patrick.net

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.

Katy Perry says

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.

Actually, this is the city of South Pasadena, not Pasadena :-)

Mr.Fantastic says

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 What an outdated dump.

you do live in the newer OC area then? ha :-) , bro these things IMO are some of the best built dwellings in the history of CA .

For my sanity please knock the price not the build. maybe the value is not there for the price But props must be given to this style and quality of build. ( maintained properly.)

now Mr. fantastic please go walk over to any wall in your house and punch your hand through it. also go outside and at any top corner of any window or door. what do you see? a crack in the stucco right? at twenty pounds a sq foot that stucco wont be there for another 10 years IMO. OK I'm going a little off track with this but many newer houses in CA are badly built.

Foundation issues are a given with this age of house. My parents have a twenty year old house on a slab with a one inch crack running from one end to the other.

my main point,.. there will always be big demand for these well built well styled dwellings in CA.

House value,... (what you get for what you pay) seems to really be the thing that has changed over the last 100 years in CA IMO.
I feel like this is often and easily over looked here in "everything is new land So Cal."

just say'n

Katy Perry says

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.

Realistically 300 if you consider the trend.

It is in a really nice area close to everything. The schools k-12 are some of the best. Everyone living here takes extreme pride in taking care of their neighborhood. I have walked by this house many times and have taken my kids to the park right around the corner it is a very nice house. I doubt this house would ever sell for less than 600k because it’s location. I bet if it's sold for asking it's to Chinese.

rpanic01 says

It is in a really nice area close to everything. The schools k-12 are some of the best. Everyone living here takes extreme pride in taking care of their neighborhood. I have walked by this house many times and have taken my kids to the park right around the corner it is a very nice house. I doubt this house would ever sell for less than 600k because it’s location. I bet if it’s sold for asking it’s to Chinese.

Yep, I saw several young Asian couples at the open house. It is a prime neighborhood here in town, close to all three levels of school. Still, it's hella over priced. Seems like people will pay through the nose to get a house in So. Pas. if they have kids....

These condos are a joke, too. There is a huge bank foreclosure sign out in front, the lone retail business that was in it has moved on, so it's essentially empty. The condos are tiny and right next to the noisy train tracks and station...and, this condo I'm posting is going for $500 per s.f.

http://www.redfin.com/CA/South-Pasadena/909-El-Centro-St-91030/unit-101/home/21660205

PasadenaNative says

schools

This is what Dr. Housing Bubble sais about schools:

"I’ve also seen people say “I am willing to buy this crap home that is the size of a dog house to send my kid to the great school in this neighborhood.” This argument emerged mostly during the housing bubble. In the past people did buy in good neighborhoods and it was assumed you had good schools as a perk for buying an actual nice home. The last decade saw people buying absolute junk homes simply because of the schools in the area. It was a delusional financial move. What these people are saying is they are willing to live anywhere and pay the price for a good school. We see this nonsense permeating even in people going into massive college debt just because they need a degree. To these people I would say why not use the money you would save from renting and send your kids to a private school? The propaganda from the real estate industry has screwed up the psychology of many and it still lingers in California even after the housing bubble has imploded. "

dunnross says

PasadenaNative says

schools

This is what Dr. Housing Bubble sais about schools:
“I’ve also seen people say “I am willing to buy this crap home that is the size of a dog house to send my kid to the great school in this neighborhood.” This argument emerged mostly during the housing bubble. In the past people did buy in good neighborhoods and it was assumed you had good schools as a perk for buying an actual nice home. The last decade saw people buying absolute junk homes simply because of the schools in the area. It was a delusional financial move. What these people are saying is they are willing to live anywhere and pay the price for a good school. We see this nonsense permeating even in people going into massive college debt just because they need a degree. To these people I would say why not use the money you would save from renting and send your kids to a private school? The propaganda from the real estate industry has screwed up the psychology of many and it still lingers in California even after the housing bubble has imploded. “

As always, I agree with the good Doctor..

dunnross says

PasadenaNative says

schools

This is what Dr. Housing Bubble sais about schools:
“I’ve also seen people say “I am willing to buy this crap home that is the size of a dog house to send my kid to the great school in this neighborhood.” This argument emerged mostly during the housing bubble. In the past people did buy in good neighborhoods and it was assumed you had good schools as a perk for buying an actual nice home. The last decade saw people buying absolute junk homes simply because of the schools in the area. It was a delusional financial move. What these people are saying is they are willing to live anywhere and pay the price for a good school. We see this nonsense permeating even in people going into massive college debt just because they need a degree. To these people I would say why not use the money you would save from renting and send your kids to a private school? The propaganda from the real estate industry has screwed up the psychology of many and it still lingers in California even after the housing bubble has imploded. “

I personally wouldn't exactly go with what a "Dr. Housing Bubble" says...sounds like he's going to be as "unbiased" as a realtor...

I hav friends that live in areas where the public schools suck and they are sending their kids to private school - 1000/month a pop (Sherman Oaks)...I'd rather put that towards a mortgage and live in an area with amazing public schools...

