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.
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.
Listing information deemed reliable but not guaranteed. Read full disclaimer.
(all data current as of
3/12/2010)
IRINA NETCHAEV & ASSOCIATES
Pasadena Real Estate Agents
445 South Fair Oaks Avenue
Pasadena, CA 91105
