Mentor Terrace Single Level Condos in Pasadena 91106
This is an overview and market activity report for the Mentor Terrace single level condos in Pasadena. In this report I will share information about the complex and the location. I am including a recap of real estate activity so far in 2017 as well as a look at closed sales for the previous five years. The statistical information in this report has been gathered from our local multiple listing service(mls) and may not include all transactions in the complex.
Mentor Terrace was built in 1988 as apartments and then underwent an extensive renovation of the common areas and individual units during its transformation to condominiums in 2008. As part of the renovation, the kitchens were transformed with European-style cabinetry while the baths were given a spa-like treatment.
The condos range in size from one bedroom/one bath to three bedrooms/three baths and approximate square footages from just under 600 to over 1700. There are balconies - some quite large and in some units more than one. High ceilings, fireplaces, and washer-dryer connections (most units) are some of the noteworthy features. There are two buildings at Mentor Terrace with addresses at 120 South Mentor Avenue and 130 South Mentor Avenue. There is underground parking and elevator service to all floors in each building with a total of 29 residences.
In addition to the updates, the location is key at Mentor Terrace. Located one block east of South Lake Avenue, you will be within steps of numerous dining and shopping destinations. California Institute of Technology (Caltech) and Pasadena City College(PCC) are nearby as well. Culture, entertainment, and recreation opportunities are plentiful too. Transportation via the Arroyo Seco Parkway(110), Foothill(210) and Ventura(134) freeways are nearby as is the Gold Line light rail station at Lake Avenue.
There is currently one Mentor Terrace condo for sale. Newly listed, it is a two bedroom/two bath unit on the first level with approximately 1050 square feet and is priced at $599,000. There have been no mls-reported closed sales so far in 2017.
There were no transactions reported in the complex in 2016.
In 2015 there were two reported sales. In May of that year, a three bedroom/two-and-one-half bath unit with multiple balconies sold for $722,000(originally priced at $768,000 and later reduced to $719,000. The square footage of this unit was 1660 according to public records. In October, a two bedroom unit with approximately 1380 square feet sold for $613,000(list price $629,000).
For full year 2014, there were two closed transactions reported. Each a two bedroom and on the top floor, they sold for $525,000(approximately 1020 square feet) and $605,000(approximately 1440 square feet) in April of that year. Both sold in excess of their list price(average 102%).
During 2013, there were four sales(each a two bedroom) ranging from $505,000 to $533,000 with an average price of $520,750(median sales price $522,500). The average sales price to list price was 99.95% and the average dollar per square foot was $455.30.
In 2012, there was just one mls-reported closing, a three bedroom which sold for its last list price of $599,000.
This is a relatively small complex with low turnover. I don't know how long the current unit will be available or when another condo may become available. If you are thinking of owning a Pasadena single level condo or loft there are currently 46 other choices available ranging from $303,000 to $2,650,000 in various neighborhoods in the city. In that mix you will find new(and newer) construction, a unit built in the late 19th century, studios to three bedrooms and approximate square footages from around 500 to over 3500.
Let’s discuss what is important to you whether you are a prospective buyer or seller in the Pasadena area. I can be reached at 818.516.4393 cell.
Published: June 28, 2017
Mentor Terrace Single Level Condos in Pasadena 91106
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