We have been chronicling Pasadena home values and the monthly median prices on a frequent basis. Since it’s always nice to put a face to a voice, it is also more relevant to see some actual properties that have sold and the resulting impact on prices. Seeing actual examples in your neighborhood provides a more profound realism to what you have been hearing and reading about. These examples are north of the 21 freeway and east of Marengo in what constitutes North East Pasadena.

Pasadena Income Property

Many self proclaimed real estate investors began looking at income property as a means to increase their wealth. Buying rental property provided a way to spread your risk over more than one property and offered what seemed like a better chance for profit than other investment vehicles. Since qualifying for a mortgage was a relatively easy process, many who delved in ask themselves “Do I have the courage to be rich”? This was an old passage I remember reading from a real estate investment magazine several years ago. The underlying meaning is there is an inherent risk in any future potential reward.

This property, a duplex features two units, each with 2 beds / 1 bath and about 1000 sq ft each. each unit also has its own fireplace. In January ’06 it sold for $750,000. A short sale was approved in November ’08 for $630,000.

This Spanish style duplex was sold in June of 2006 for $795,000. One side featured 2 beds / 1 bath and a bonus room for a third bedroom. The other side was a 2/1. Encompassing about 2200 sq feet, it featured central heat and air. Originally brought on the market for approximately $895,000 in mid 2008, it closed in January ’09 for $535,000. It was listed for $585,000. Another short sale, the bank accepted an offer $100,000 less on this property with more amenities than the above property. As I pointed out in my last article, there is a way to negotiate a short sale and banks are becoming more acceptable to buyers who are eager to make a deal and are well qualified.

Pasadena Single Family Homes

This ranch style home offered many upgrades including newer central heat and air, granite counter tops and new appliances. It also had hardwood floors and upgraded double paned windows. Built in 1959, it offered 3 beds / 2 baths and 1642 square feet. Listed for $575,000, it sold in November ’08 for $559,000. In May of 2006 it had sold for $670,000.

If there is such a thing as an “average” house in Pasadena, this would probably fit the statistical description. The lot size is 7300 square feet, in a picturesque quiet neighborhood.

The last example is a Craftsman style home built in 1905. With 4 bedrooms and 2 baths, it offers 1950 square feet on a 7000 square foot lot. Located more to the west than the other pictured homes, it offers many wonderful upgrades and may qualify for a special property tax exemption. Listed at $525,000 it sold for $515,000 in November ’08. The house was last sold in July 2005 for $640,000

Time for a Property Tax Reassessment?

If you bought your property within the last 12 to 36 months, it would probably be a good idea to contact the LA County Tax Assessors office. If the market value of your property has declined anywhere from $100,000 to $200,000, you could possibly save as much as $2300 in your annual property tax bill.