged from $320.000 to $481,000 with an average price of $384,708(median $361,500). Seven of those sales sold for more than their last list price for a total that averaged 100.19%. The average price per square foot for the transactions was $451.69.
In full year 2014: there were two reported closed transactions. One was a one bedroom unit with approximately 716 square feet which sold for $305,000(list price $298,000) in an all cash transaction in March. The other sale was a two bedroom unit with approximately 1092 square feet which sold in September for $390,000(list price $435,000) which was also an all cash transaction according to our multiple listing service records.
In full year 2013: there were four sales ranging from $245,125 to $442,000 with an average price of $326,281(median $309,000). They sold at 100.67% of last list price and for $334.36 per square foot on average.
In full year 2012: there were six sales ranging from $210,000 to $335,000 with an average price of $261,083(median $240,000).
In full year 2011: there were ten sales ranging from $230,000 to $365,000 with an average price of $286,650(median $251,550).
A convenient location and relatively affordable prices(remembering that this is Pasadena CA real estate), make Olive Tree a viable option for first time homebuyers or savvy investors. The mix of sales(size, condition, updates and location within the complex) has an impact on average/median sales prices that may be reflected in an individual report so a more detailed analysis is necessary. This will assist a prospective buyer considering a purchase or a homeowner thinking of selling with an appropriate list price.
If you are interested in knowing more about Olive Tree condos or any Pasadena real estate, contact me at 818.516.4393 cell. I look forward to learning what is important to you and assist you in successfully achieving what you want in real estate.
Published: August 23, 2016
Olive Tree Condos In Pasadena
South Lake Avenue Neighborhood
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