Pasadena Homes For Sale | Pasadena & South Pasadena Real Estate

Pasadena Cancels All Homes Listed “For Sale”, Lack of Interest Cited

In a surprise move the City of Pasadena announced today that it was canceling all of the homes listed “for sale” due to a lack of interest. Homeowner’s were instructed to remove all “for sale” signs on the property. Sales of single family homes have declined 50% for the last three months and the decision was made today before things could get any worse. One city official who ask to remain anonymous said that “if we can tell homeowners they cannot cut down their trees, we also believe we can put a stop to homes being listed “for sale”. We do not want values to decline any further, and this will protect other property owners who are not trying to sell”.

The above is only a tongue in cheek analogy of the current real estate market in Pasadena. Any reference to people or events is purely fictional.

February Home Sales

Were the problems in the housing market a window to the economy? When the housing market on the east and west coast began to contract, was the middle squeezed so hard that a recession was looming? According to the just released UCLA Anderson Forecast, a recession is not on the horizon. Rest easy Pasadena and California. Be assured with home prices falling, foreclosures rising, and no end in sight for the price of a barrel of oil, there will not be a recession. Glad we now have that settled. Academia has spoken.

2008 is off to a Slow Start

The part in the introductory paragraph about the rate of sales is correct. We have witnessed approximately a 50% decline in single family unit sales for the last three months. Not the kind of start we hoping for.

Single Family Homes Decline

The rate of decrease in the median price of a single family home was quite noticeable compared to months past. Call it a monthly trifecta. With a price decline of roughly 8%, a 50% drop in units and an increase in time of 35% to sell those fewer units, February was, somewhat expected if not predictable.

Townhomes & Condominiums

February also put a stop to the rising median price of a townhome and condominium. Buoyoed by the recent new construction, this segment of the market also felt the effects of a slowing market and overall uneasiness in the economy. Mirroring the single family category, sales declined close to 50% and also the median price dropped 5.3%.

What’s Next?

It will be at least May before we begin to see if the recently enacted increases in the conforming loan rates make any difference in the housing market and more importantly Pasadena real estate. Until then we will just have to be patient and hopeful that a return to normalcy will occur. At least we don’t have to worry about a recession.

The Real Estate Euphemism, All Puffed Up With No Place To Go

When I search Pasadena homes for sale, I can come across some real doozies. Not just in the actual properties, but in how real estate is listed and sold. Many real estate agent’s will use, fanciful, descriptive and yes, even deceitful information in an attempt to sell their properties which are listed for sale. With so many houses available today, agents are looking for that unique phrase that will catch people’s attention, become memorable and hopefully create an interest where a potential buyer will want to take a look at the house that is for sale. Puffing is a term used to describe an exaggerated listing usually indicating the description of a property is much, much nicer that the property itself. Yesterday, I came across the blue ribbon winner for 2007. The description stated:

Beautiful triplex featuring a classic craftsman with 3 beds and 2 baths in the front. Two cozy 1 bed, 1 bath units in the back. All of the units need some TLC, but have great potential. Perfect for the owner who wants to live in the front and rent the two units in the back for extra income

Use Ugly To Your Advantage

Rather than trying to paint an idyllic picture of this property, the agent should have gone ugly early. Ugly Sells! It indicates a distressed property that could be picked up at below market. Instead people go over to the house expecting one thing and being extremely disappointed. The lady I showed the house to commented “I have been looking at property for 30 years and I have never seen anything like this”. It was awful.

The description which would have been more indicative of the condition should have read:

Craftsman property in need of re-crafting. Bring your Bio-Hazard suit. Enter at your own risk and be careful you do not twist an ankle on the buckled and termite infested wood floors. If skid row is your ideal of cozy, then you will adore the units in the back. Be careful of the pit bull (Named Killer) in the back. He is usually chained.

Now, if this were the description, then potential buyers would be very impressed because their expectations have been set so low that there was no where to go but up. It lets them know that the term “fixer” is far to mild for the condition and this is not for the faint of heart. Sometimes all you have is all you have and no matter what flowered description you put on it, it just won’t help.