Continuing with our South Pasadena real estate foreclosure theme, this week let’s take a look at the overall bank owned home real estate statistics and see if we can deduce any trends. Warning though… this is totally dry and is ONLY for us, statistics geeks. You are forewarned!
South Pasadena Foreclosure Homes listed in the Multiple Listing Service
1801 South Fair Oaks Avenue #F – listed for $259,900
Personal note on this one. The home owner hired me to negotiate a short sale with the lender back in July of 2009. We priced this condo at $250,000 and had it in escrow for $260,000 – all cash offer. The negotiator in her infinite wisdom refused to approve the short sale and decided to foreclose. So, the lender, after paying attorney fees, and holding costs for 7 months, this condo is on the market as a foreclosure $100 less than what it was actually sold for and has been on the market now for over 3 weeks! No sense in that!
116 Marmion Way #16 – listed for $419,900 after a price reduction and being on the market for over 40 days.
Single Family Homes:
Well, we still have our two sorely overpriced homes that we wrote about over the last couple of weeks.
123 Monterey Road – listed at $484,900 at $563.84/sq. ft. – ouch!
1335 Brunswick – listed at $540,000 (after an insignificant price reduction from $566,000 at $642.86/sq. ft. – triple ouch!!!
Five foreclosure homes have sold in South Pasadena over the last 6 months with an average price per sq. ft. of $295. And, two homes are in escrow at just a bit over $300/sq. ft.
South Pasadena home buyers looking for bungalow style homes may want to take a look at Monterey and Brunswick and make a more reasonable offer to the bank. It can present a perfect Dusty Deal™ opportunity. Not worth what the bank is asking, but because they’re listed so high – no one is making offers and the lenders do need to move these homes.
What’s in store for South Pasadena real estate from a foreclosure stand point? Well… let’s take a look at the historic perspective of the actual Notice of Default filings vs. Notice of Trustee Sale.
We’re seeing around 10 home owners each month in South Pasadena getting into trouble with the lenders.
It usually takes the lenders anywhere between 4 months to a year to go through the foreclosure process:
Properties in all price ranges are affected:
Currently, there are 51 home owners in South Pasadena that are in the foreclosure process. 7 of these homes are bank owned… which means 3 more are coming up. These 3 homes were auctioned of in December with no takers and reverted back to the bank.
They’re not on the market yet, but we will feature them as soon as they hit. For our readers, here’s a sneak preview:
1112 GLENDON CT – 5 bedrooms /1 bath
1032 CAWSTON AVE – 3 bedrooms / 1 bath
1139 FOOTHILL ST – 3 units
Bookmark this post to see all South Pasadena foreclosures as they are listed for sale. The feed below is “live” and is updated automatically as new REO homes hit the real estate market.
Foreclosure Home List:[idx-listings linkid=”62101″ count=”100″]
As always, we’re here to answer any questions that you might help or to help you with the sale or purchase of your next South Pasadena home.
IRINA NETCHAEV & ASSOCIATES
Pasadena Views Real Estate Team