Archive for the ‘Glendale, Pasadena’ Category
July 22, 2008
California enacted a homeowner loan law this week, but it is not a loan bailout for homeowners upside down on their mortgages or behind in their payments. Proposals in these areas are going to have to clear many hurdles and are encountering a lot of opposition and resentment, concentrated in forums like stopthehousingbailout.com.
The new law described in the Los Angeles Times Greenspace blog allows cities and counties to make low-interest loans to homeowners for installation of solar panels and other energy efficiency improvements. Homeowners pass along the loan to a new owner if they sell, reducing their investment risk.
I’ve wondered when considering solar panels: how sustainable and environmentally friendly are the materials used to make them? A Pasadena Pundit post titled Solar Power is a Net Energy Sink, Not a Source, has an answer to that question from someone in Tasmania of all places (and you have to scroll down past the San Francisco Homeless post to find it).
What’s involved in installation? One blogger provided this detailed introduction, also mentioning she was employed by a commercial roofing corporation that can install solar panels along with other roof components.
What incentives do cities currently offer homeowners for installing solar systems? For Pasadena homeowners, they are listed here, along with links to more detailed information.
In Pasadena’s sunny Historic Highlands, there are many Craftsman-style homes with low-pitched roofs. I’m not a handyman or contractor, so I can’t say how easy solar retrofitting would be on any of these residences. Here are some sales and listing data from Redfin:
Sales data show 17 homes sold during the past three months in the immediate neighborhood at an average of $396 per sq.ft. This home, which sold for $520,000 and closest to the average on July 2, has 3 beds, 2 baths, and 1,293 square feet. The tax records show an assessment of $678 for the 2007 tax year, so it hadn’t changed owners in decades.
Active listings:
1255 E. Lexington Street
$755,000
3 bed/1.75 bath
2,136 sq.ft.
$363 per sq.ft.
On Redfin 44 days
This is a two-story bungalow built in 1913 with several recent upgrades.
1385 N. Hill Avenue
$625,000
5 bed/3 bath
2,176 sq.ft.
$276 per sq.ft.
On Redfin 102 days
This home was built in 1890 and sits on a large lot.
1100 E. New York Drive
$2,985,000
3 bed/3.5 bath
4,960 sq.ft.
$602 per sq.ft.
New Listing: on Redfin 1 day
This three-story 1905 Craftsman home last sold for $1,780,000 in 2006.
July 21, 2008
Canada Boulevard follows a northward slope up through Verdugo Woodlands, a real uphill workout for walkers. Driving north I can hear my car straining to switch gears. Driving south, I am always reminded of how easy it is to gain too much speed here, and of some terrible accidents along this road.
Metro and the Glendale Beeline have stops along this route, a main thoroughfare between downtown Glendale and its own suburb within a city, Montrose. Verdugo Woodlands is bordered by Verdugo Park to the south (on the left in this photo) and the Oakmont Country Club to the north.
My random sampling of homes on Redfin here turned up many that sold, or are on the market, for the first time in decades. While it is a difficult time to sell, owners with a lot of equity and a low tax base have an important advantage. The average listing here has been on the market for 84 days and is $396 per sq.ft.
Two recent sales:
1635 Del Valle Avenue
$720,000 (7/3/08)
3 bed/2 bath
1,495 sq.ft.
$481 per sq.ft.
1617 Country Club Drive
$690,000 (6/11/08)
2 bed/2 bath
1,426 sq.ft.
$483 per sq.ft.
Tax records in the following Redfin listings show that sellers have owned these homes since before the 1980s run up in prices:
2975 Santa Rosa Avenue
$689,000
3 bed/1.75 bath
1,685 sq.ft.
$409 per sq.ft.
On Redfin 25 days
1650 Santa Maria Avenue
$999,000 (Originally listed at $1,200,000 in February 2008)
4 bed/2.75 bath
2,611 sq.ft.
$383 per sq.ft.
On Redfin 158 days
1643 Don Carlos Avenue
$1,499,000 (Originally listed at $1,595,000 in May 2008)
4 bed/3 bath
3,242 sq.ft.
$462 per sq.ft.
