PASADENA HOME FOR SALE – DUTCH COLONIAL REVIVAL

762 N. MAR VISTA AVENUE, PASADENA, CA 91104
3 Beds – 2 Baths – 2,400 Int. Sqft – 8,786 Sqft Lot – Built 1909
Offered at $799,000

This two-story Dutch Colonial Revival has been tastefully remodeled throughout and is located within Pasadena’s highly sought after landmark district known as Bungalow Heaven. The home features three bedrooms and two bathrooms. On the main floor is a large living room with a romantic fireplace, formal dining room, large sunroom, and office room. The kitchen features custom cabinets, granite countertops, and appliances. available domains . Take the gorgeous staircase upstairs to three bedrooms and a full bathroom. The main bedroom is large with a walk-in closet. http://soldbyramiro.com/pasadena-home-for-sale-dutch-colonial-revival/Enjoy the great outdoors on the expansive deck, or take a swim in the large sparkling pool with spa. Other features include dual-zone central air/heat, updated electrical and plumbing, recessed lighting, sky light, newer windows, newer gambrel roof, and a detached garage.

PASADENA REAL ESTATE

HOME PRICES RISE 5 MONTHS IN A ROW

Via CCN Money

The housing market picked up more momentum in August, as the average home price for 20 major cities jumped 0.9%, according to the S&P/Case-Shiller home price index

The increase marked the fifth consecutive month of gains for the index with all but one city, Seattle, recording month-over-month price increases.

Pasadena Real Estate“The sustained good news in home prices over the past five months makes us optimistic for continued recovery in the housing market,” said David Blitzer, spokesman for S&P.

The Case-Shiller report is one of many gauges of housing market health that has turned upbeat in recent months. New and existing home sales have been stronger, inventory of homes for sale has fallen and developers have stepped up building activity.

Slow improvement in the national economy has also boosted the housing market, as have record low mortgage rates. The rates for a 30-year loan have stayed below 3.7% since May. Combined with home prices that are still about a third less than they were when they hit their peak, these record-low rates have made homebuying very affordable.

Related: Obama’s housing scorecard

Of the cities S&P’s index covers, Phoenix has roared back the fastest, with a whopping 18.8% year-over-year gain in August. That marks the fourth month in a row of double-digit price hikes. Detroit prices rose 7.6% over the past 12 months and Miami’s grew 6.7%.

Mike Larson, a financial analyst with Weiss Research, remains cautious about the outsized gains in Phoenix and some Florida markets. Much of the return represents “a resurgence in investor demand,” he said. Investors now represent about 27% of the home purchases in the market, according to data from the National Association of Realtors.

Related: Best Places: Where homes are affordable

Most of these buyers are looking to take advantage of beaten down prices so they can rent out the properties at a healthy profit, he said.

“The fly in the ointment is that these buyers lack emotional attachment,” said Larson. So unlike regular homeowners, they will likely not stick with the homes should the market head South again.

Among the three cities to have year-over-year losses, Atlanta recorded the biggest decrease in home values, with prices down 6.1%. New York was down 2.3% and Chicago fell 1.6%.

Rising prices are expected to continue, leading some economists to predict the housing market has finally turned a corner.

“Looking forward, price increases will continue,” said Jed Kolko, chief economist for Trulia. His company has more recent data, for September and October, that shows asking prices on homes have risen.

“Prices on Election Day will be almost the same as when Obama took office, probably just 1.7% below where they were in January 2009,” he said.

Go to CNNMoney to read the complete article.


To Buy or Sell in the Pasadena/Altadena Area, Contact Me:
Ramiro Rivas ~ John Aaroe Group
626-497-4606 or Email Me
Pasadena/Altadena Real Estate Agents

NUMBER OF LOW-PRICE HOMES PLUMMETS

via Los Angeles Times

Competition for lower-priced homes in California is so hot that the number of cheaper homes available for sale has sunk more than 40% in the last year, pushing out many would-be buyers.  Homes that sold for $313,200 or less were the most competitive type of home nationally, but nowhere did inventory in that price range drop more than in the Golden State, according to a report released Thursday by real estate website Zillow.   In some parts of the Inland Empire, the supply of homes on the market is down to about a month’s worth, real estate agents say. Economists typically consider a six-month supply to be a healthy market.

real estateThe decline in homes for sale is frustrating many people interested in jumping into the housing market — home shoppers tantalized by the drop in prices and record-low mortgage interest rates.   Larry Rogers of Riverside, for instance, began the year with what he felt was a solid path toward retirement: buy two homes in the Inland Empire, pay them off before his golden years and live, in part, off the rental income. With a contractor’s license, a well-established business, plenty of cash and a high credit score, financing a home is not a problem, he said. The problem is finding one.

Rogers said he has gone into escrow twice and lost out both times, as other buyers have been willing to pay more. He has been shocked by competing investors paying $75,000 to $100,000 more than what he has estimated some homes to be worth.  Foreclosure filings fell in September to the lowest level in more than five years, according to a report by RealtyTrac released Thursday. Substantial decreases in California and some other states hard hit by the collapse of the housing bubble helped reduce filings to 180,427 last month, down 7% from August and 16% from a year earlier. The last time filings were that low was in July 2007.  According to the Zillow report, Central Valley markets have seen the biggest drops in the supply of lower-cost homes, with inventory down 59.7% in Fresno and 55.4% in Sacramento. San Francisco’s supply fell 53.2%. In Los Angeles, supply was down 45.1%. Nationally, the bottom tier of homes for sale has had a decline of about 15.3%.

Cheaper homes — particularly foreclosed properties — have become highly attractive to investors, who have developed a sophisticated industry around buying properties, fixing and selling them or renting them out. Renting out foreclosed homes has increasingly emerged as an investment opportunity for Wall Street.
Go to latimes.com to read the complete artcile


To Buy or Sell in the Pasadena/Altadena Area, Contact Me:
JOHN AAROE GROUP REAL ESTATE AGENTS
Ramiro Rivas ~ John Aaroe Group
Pasadena/Altadena Real Estate Agent