patrick.net

2006 was a the peak of the bubble. They should be asking 1/4 of what they paid for it in 2006.

Nomograph says

That’s a great little craftsman bungalow. Totally remodeled and lots of windows. I’m partial to that kind of place. Not really down with the modern looking stove however; I would have put in one of those new retro-looking stoves:
http://www.appliance411.com/purchase/retro.shtml
dunnross says

They should be asking 1/4 of what they paid for it in 2006.

I don’t know the Pasadena market very well, but I do know that prices will NOT drop by 75%.

Since, 2006 was the peak of the greatest bubble in the history of mankind, using 2006 as something to compare with, makes as much sense as comparing JDSU peak price of $1000 with the today's price of $24. Do you think anybody still thinks that JDSU will ever go back to $1000 in our lifetime?

Honestly, I don't think it's a good deal... Obviously the seller bought at the peak and deserve to lose. You shouldn't. From my point of view, it worth at most around $700k. I personally won't bid more than $650k for a 17xx sqfts, 3/1.25 house. At 850k, there are better deals out there.

Don't buy a house for the tree. There are many other trees in the forest.

$482/sq. ft? Are you sure you wanna buy it?

Hell no! I'm not buying a house, I already own a commercial building that I live in....and it's paid off! Yes, the wishing prices are way high still here in my little town, glad I'm not a young family just starting out. Lots of folks want to live here for the school system...

Mr.Fantastic says

Honestly that house is probably worth no more than $225,000. That’s pushing it. What an outdated dump.

There are no "dumps" in this little town, honestly! The city of South Pasadena is an entirely different city than the city of Pasadena. I think I said city too many times there, lol!

PasadenaNative says

Hell no! I’m not buying a house, I already own a commercial building that I live in….and it’s paid off! Yes, the wishing prices are way high still here in my little town, glad I’m not a young family just starting out. Lots of folks want to live here for the school system…

Ah, the school system again. What is CA's ranking in the country?....wait until the end of next 5 years until school district budgets are slashed again and again. If the kids wanna study they will in any school system and if they wanna drop out in high school it could happen any where.

I'll give tree-fitty.

South Pasadena and San Marino have very high-ranking schools as far as I know. High percentage of the kids go right into four-year colleges, private and UCs.

pkowen says

I’ll give tree-fitty.

Sheesh, at the most!

Mr.Fantastic says

That house is a dump. Built in 1914 and it only has ONE freaking shower but has 4 bedrooms? That’s dump status. What family is going to wait almost an hour before everyone is done in the shower? That’s ridiculous.
It’s worth in the 200k - 250k range MAX regardless of school districts. Honestly it’s almost a teardown, but I’m sure some knife catcher will pay in the 600s even in this market.

My boyfriend grew up here in a little two bed., one bath ( tub, no shower ), bungalow. Four people in the family, they managed. They sold the house in the early 00s for $550,000. Americans have become too spoiled and entitled, IMO. That house I posted is not a tear down, not even close! My place was built in 1915, and it has loads of character and charm. Electrical and plumbing work :)

PasadenaNative says

Mr.Fantastic says

That house is a dump. Built in 1914 and it only has ONE freaking shower but has 4 bedrooms? That’s dump status. What family is going to wait almost an hour before everyone is done in the shower? That’s ridiculous.

It’s worth in the 200k - 250k range MAX regardless of school districts. Honestly it’s almost a teardown, but I’m sure some knife catcher will pay in the 600s even in this market.

My boyfriend grew up here in a little two bed., one bath ( tub, no shower ), bungalow. Four people in the family, they managed. They sold the house in the early 00s for $550,000. Americans have become too spoiled and entitled, IMO. That house I posted is not a tear down, not even close! My place was built in 1915, and it has loads of character and charm. Electrical and plumbing work

I totally agree.

the thing about old houses....is if there well cared for and still standing, that's a god damn solid house. A house from 1914 that's still standing has survived countless earthquakes here.....