On Redfin 77 days
July 18, 2008
Residential real estate transactions closed within 10 percent of asking prices in Glendale and Pasadena during the past three months, according to data gathered by Redfin and presented by CEO Glenn Kelman at the Westin Pasadena Red Carpet event for homebuyers this week. (See the chart and a link to the Power Point slides here.)
Glenn gave attendees a great rundown of real estate sources and their pros and cons. He also covered Redfin’s extensive search features and the fine points of negotiating in today’s market.
What stood out to me in his comments was: 1) though 20 to 40 percent of inventory in Southern California is distressed, sellers’ situations, bidding wars, or bank requirements are moderating bargain prices, and 2) buyers are getting more time to evaluate their purchase: contingency periods range from 14-21 days in this market, while two years ago they averaged 7-10 days.
I actually found three price increases on Redfin this past week. This Glendale home went up $20,000 in price; the listing states “Short Sale Approved.” A Pasadena townhouse went from $410,000 to $555,000 with no evident explanation, but someone obviously needs more money. This Orange Grove townhouse is back on the market at $55,000 more than its original listing price. It must have fallen out of escrow; its listing says “must sell!”
Closing within 10 percent of listing price seems impressive, but perhaps sales are occurring after price reductions. Against three price increases, I counted 59 price reductions in my Glendale and Pasadena Redfin email updates this past week. The smallest price cut was $5,000, the largest was $292,000, and the average was $43,000.
Also during this week, 16 listings went from active to off market or contingent (into escrow), while 23 listings went from off market or contingent back to active status, meaning they most likely fell out of escrow. In this difficult market for both buyers and sellers, Redfin’s homebuying class is definitely worthwhile.
Here are some of the interesting price reductions in Glendale and Pasadena this past week:
3065 E. California
Pasadena 91107
$2,188,000
5 beds/4.5 baths
4,318 sq.ft.
$507 per sq.ft.
On Redfin 24 days
This large Mediterranean home sitting on more than one-half acre with tennis court, guest house, and multiple amenities came down $292,000 in price in less than one month.
1830 Calafia Street
Glendale 91208
$731,405
3 bed/2.5 bath
2,411 sq.ft.
$303 per sq.ft.
On Redfin 34 days
This home just north of Glendale Community College was reduced by $38,500. It is listed as an REO. It sold for over $1,000,000 in 2007.
1321 Carmen Drive
Glendale 91207
$790,000
3 bed/3 bath
1,726 sq.ft.
$458 per sq.ft.
On Redfin 239 days
According to the listing, this home is proudly seated on a beautiful tree-lined street. It was listed at $1,049,000 in 2007, reduced in January 2008 to $975,000 and just last week reduced another $185,000 to $790,000. It last sold in June 2005 for $765,000.
July 17, 2008
Ah, Pasadena: Early evenings at the Paseo, the Rose Bowl, and data-hungry home-buyers.
Last night Redfin had our first Red Carpet Event at the Westin Pasadena. Redfin CEO Glenn Kelman presented about home prices and the state of foreclosures around Pasadena, as well as tips for touring, negotiating, and generally being a savvy home-buyer. Following a host of buyer questions, people broke into little groups eating tasty snacks and talking local real estate. For those of you who missed it, the slides are here.
On the forums, folks were asking for a class outside of Pasadena. We’ll look at doing one downtown or West LA soon. Next Wednesday, there’s a class in Huntington Beach, and then on July 30th in Carlsbad. You can find the schedule and RSVP on our site.
Until then, here’s some data on Pasadena real estate to tide you over:
Pasadena Houses Sold From April 15 to July 15, 2008
Note: One $2m + transaction in Pasadena NW skewed the average price in that area high.
