Pasadena homes for sale

Foreclosure Friday: South Pasadena Bungalow for Sale

This week’s Foreclosure Friday focuses on South Pasadena.  Laurie, our renovator extraordinaire, and I headed out to look at a cute bungalow that came up on the real estate market a few weeks ago.  It’s located at 123 Monterey Road in South Pasadena.  This home sits on the border of South Pasadena and Highland Park on a very busy street.  A cute bungalow, painted an interesting green, shows promise as a condo alternative.  Perfect for home buyers not interested in playing with grass or maintaining a lawn.

South Pasadena Foreclosure

So… how did this South Pasadena bungalow came to be on the foreclosure market?  Here’s some history on it:

It was purchased in April 2006 for … with a loan of $520,000.

Owners defaulted on their loan in autumn of 2008 and then again in early 2009.

The bank filed a Notice of Default and finally the home went to auction or a Trustee Sale in May of 2009 at which time there were no takers and Countrywide took over the property.

This house for unknown reasons did not go on the market until January 2010 – almost 8 months after Countrywide foreclosed.  Hmm… remember the “shadow inventory” that we talked about in our previous posts!

Read More:  Foreclosure Homes for Sale

Let’s take a look at the video of our walk through of the home first and then we’ll do a bit of real estate analysis:

Property Details:

Built in 1908

2 bedrooms and 1 bath

860 sq. ft. per assessor – interior

3,167 sq. ft. per assessor – lot

Price per square foot:  A whopping $563.84

List Price:  $484,900

UPDATE:  list price reduced to $472,900 on March 4, 2010

Just had a $15,000 price reduction last week.

Here’s how this home is listed in the Multiple Listing Service:

123 Monterey Rd, South Pasadena, CA 91030 (MLS # F1830146)

(all data current as of 3/12/2010)
Price $472,900
Beds 2
Baths 1 full bath
Home size 860 sq ft
Lot Size 3,167 sq ft
Days on Market 63
Lovely South Pasadena home. Make this yours. Property is in good condition. Light & bright rooms, amazing kitchen with granite counters and nice cabinets. Lovely living area with decorative fireplace. Bathrooms have been updated. Available to show right away. Will not last!!

Property Type(s): Single Family, Residential

Last Updated 3/4/2010 Tract Cust
Year Built 1908 Community South Pasadena
Garage Spaces 1.0 County Los Angeles
Total Parking 1

Price History

Prior to Jan 29, '10 $497,900
Jan 29, '10 - Mar 5, '10 $484,900
Mar 5, '10 - Today $472,900

Schools

School District Call L/0

Additional Details

Building Size 860 CARETS Listing Status Active
Bath Full 1 Bath Half 0
Bath One Quarter 0 Bath Three Quarter 0
HOAFee1 0.0 HOAFee2 0.0
Builders Tract Code CUST Builders Tract Name Custom
Lot Size Dimension Description 41x78 Garage Spaces Total 1
Will Consider Lease YN N Cross Streets Brunswick Ave.
Builders Model Code 0 Tax Parcel Number 5311007035

Features

Building Structure Style Traditional
Common Walls Detached/No Common Walls
Cooling Type Central A/C
Disability Access None (N)
Eating Areas Area (N)
Entry Location Ground Level w/steps
Exterior Construction Wood
Fire Place Fuel Decorative only (N)
Fireplace Rooms Family Room
Floor Material Hardwood - Partial (N), Other
Heating Type Central Furnace
Land Lease Type Fee
Legal Disclosures Real Estate Owned
Listing Terms Cash, Cash To New Loan
ListingAgreement Exclusive Right To Sell/Lease
Lot Size Source Public Records
Pool Descriptions No Pool
Roofing Asphalt Shingle
ServiceLevel Full Service
Sewer In Street (N)
Spa Descriptions None
Square Footage Source Public Records
Stories One Level
Tax Mello Roos Unknown
View No View
Water District/Public (N)
Year Built Source Assessor

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listed with Paul Skikne, Brentwood Real Estate Group

(view all details for MLS # F1830146)

I am a little confused as far as the pricing goes for this home.  Usually, bank owned, foreclosure homes for sale are priced at or below market.

This home is priced significantly above South Pasadena home prices.  The average price per square foot for sales in the 1/2 mile radius for homes sold is $395.68 as of 2/5/10.

READ MORE:  South Pasadena Real Estate Data 2003- 2009

This foreclosure is on a busy street, situated next to apartment buildings and has no grass to speak of since it’s on a tiny lot that’s covered in concrete.  It certainly is a cute bungalow, but very, very overpriced.

Is this the bank’s way of trying to recover some of their losses?  They would have been better off pricing it correctly and putting this South Pasadena bungalow on the real estate market immediately upon foreclosing back in May of 09.

READ MORE:  Foreclosure Process Steps

Credit Life after Foreclosure and Short Sale

Next week, we’ll take a look at another property that has been foreclosed on in South Pasadena just a few blocks away.

In the meantime, give me a shout if you have any questions or are interested in buying or selling a home in South Pasadena or surrounding neighborhoods.

More South Pasadena homes for sale:

Showing properties 1 - 5 of 32. See more city of South Pasadena real estate.
(all data current as of 3/12/2010)

  1. 11 beds, 0 baths
    Size: 4,316 sq ft
    Lot size: 42,861 sq ft
  2. 5 beds, 4 full, 1 part baths
    Size: 4,671 sq ft
    Lot size: 17,753 sq ft
  3. 5 beds, 3 full, 1 part baths
    Size: 3,930 sq ft
    Lot size: 19,501 sq ft
  4. 10 beds, 9 full, 3 part baths
    Size: 4,974 sq ft
    Lot size: 12,750 sq ft
  5. 4 beds, 3 full, 1 part baths
    Size: 3,955 sq ft
    Lot size: 13,264 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.


IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)629-VIEW(8439)

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If a listing displays "Short Sale/Subject to Lender Approval" then that listing has been identified by the seller and the listing broker as a "short sale". This means that, at the listed price, the proceeds from the sale may not be adequate to pay all liens and costs of sale. Any offer made that does not fully cover the existing amount(s) owed to the lienholder(s) plus the costs of sale could be subject to lienholder approval, which approval may be exercised at the sole and exclusive discretion of the lienholder(s).

The information being provided by SoCalMLS, CRISNet Regional MLS and/or CARETS is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. Any information relating to real estate for sale referenced on this web site comes from the Internet Data Exchange (IDX) program of the SoCalMLS, CRISNet Regional MLS and/or CARETS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site.

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