New houses are nice...but I wouldn't trust any house built during the bubble. Builders cut corners and those houses are shit in the long run. A house built before the 60's has already stood the test of time. Some people think abit too hard about when something was built...if it's built well, it will outlast you, your children, and there children.

I disagree, but, whatever. To each his own. I would love to have that much space. And it is a classic design....unlike the homes in Orange Co., cookie cutter tract houses.

cearka says

PasadenaNative says

Mr.Fantastic says

That house is a dump. Built in 1914 and it only has ONE freaking shower but has 4 bedrooms? That’s dump status. What family is going to wait almost an hour before everyone is done in the shower? That’s ridiculous.
It’s worth in the 200k - 250k range MAX regardless of school districts. Honestly it’s almost a teardown, but I’m sure some knife catcher will pay in the 600s even in this market.

My boyfriend grew up here in a little two bed., one bath ( tub, no shower ), bungalow. Four people in the family, they managed. They sold the house in the early 00s for $550,000. Americans have become too spoiled and entitled, IMO. That house I posted is not a tear down, not even close! My place was built in 1915, and it has loads of character and charm. Electrical and plumbing work

I totally agree.
the thing about old houses….is if there well cared for and still standing, that’s a god damn solid house. A house from 1914 that’s still standing has survived countless earthquakes here…..
New houses are nice…but I wouldn’t trust any house built during the bubble. Builders cut corners and those houses are shit in the long run. A house built before the 60’s has already stood the test of time. Some people think abit too hard about when something was built…if it’s built well, it will outlast you, your children, and there children.

That's true! My place has redwood framing, it shakes like crazy in a quake but it's still standing after almost 100 years!

and it will probably stand another 100.

cearka says

and it will probably stand another 100.

It's going to outlast me, that's for sure!

http://articles.latimes.com/2011/jan/31/business/la-fi-san-marino-housing-20110131

"With its wide tree-lined streets and stately mansions set on manicured lawns, San Marino has long boasted the best property values in the San Gabriel Valley.

Now it has a new claim to fame: It's the Southland's only wealthy residential community that hasn't seen home values decline in the housing slump."

Downtown London and Paris are dumps too.

Mr.Fantastic says

Except for the fact that your kids, and grand children will probably get lead poisoning if they stay in that house. No thanks. 1914 dump with new paint and carpet is still 1914 dump.

Unless a childfree couple, like ourselves moved in. Not everyone in So. Pas. is a breeder.

burritos says

http://articles.latimes.com/2011/jan/31/business/la-fi-san-marino-housing-20110131
“With its wide tree-lined streets and stately mansions set on manicured lawns, San Marino has long boasted the best property values in the San Gabriel Valley.
Now it has a new claim to fame: It’s the Southland’s only wealthy residential community that hasn’t seen home values decline in the housing slump.”
Downtown London and Paris are dumps too.

San Marino is quite far from downtown Los Angeles. Do your due diligence!

Did this house really sell for $355K in 1997? I would have thought around $180K. Krazy Kalifornia Prices.

jvolstad says

Did this house really sell for $355K in 1997? I would have thought around $180K. Krazy Kalifornia Prices.

It's always been pricey here I'm afraid...

Mr.Fantastic says

jvolstad says

Did this house really sell for $355K in 1997? I would have thought around $180K. Krazy Kalifornia Prices.

Pasadena is a dump. Smog, acid rain, crowded, and lots of crime on one side of the city. $335k is too much for that house even today.

If you could read you would see that this is SOUTH PASADENA, not PASADENA!! Completely different city...HELLO! Smog was in the 60s and 70s, no acid rain, jeez!

Mr.Fantastic says

PasadenaNative says

Mr.Fantastic says

Except for the fact that your kids, and grand children will probably get lead poisoning if they stay in that house. No thanks. 1914 dump with new paint and carpet is still 1914 dump.

Unless a childfree couple, like ourselves moved in. Not everyone in So. Pas. is a breeder.