| Area |
# Deals |
Final v. List |
Average Price |
| Glendale-Chevy Chase/E. Glen Oaks houses |
6 |
99.4% |
$635,333 |
| Glendale-Northwest houses |
10 |
100.9% |
$529,290 |
| Glendale-South of 134 Fwy houses |
5 |
93.4% |
$529,500 |
| La Crescenta/Glendale/Montrose & Annex houses |
4 |
96.3% |
$520,750 |
| Pasadena NE houses |
4 |
96.9% |
$510,225 |
| Pasadena NW houses |
3 |
97.9% |
$1,081,667 |
| Pasadena SW and SE houses |
7 |
91.3% |
$867,000 |
| Rossmoyne & Verdugo Woodlands houses |
6 |
96.2% |
$871,000 |
Pasadena Condos Sold from April 15 to July 15, 2008
| Area |
# Deals |
Final v. List |
Average Price |
| Glendale-Northwest condos |
12 |
92.0% |
$341,908 |
| Glendale-South of 134 Fwy condos |
9 |
108.9% |
$399,011 |
| Pasadena condos |
8 |
97.4% |
$504,750 |
Photo credit: rappensuncle’s on Flickr.
July 16, 2008
Congratulations to the Jewel City JWV Little League, who joined with local AYSO leaders to protest imposed hourly fees for sports organizations’ use of Glendale’s fields. The groups showed up well prepared and in force at yesterday’s Glendale City Council meeting to successfully overturn the decision for now.
Earlier this week I posted a lesson from the Pasadena Art Center College of Design flap over its $150 million expansion. The plan was tabled for further study after a student’s negative blog post gained overwhelming support via the internet.
Focusing on the post and the avalanche of comments it received, I believe I didn’t give enough credit to traditional news channels and organizations. Local newspapers, student organizations, and I’m sure email notifications to interested parties, all helped turn the tide on the hillside development.
The field use issue in Glendale has been brewing for awhile. I remember hearing about the hourly fee idea when I was on the Little League board a few years ago, but it never got off the ground then. When the Glendale Parks, Recreation and Community Services Division suddenly decided on July 2 to impose fees, league officials said they were unaware there was a specific proposal on the table.
Organizing their base, they copied a Glendale News-Press URL into a mass email and gathered board members together to draft a letter. That evening, league representatives and concerned parents surprised city council members with a large protest. The council responded by sending the matter back to the commission for further review and public input, as reported in today’s News-Press edition.
Here are excerpts of the letter Jewel City JWV Little League board members sent to the council:
Youth sports like baseball make good citizens of players and parents alike, and they make Glendale a community…
Jewel City JWV does not use the City’s baseball fields “for free” because it does not pay an hourly user fee. Unlike many other communities, Glendale does not provide a city-run youth baseball league. If it did, of course, it would not be run by volunteers, and would result in significant costs to the city. Jewel City JWV thus provides an important social and cultural benefit to Glendale at no charge to the City. In addition, our league performs in-season maintenance on the baseball fields at its own cost. If the proposed fees are imposed, Little League will no longer be financially viable in Glendale. The City will then have either no baseball program to offer its youth, or will have to create and operate its own youth baseball program at a steeply increased cost than is currently the case. This makes no financial sense.
It is telling, to say the least, that at the same time the City has granted tens of millions of dollars in land and benefits to the recently-opened Americana commercial development, it is proposing a tax on children to play baseball. Glendale is not a business district - it is a community. The Council should reverse the Parks Commission decision to implement these fees.
I’d like to humbly amend my assertion earlier this week that one blog post can succeed where other methods cannot. Credit for success in the Art Center controversy and in Glendale’s sports field issue should go to individuals and organizations on the scene, detailed news media coverage, and successful email appeals for support.
The lesson for homeowners: join your neighborhood organization and help them develop an email notification list, keep up with local issues by supporting local news media, and keep checking relevant blogs!
July 14, 2008
Several luxury condominiums and townhomes are for sale in Pasadena within a few blocks of IndyMac Bank, the latest casualty of the burst housing bubble. Pasadena Star-News blogger Larry Wilson was across the street as federal agents took over, and commented:
The blame goes, in order, to 1) The bank. Making hay by making loans to people who couldn’t possible repay them was unconscionable, not to mention bad business in the long run. 2) Wall Street. Our nation’s financial geniuses encouraged the fraudulent lending by telling thrifts they’d create a complicated new kind of commercial paper in bundled mortgages — the more mortgages, the better. In so doing, they’ve tanked the markets for the rest of us. Some made out like bandits and are laughing on East Hampton lawns as they read the news from Pasadena. For the rest of us schmucks, that’s real money we’re losing in our 401(k)s, ya creeps. 3) Home buyers who took out the loans and went along with the prodding from mortgage peddlers to lie about their incomes and assets in order to move into the mini-manse in the sprawl.
