Foreclosure Friday: South Pasadena Part II

Welcome to the new episode of Foreclosure Friday. Laurie and I headed out visit 1335 Brunswick Avenue in South Pasadena just a few blocks away from our last week’s bank owned property on Monterey Road.

This is a 2 bedroom and 1 bath, bungalow priced at $566,000. All I can say is WOW!!! What the @!%$ is the bank thinking of? At $674 per square foot, this is one of the most overpriced properties that I’ve seen in South Pas.

Looking at Brunswick and last week’s 123 Monterey Road, it looks like the banks are assuming that just because these homes are in South Pasadena, the buyers will just flock in droves and stand in line for the opportunity to bid on these homes.

Since when are Real Estate Owned (REO) homes significantly higher than regular sales in the area? It just doesn’t make any sense to me.

Let’s take a look at the inside of the home in this video and then I’ll put some of the most current real estate statistics for South Pasadena so that you can make your own decision.

UPDATE:

1335 Brunswick Avenue in South Pasadena is finally in escrow (under contract) after the price was reduced to $469,000. I will update the actual sales price once the sale officially closes.

Additional House Details as listed in Pasadena’s Multiple Listing Service:

[idx-listing mlsnumber=”p717678″ showall=”true”]

Here’s the latest data from Altos Research, an independent real estate analysis company:

[altos_chart st=”CA” cid=”2018″ zid=”1071″ rt=”sf” ra=”a” q=”a” left=”median_per_sqft” size=”a” timeSpan=”e” link=”http://www.pasadenaviews.com/real-estate-market-reports-and-statistics-real-time-housing-data/” endDate = “2010-02-05” /]

As you can see on the chart above, March of 2009 hit a high of $520 per sq. ft. and as of the latest reporting data for February of 2010, the median South Pasadena house price per sq. ft. is running a bit under $490.

Is it a wonder that both of these lender owned homes are sitting on the market?

What do you think?

READ MORE: South Pasadena Foreclosure Outlook

Foreclosure Process Steps

Credit Life after Foreclosure and Short Sale