Well that’s true. At least only you and your spouse will be crazy from the lead poisoning.

Spouse? Didn't say we were married....and, are you smoking crack?

Well, its def not a dump.

However,

No one with $800K+ is gonna buy this place with one shower. Thats actually beyond ridiculous and the sellers here are clearly smoking crack.

dodgerfanjohn says

Well, its def not a dump.
However,
No one with $800K+ is gonna buy this place with one shower. Thats actually beyond ridiculous and the sellers here are clearly smoking crack.

It is clearly overpriced, as are all the homes here!

Mr.Fantastic says

dodgerfanjohn says

Well, its def not a dump.

However,

No one with $800K+ is gonna buy this place with one shower. Thats actually beyond ridiculous and the sellers here are clearly smoking crack.

But it has a great tree! I think there are good schools!
I can’t believe people are even debating that a 4 bedroom house that’s nearly 100 years old, with ONE shower is just shitty.

It has three bedrooms, not four. I cannot figure out why you have a mortarboard for your avatar!

Mr.Fantastic says

dodgerfanjohn says

Well, its def not a dump.
However,
No one with $800K+ is gonna buy this place with one shower. Thats actually beyond ridiculous and the sellers here are clearly smoking crack.

But it has a great tree! I think there are good schools!
I can’t believe people are even debating that a 4 bedroom house that’s nearly 100 years old, with ONE shower is just shitty.

I don't see what age of the home has to do with it.

If upgrades were done throughout....frankly I like these older homes much more than new build stuff. That says a lot because both my parents and brother own stuff build in coastal LA and OC after 2000. Just my preference I guess.

I do agree though that this place is "shitty" considering what it provides for the price.

It's kinda a catch-22 because the area(South Pas) is marketed as a family friendly area for upscale professionals, ostensiably for those working in downtown LA(close commute). But clearly this home is not suitable for a "upscale professional family".

The real problem of course is that while currently, it would require a family income of $250-300K to afford this place(LOL), in the past, some yahoos making $150K a year could have gotten a retard loan for it.

dodgerfanjohn says

Mr.Fantastic says

dodgerfanjohn says

Well, its def not a dump.

However,

No one with $800K+ is gonna buy this place with one shower. Thats actually beyond ridiculous and the sellers here are clearly smoking crack.

But it has a great tree! I think there are good schools!

I can’t believe people are even debating that a 4 bedroom house that’s nearly 100 years old, with ONE shower is just shitty.

I don’t see what age of the home has to do with it.
If upgrades were done throughout….frankly I like these older homes much more than new build stuff. That says a lot because both my parents and brother own stuff build in coastal LA and OC after 2000. Just my preference I guess.
I do agree though that this place is “shitty” considering what it provides for the price.
It’s kinda a catch-22 because the area(South Pas) is marketed as a family friendly area for upscale professionals, ostensiably for those working in downtown LA(close commute). But clearly this home is not suitable for a “upscale professional family”.
The real problem of course is that while currently, it would require a family income of $250-300K to afford this place(LOL), in the past, some yahoos making $150K a year could have gotten a retard loan for it.

Yep, way overpriced. I know some folks up in Marin Co. who bought an Eichler last Spring. They put 3.5% down on the $709K house!! Crazy.

@dodgerfanjohn

>But clearly this home is not suitable for a “upscale professional family”.

If this one sells, I am curious how it is purchased or financed...

Just look at how pricey condos are now here. This place went on sale last summer; they have only sold one...

http://www.redfin.com/CA/South-Pasadena/1401-Mission-St-91030/unit-206/home/28672668

masayako2456 says

Honestly, I don’t think it’s a good deal… Obviously the seller bought at the peak and deserve to lose. You shouldn’t. From my point of view, it worth at most around $700k. I personally won’t bid more than $650k for a 17xx sqfts, 3/1.25 house. At 850k, there are better deals out there.
Don’t buy a house for the tree. There are many other trees in the forest.