From its conservative perspective some sixty miles away, the Irvine Housing Blog weighed in on the action and its repercussions:
With all of the Alt-A crap on their balance sheet, this shouldn’t be terribly surprising. They only thing that surprises me is the fact that most of the Alt-A loans have not reset yet. The toxic waste they own is going to get much more toxic.
The toxic waste is even starting to poison Freddie Mac and Fannie Mae. The GSEs will be saved, and it is the mechanism for getting the American Taxpayer on the hook for the housing debacle. I can’t say I am too surprised about that one either…
And from across the country, in Massachusetts, a blogger who has followed the housing bubble with concern posted the forceful letter he wrote to his representative in Congress complaining about poor government oversight and judgment:
To be blunt, I believe your inability to see the true nature and severity of the state of this issue not only represents a failure on your part but also truly embodies the extent to which our federal government has mishandled this economic crisis and more generally strayed from the path of prudent, deliberative and sound regulatory and legislative process.
However, I don’t believe your lack of understanding or our government’s overall failure to properly address the economic crisis to date represents a complete failure.
To the contrary, it appears plainly obvious that the worst and most dangerous legislative blundering has yet to come.
The sun is still shining in Pasadena today. The neighborhood around the bank, just north of Old Town, seems to have a lot going for it, although listings are sitting on the market for months. With the dramatic contraction in capital available for loans, sellers can’t expect any better. On the other hand, the average asking price for units here seems high for the surrounding atmosphere: above $500 per square foot, according to Redfin.
With the exception of one single-family home for sale by owner, listings closest to the bank are all condominiums or townhomes:
703 Locust Street #6
$469,000 (originally $499,000)
2 bed/2.5 bath
1,246 sq.ft.
$376 per sq.ft.
On Redfin 88 days
700 E. Union Street, #105
$895,000
2 bed/2.5 bath
1,811 sq.ft.
$494 per sq.ft.
On Redfin 215 days
931 E. Walnut #505
$612,700
1 bed/1.5 bath
1,146 sq.ft.
$535 per sq.ft.
On Redfin 33 days
This and the 2 units below are in a new building at Lake and Walnut.
931 E. Walnut Street #118
$686,100 (originally $736,100)
2 bed/2.5 bath
1,523 sq.ft.
$450 per sq.ft.
On Redfin 33 days
931 E. Wanut #431
$474,600 (originally $534,524)
1 bed/1 bath
949 sq.ft.
$500 per sq.ft.
On Redfin 38 days
July 11, 2008
Linda Vista neighbors near Pasadena’s Art Center College of Design voiced major concerns about its proposed $50 million Frank Gehry-designed research center, but it was a student blog post that got results.
Industrial design student and member of the school’s Eco Council Nathan Cooke posted this critique of the Art Center’s sustainability and spending priorities on May 14, 2008. He eventually received close to 1,500 comments, mostly of support, and moved the traffic to a new site for discussion of the Art Center’s future.
According to the LA Times:
Art Center graduates have been weighing in over the Internet from as far away as France and South Korea, adding their names and comments to the Education First! petition that some students posted on the Web. Among the alumni calling for change are executives at Microsoft, the Walt Disney Co., Mercedes-Benz and Johnson Controls Inc., a designer of auto interiors.
According to the LA Weekly,
Days after his site took off, Cooke received a disturbing conference call from school administrators, encouraging him to take down the post. The not-so-subtle suggestion on their part was that if he refused to comply, it could impact his scholarship money.
It was not a pleasant conversation,” Cooke says.
He refused to give in, and though, as of now, his scholarship remains intact, Cooke’s treatment is indicative of what many faculty label a “culture of fear” on campus when dealing with the administration.
On June 24, 2008, the Center’s board of trustees announced 1) it would not renew current President Richard Koshalek’s contract, and 2) the implementation of a zero waste plan. In their announcement the trustees mentioned the center’s existing low-mileage options: bike racks at the ARTS bus stop, and a Rideshare program for students, faculty, and staff.
