Free Market Analysis:
What is my Pasadena Millionaire’s Row Condo or Townhome Worth?
The South Orange Grove Boulevard Corridor
How Are Recent Sales Impacting Values?
Inventory Challenges - Buyers Are Ready
What Is My Millionaire’s Row Condo or Townhome Worth?
FREE MARKET ANALYSIS
This is a real estate market activity report for the condominiums and townhomes along Pasadena’s Millionaire’s Row also known as the South Orange Grove Boulevard corridor. The Millionaire’s Row name dates back to the turn of the twentieth century when the broad palm-lined street was home to many grand estates. Today, you will still find some magnificent single family homes here but generally, most are located just off the boulevard. Arguably, the most significant of those homes is Wrigley Mansion which today is known as Tournament House - home of the Tournament of Roses.
In this report, I will share information regarding units for sale, in escrow and sold in the first ten months of 2017 with a comparison to closed transactions in the same period of the previous two years. Statistical data has been gathered from our local multiple listing service(mls) and may not include all transactions in the neighborhood.
Located between the Arroyo Seco Parkway(110) and the Foothill(210) and Ventura(134) freeways, the South Orange Grove corridor extends south from Colorado Boulevard to the city limits at Columbia. It also includes the condos along South Grand onto Arroyo Drive as well as the streets located adjacent to Orange Grove. It does not include the Ambassador Gardens complexes which have been built and/or are under construction on the grounds of the previous Ambassador College or those complexes along California Boulevard.
There are currently just six properties listed for sale ranging in price from $849,000 to $2,100,000 with another six properties in escrow. There has been 43 mls-reported closed transactions in the first ten months of 2017. These sales ranged from $655,000 to $1,712,500 with an average sales price of $983,744(median sales price $900,000). Nearly 60% of the sales closed at or above last list price for an average 100.51% and $459.63 per square foot for the period.
In the first ten months of 2016, there were 52 closed sales reported. These sales range from $563,000 to $2,400,000 with an average sales price of $912,386(median $825,000). Nearly ⅓ sold at or above the last list price for an average 98.45% for the period. The average price per square foot was $449.35.
In the same January through October time period in 2015, there were 42 reported closed sales ranging from $485,000(a fixer opportunity) to $2,400,000(sold prior to officially coming on the market) with an average sales price of $941,426 (median $827,500). They sold at 100.54% of last list price and for $459.00 per square foot on average.
If you are interested in looking at the bigger picture when it comes to the condos and townhomes along the South Orange Grove Boulevard corridor(also known as Millionaire’s Row) or elsewhere in Pasadena, let’s discuss what is important to you with a lot more details especially as it relates to your individual situation. Whether you are a prospective buyer or a homeowner I welcome the opportunity to talk with you to answer any questions you may have. I can be reached at 818.516.4393 cell.
Published: November 4, 2017
Free Market Analysis:
What is my Pasadena Millionaire’s Row Condo or Townhome Worth?
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