$700k for 1700 sq ft of dump ??? are you a realwhore?? Its not worth more than $300,000 ..

PasadenaNative says

jvolstad says

Did this house really sell for $355K in 1997? I would have thought around $180K. Krazy Kalifornia Prices.

It’s always been pricey here I’m afraid…

Not always. Only as far back as 30 years. Before that, California prices were comparable to prices in the midwest and the east coast. Now, it's going back to that.

Nomograph says

That’s a great little craftsman bungalow. Totally remodeled and lots of windows. I’m partial to that kind of place. Not really down with the modern looking stove however; I would have put in one of those new retro-looking stoves:
http://www.appliance411.com/purchase/retro.shtml
dunnross says

They should be asking 1/4 of what they paid for it in 2006.

I don’t know the Pasadena market very well, but I do know that prices will NOT drop by 75%.

"Pasadena is now starting to show cracks in it’s once thought of unbreakable real estate façade. Many of the mid-tier cities are now seeing sizeable price declines in 2011." - Dr. Housing Bubble.

Here is a link to the full article:

http://www.doctorhousingbubble.com/home-equity-loans-in-california-over-600-billion-pasadena-short-sale-pasadena-real-estate-auction/

dunnross says

Nomograph says

That’s a great little craftsman bungalow. Totally remodeled and lots of windows. I’m partial to that kind of place. Not really down with the modern looking stove however; I would have put in one of those new retro-looking stoves:

http://www.appliance411.com/purchase/retro.shtml

dunnross says

They should be asking 1/4 of what they paid for it in 2006.

I don’t know the Pasadena market very well, but I do know that prices will NOT drop by 75%.

“Pasadena is now starting to show cracks in it’s once thought of unbreakable real estate façade. Many of the mid-tier cities are now seeing sizeable price declines in 2011.” - Dr. Housing Bubble.
Here is a link to the full article:
http://www.doctorhousingbubble.com/home-equity-loans-in-california-over-600-billion-pasadena-short-sale-pasadena-real-estate-auction/

I'm a devoted follower of Dr. HB, too. I agree with him on Pasadena, but the city of South Pasadena hasn't shown as many cracks yet. And yes, things were more in line with incomes thirty years ago, sadly I remember!

Drove by it last night, Sale Pending sign posted....

Assessor's ID No. 5320-006-006

Recording Date 01/18/2007
Land $291,066
Improvements $148,067
Personal Property $0
Fixtures $0
Homeowners' Exemption $0
Real Estate Exemption $0
Personal Property Exemption $0
Fixture Exemption $0

Improvement 1
Square Footage 1,783
Year Built / Effective Year Built 1914 / 1914
Bedrooms / Bathrooms 4 / 1
Units 1

Selling price of $858,800 seems way out of touch with reality considering local incomes and the price it is valued at by the assessor during the bubble. Built in 1914, thing might fall apart shortly. I am completely positive that this is a bubble price.

PasadenaNative says

Drove by it last night, Sale Pending sign posted….

That could mean absolutely nothing from my experience. On Corbin Ave there are always those signs and than they get taken down. Not sure why, perhaps fake offers.

ChrisLA says

PasadenaNative says

Drove by it last night, Sale Pending sign posted….

That could mean absolutely nothing from my experience. On Corbin Ave there are always those signs and than they get taken down. Not sure why, perhaps fake offers.

Hmmm, it will be interesting to see if it sold; it wouldn't surprise me, people are so brainwashed by the RE industry here.

When I went to the open house last wknd, I couldn't help but notice the uneven floors in a few of the rooms. Definite downward slope toward outer perimeters...does that mean the subflooring is giving out? Sounds like whoever buys it will have a wee bit of work to do ;-)

That's my dream Home but in a bubble world. I hope it's $600k in five years. only one bathroom though hmmm?

Pasadena is the "watch and learn" city for me at the moment. I feel what happens here is very telling.