Koshalek had embarked on a $150 million fundraising campaign and survived faculty and alumni critiques of his expansion plans before the blog post sent trustees back to the drawing board. Homeowners have never been as much of a threat, if this report is any indication:
The Gehry building is not universally supported by neighbors, who have bemoaned the school’s excessive traffic and overcrowded parking lots. Oliver hopes to address the concerns of angry homeowners with more details in the future. “They are afraid of the Gehry building because they see it as the Disney Hall on the hillside,” said Oliver, who once worked in Gehry’s office. “We are trying to assuage their fears and explain that the building isn’t designed yet.”
A past president of the Linda Vista-Annandale Association, Sharon Yonashiro, agreed that the Ellwood building was difficult for neighbors to accept. “Here comes the next generation of people who want to leave an imprint, and suddently there’s a 90-foot building in a single-family residential neighborhood,” said Yonashiro of the proposed design. “Had there been a dialogue that had been meaningful with the neighborhood, they wouldn’t have this building,” she added. “We feel its out of character and an extremely insensitive project.”
One of many strong, voluntary homeowners associations in Pasadena, the Linda Vista-Annandale Association claims about 1,400 members, according to the article above. Memo to all homeowners associations: numbers and organization matter, but an online, snowballing public outcry may matter more. Start a blog.
Homebuyers, this neighborhood is just on the other side of the hill from the Glendale tour I concluded earlier this week. Turning east toward Lida Street from Chevy Chase Drive will take you right past the Art Center and down to Linda Vista Avenue. Bring your blog skills and a significant down payment, because the average home price in this desirable area is still above $1 million.
Scanning Redfin’s listings and eliminating the highest sale price of $4,950,000 leaves 6 sales in the past three months, averaging $1,028,000 or $570 per sq.ft.
Recent sales:
1251 Inverness Drive
$1,051,000
2 bed/3 bath
2,207 sq.ft.
$476 per sq.ft.
Sold June 28
1475 Vista Lane
$660,000
3 bed/2 bath
1,218 sq.ft.
$542 per sq.ft.
Sold June 20 (and originally listed for $699,000)
There are 8 listings in the area, not counting the $9.5 million hilltop estate or the $5.9 million large estate with Brookside Golf Course views. The average home for sale here is listed at $1.5 million and has been on the market for 64 days. Here are 3 of the 8 listings, and 2 are close to the average sale price:
720 Heatherside Road
$1,049,000 (originally $1,198,000)
3 bed/2 bath
2,250 sq.ft.
$466 per sq.ft.
On Redfin 109 days
The listing says this home was built in 1937 but it looks thoroughly modern both inside and out.
717 Heatherside Road
$1,098,000 (originally $1,118,000)
3 bed/1.75 bath
1,782 sq.ft.
$616 per sq.ft.
On Redfin 70 days
This mid-century, single-story home looks like it was built in the mid-twentieth century.
1499 Wellington Avenue
$1,695,000 (originally $1,759,000)
4 bed/2.75 bath
3,150 sq.ft.
$538 per sq.ft.
On Redfin 32 days
July 7, 2008
Homes listed in Glendale’s Chevy Chase Canyon have been on Redfin an average of 103 days. Here’s one, though, at 2728 Kennington Drive, that was added just 12 days ago. It is an REO the bank priced aggressively at $784,900. This home has a lot of history in the recent runup: it sold for $675,000 in 2005, $1,095,000 in 2006, and $1,250,000 in 2007. The last sale listed is for $828,800 this April 2008. Its current price of $308 per sq.ft. is lower than most listings here.
A decent number of homes (18) have sold here in this quiet enclave during the past three months. 998 Calle Canta, a large 4 bed/4 bath home, sold recently for $1,000,000, or a modest $306 per sq.ft. 2411 E. Chevy Chase sold for $645,000 and appears to have been an REO, considering the sale history. The 3 bed/2 bath home, which sold for $1,000,000 in 2006, was a reasonable deal at $278 per sq.ft.
Here is a range of Chevy Chase Canyon’s 41 home listings, at the low, mid and high end:
3124 Buckingham Road
$650,000 (short sale: pending bank approval)
3 bed/1.75 bath
1,794 sq.ft.
