This depends, of course, on area, size, and condition of the particular home. I have heard that the average home price in pasadena has rolled back to between 2004 and 2005 prices.
Here is a case study on a really nice home in a really desirable neighborhood:
360 S. Greenwood, Pasadena 91107
(in the Caltech neighborhood)
This home sold in 2001 for $450,000 ($243.80 per square foot). At the time it was in “original condition” and was 1,848 square feet.
The house was extensively remodeled and expanded to 2,104 square feet, beautifully landscaped (a Pasadena Beautiful Foundation Golden Arrow Award winner) and sold in May 2005 for $1.261mm ($599 per square foot).
Between 2001 and 2005 the median home price in California more than doubled, so this selling price, combined with the significant improvements, was not out of line at the time.
The home sold again less than 1 year later, in March 2006, for $1.385mm ($658 per square foot), apparently without any changes having been made to the house.
The current owner just listed the property for sale last week for $1.298 mm ($617 per square foot or $90,000 less than the seller paid), and just reduced the price to $1.198mm ($569 per square foot) this week. I’ll update the blog when it sells.
So, in this particular case, the price is below 2005 prices — even for a beautifully updated home in a great area. Have we reached the bottom? No one knows, but certainly a buyer today is getting a better deal than was possible during the last four years.
In the Community
A great opportunity to support public schools, organized by one of my clients (my clients are so cool!):
Dear Friends and Artists,
Come work with some of the most creative student artists in Los Angeles. Room 13 Foshay — a student-run, student-financed art studio — invites you to come and enjoy an unforgettable day of creative expression. Wouldn’t you like to do art without people asking if you are working or not? Do you just want to go wild with a piece of paper and whatever you use to make the paper colorful? On Saturday, October 25, 2008 Room 13 Foshay is having an Open Studio/Family Art Day at Foshay Learning Center from 11 A.M. to 4 P.M. We will have art-making stations, face painting, balloon art, food and drinks (at affordable prices), and many more fun activities. There will be some of our art for you to see, and time for you to make your own art — you can hang it on your refrigerator if you want!
We are also in the process of looking for an Artist-in-Residence. Visiting the studio on the 25th could be a way for you to check us out and see if you are interested. Friends and family are also welcome.
We want to thank you for all your help. We really appreciate it.
Directions: Room 13 Foshay is at the Foshay Learning Center, 3751 S. Harvard Blvd., Los Angeles, CA 90018. It is near the corner of Exposition Blvd. and Western Ave. You can enter campus parking from Exposition Blvd.; that is the only gate into the campus. We will be in room F156 (otherwise known as “Room 13″). There will be signs on campus direction you to the room.