The cheapest way to live of course is...live in a tent on the beach and have no kids at all, try not to eat much and just sit there all day and contemplate about how shitty and unfair life is...maybe that's what Dr. Housing Bubble is doing...

SubOink says

dunnross says

PasadenaNative says

schools

This is what Dr. Housing Bubble sais about schools:

“I’ve also seen people say “I am willing to buy this crap home that is the size of a dog house to send my kid to the great school in this neighborhood.” This argument emerged mostly during the housing bubble. In the past people did buy in good neighborhoods and it was assumed you had good schools as a perk for buying an actual nice home. The last decade saw people buying absolute junk homes simply because of the schools in the area. It was a delusional financial move. What these people are saying is they are willing to live anywhere and pay the price for a good school. We see this nonsense permeating even in people going into massive college debt just because they need a degree. To these people I would say why not use the money you would save from renting and send your kids to a private school? The propaganda from the real estate industry has screwed up the psychology of many and it still lingers in California even after the housing bubble has imploded. “

I personally wouldn’t exactly go with what a “Dr. Housing Bubble” says…sounds like he’s going to be as “unbiased” as a realtor…
I hav friends that live in areas where the public schools suck and they are sending their kids to private school - 1000/month a pop (Sherman Oaks)…I’d rather put that towards a mortgage and live in an area with amazing public schools…
The cheapest way to live of course is…live in a tent on the beach and have no kids at all, try not to eat much and just sit there all day and contemplate about how shitty and unfair life is…maybe that’s what Dr. Housing Bubble is doing…

SubOink says

dunnross says

PasadenaNative says

schools

This is what Dr. Housing Bubble sais about schools:

“I’ve also seen people say “I am willing to buy this crap home that is the size of a dog house to send my kid to the great school in this neighborhood.” This argument emerged mostly during the housing bubble. In the past people did buy in good neighborhoods and it was assumed you had good schools as a perk for buying an actual nice home. The last decade saw people buying absolute junk homes simply because of the schools in the area. It was a delusional financial move. What these people are saying is they are willing to live anywhere and pay the price for a good school. We see this nonsense permeating even in people going into massive college debt just because they need a degree. To these people I would say why not use the money you would save from renting and send your kids to a private school? The propaganda from the real estate industry has screwed up the psychology of many and it still lingers in California even after the housing bubble has imploded. “

I personally wouldn’t exactly go with what a “Dr. Housing Bubble” says…sounds like he’s going to be as “unbiased” as a realtor…
I hav friends that live in areas where the public schools suck and they are sending their kids to private school - 1000/month a pop (Sherman Oaks)…I’d rather put that towards a mortgage and live in an area with amazing public schools…
The cheapest way to live of course is…live in a tent on the beach and have no kids at all, try not to eat much and just sit there all day and contemplate about how shitty and unfair life is…maybe that’s what Dr. Housing Bubble is doing…

A private school is still better than even the best public school. That's why lots of people who buy into the realtor propaganda and buy into the level K-12 schools, eventually end up enrolling their kids in a private school, anyways. Besides, you don't have to be paying a mortgage to go to a good public schools. Renters have access to same public schools as home owners, for a lot less $$.

dunnross says

A private school is still better than even the best public school.

That's a load of crap.

It should depend on the individual child and their needs, not test scores and school reputation.

tatupu70 says

Sunday, 6 Mar 2011 at 2:33 pm Top Quote Email Flag

dunnross says

A private school is still better than even the best public school.

That’s a load of crap.

No it's not. Private schools have small class sizes and pay special attention to each child. In a public, schools, if your child doesn't learn, no one cares. Top public schools get their reputation from high test scores and peer competition, not from actual teaching. It's a known fact that top scoring schools actually spend less $$ per student, because their students don't need special programs or better trained teachers. Any teacher can teach those kids, because the kids teach themselves. My kids went to both top rated public and private schools, and, I can assure you that there is a huge difference.

SubOink says

I hav friends that live in areas where the public schools suck and they are sending their kids to private school - 1000/month a pop (Sherman Oaks)…I’d rather put that towards a mortgage and live in an area with amazing public schools…

Bogus. In Sherman Oaks you'll spend far more than $1000k extra over renting a comparable house in a neighborhood with "amazing" public schools.

Dr. Housing Bubble's statement is merely a call to live smarter, not poorer.

dunnross says

My kids went to both top rated public and private schools, and, I can assure you that there is a huge difference.

Oh, well by all means, a sample size of 1 certainly proves your point about ALL private and ALL public schools.

tatupu70 says

That’s a load of crap.

Private schools get their money from the parents. So, their goal is to give your child a better education, so that you keep paying, and other parents want to enroll too. Public schools get their money from the state, which gives them money based on your child's attendance. So, they only care whether your child attends the school, but not whether they learn anything.

dunnross says

So, they only care whether your child attends the school, but not whether they learn anything.

And again. That's a load of crap.

tatupu70 says

And again. That’s a load of crap.

Do you actually think the state gives the school more money if your kid has better grades? If they don't, then I am right, and you are wrong.

dunnross says

If they don’t, then I am right, and you are wrong.

Do private schools charge more to parents of A students? Or do they give a discount to C students?

If they don't then I am right and you are wrong.