$362 per sq.ft.
On Redfin 47 days
2520 St. Andrews Place
$880,000 (originally $920,000)
4 bed/2.25 bath
2,798 sq.ft.
$315 per sq.ft.
On Redfin 77 days
623 Acorn Place
$1,295,000 (originally $1,399,000)
5 bed/3.5 bath
3,544 sq.ft.
$365 per sq.ft.
On Redfin 33 days
July 1, 2008
Tropico Station has provided us with background information on Chevy Chase. The street with this name begins across the train tracks in Atwater. From there, it cuts across southern Glendale, then curves northeast toward the hills.
Through parts of Atwater and Glendale it has commercial stretches, but even as a main artery it is mostly residential. Through southern Glendale it passes through long-established neighborhoods. Uphill, some of the homes are newer.
Beginning my tour, and using Redfin’s search, I found a few older Glendale homes clustered around the southern end of Chevy Chase:
714 S. Chevy Chase Drive is a probate sale, requiring court confirmation, and has been on Redfin 56 days. It is a spacious home at 1,950 sq.ft., with 3 bedrooms and 1 1/2 baths. Listed at $619,000, or $317 per sq.ft., it is tagged a fixer.
220 S. Chevy Chase Drive is a 1921 Craftsman-style home listed at $609,000. This home has 3 bedrooms and 1 3/4 baths, but is somewhat smaller at 1,357 sq.ft. The asking price here is $449 per sq.ft.
1119 E. Acacia Avenue is a 1926 Spanish Bungalow, tagged REO. It has 2 bedrooms, 3 baths, and is smaller yet at 1,153 sq.ft. It is listed at $384,900 (reduced from the original price of $429,900), or $334 per sq.ft.
Redfin’s list of similar sales show an average price of $453 per sq.ft. for homes along this stretch of Chevy Chase.
June 30, 2008
Redfin’s email update for Glendale 91205 shows 513 E. Maple Street, #1, first listed at $300,000 in May, now priced at $149,000 after three price drops.
It is probably a short sale (it last sold in 2005 for around $300,000), although the listing does not state this. The unit is 1 bed/1 bath and 1 level on the ground floor of an older courtyard-style complex which must have been an apartment building in the last century.
Structures of this style strike me as more open and neighborly than newer condominium projects with imposing frontages and elevations. The older lots often have a generous amount of green space (the listing above mentions a large setback, green lawn, and shade trees).
At $149,000, this condo could actually be a better deal than renting a similar apartment after a few years (I’m skipping consideration of homeowner association fees, since none are disclosed in the listing). Its price per square foot, $241, is just at the average for condominiums sold in this neighborhood over the past three months. If it is a short sale, it is actually priced right at the market.
91205 Condominium Averages:
SALES (Past 3 months)
Number sold: 7
Price: $325,000
Price per square foot: $242
LISTINGS
On the market: 31
Price: $340,000
Price per square foot: $376
On Redfin: 107 days
Here are a few 91205 condominiums listed on Redfin close to the average sale price per square foot:
1124 E. Chestnut Street, #41 $430,000
2 bed/3 bath
1,755 sq.ft.
$245 per sq.ft.
On Redfin 55 days
The listing states that there is a third bedroom with no closet. Last sold for $435,000 in 2005.
1517 E. Garfield Avenue, #93 $209,999
1 bed/1 bath
708 sq.ft.
$297 per sq.ft.
On Redfin 12 days
Last sold in 2005 for $319,000
501 E. Palmer Avenue, #A5 $369,000 (originally $399,000)
3 bed/2.5 bath
1,199 sq.ft.
$308 per sq.ft.
On Redfin 212 days
Last sold for $230,000 in 2004. Homeowners’ association dues are $164.
Two recent condo sales from my Redfin search in this neighborhood (each of these were sold for less than their previous sale price):
1124 E. Chestnut Street, #38 $303,900
2 bed/2 bath
1,212 sq.ft.
$251 per sq.ft.
701 E. Acacia Avenue, #E $310,000
2 bed/3 bath
1,313 sq.ft.
$236 per sq.ft.
