I just received a comment on my other real estate blog from Diane Aurit about Pasadena’s Bungalow Heaven homes for sale. Diane authors a real estate blog in Lake Norman, North Carolina, but used to live and sell homes in Pasadena. Her question is:
I was searching for information on Bungalow Heaven and look who I found. Great job! I actually could use your expertise. I have to give a lecture to the City of Mooresville about the finanical benefits of Landmark Districts. I thought Bungalow Heaven would be a great example. Do you have any numbers available that support the fact that prices in Bungalow Heaven are higher than streets just outside it? Or, to whom could I go to find them?
Thanks and take care!
What a great question! Do Landmark Homes like the ones in Bungalow Heaven support and command higher prices?
I immediately accessed our local Pasadena Multiple Listing Service to see what statistics would show.
2009 Home Sales in Bungalow Heaven vs. a few blocks away:
|Bungalow Heaven||Around Bungalow Heaven|
|# of Units Sold||31||57|
|Ave List Price/Sq.Ft.||$376||$346|
|Ave Sold Price/Sq.Ft.||$374||$345|
|Ave List Price||$545,062||$519,409|
|Ave Sales Price||$539,518||$514,655|
|% of Sold to List||99.0%||99.1%|
|Ave # of Days on the Market||93||73|
- The average sales price of a home in Bungalow Heaven in 2009 was 4.8% higher than surrounding streets outside the Landmark District.
- The average price per square foot in Bungalow Heaven in 2009 was 8.4% higher than surrounding streets outside the Landmark District.
- This landmark district is known for about 800 homes built mostly between 1900s and 1930s, but only 31 of them were sold – that’s a little less than 4%. Not much turn over in the area – very limited. The residents have created a very close-knit community and are for the most part pretty happy to hold on to their homes long term.
- It is interesting that it took a little longer to sell homes in Bungalow Heave – 93 days vs. 73 days.
So for the inquiring minds who would like more information on the areas compared in this totally unscientific little experiment, here’s a map visual of the areas in question.
Home Statistics for Bungalow Heaven:
Home Statistics for Streets Surrounding Bungalow Heaven (the streets outside the square – best I could do given the technology allowed by our Multiple Listing Service):
Read More: Pasadena’s Historic Neighborhoods
If you are interested to see homes for sale in Bungalow Heaven, check out this link: Live Multiple Listing Feed of Bungalow Heaven homes.
As always, if you have any questions that you would like me to answer, please feel free to comment or send me an email.