Latest Market Update for South Pasadena

by Tracy on August 21, 2010

The current theory is that communities like South Pasadena  have held their value pretty well over the last few years of economic crisis. This is partly true. They have held their value much better than Highland Park and Eagle Rock have. But the trend has still been down with South Pasadena over the last 3 years. It’s difficult to get a handle on the market just like it is in Eagle Rock, partly because few houses actually sell in each community, between 3 and 20 a month for South Pasadena, 7 and 14 for Eagle Rock. The average sales price has dropped about 30% over the last 3 years in Eagle Rock, about 24% for South Pasadena.

South Pasadena 3 Year Trend Graph

South Pasadena 3 Year Trend Graph

Does this mean that every house in South Pasadena is worth 24% less than it was in 2007? No.  And if a house sold in 2007, would it sell for 24% less today? No. But it does mean that buyers are very cautious about value. Let’s work our way back. Here’s the graph for the average sale price over the last 15 months:

South Pasadena 15-Month Trend Graph

South Pasadena 15-Month Trend Graph

 So the average sales price has dropped in the last few months. But if you look at the graph, you see the line zigs up and zags down all over the place. What is more significant is that in 2009, there were 4 months in which the average sales price topped $1,000,000, while only once so far this year.

What about over the last 4 years?  In 2007, there were 5 months that averaged over $1 million, in 2008, there were 6 months.

So it would appear that primarily in the last couple of years, the prices in South Pasadena have drifted down.

2007-2008 Data:

 South Pasadena 2007-2008 data

 

 2009-2010 Data: 

South Pasadena Data 2009-2010

South Pasadena Data 2009-2010

It doesn’t look like we are on the fast road to recovery, does it? But we can take heart with the graph that shows that over the last 10 years, after all the ups and downs, we are still up 75%.

South Pasadena 10-year Trend Graph

The question on everyone’s lips is “when will the prices go up?” and the answer is, “No one really knows.” It’s interesting that South Pasadena has had its price slide down somewhat later than lower-priced neighborhoods like Eagle Rock and Highland Park. But while we all wring our hands and watch these average prices drift down, there are more houses selling in South Pasadena since April than there have been since September of last year, partly because prices are lower. Here is another interesting fact: over one-third of the closed sales this year sold at or over asking price. And the overall average list price to sales price ratio is over 99%, which indicates that if a property is priced right, it sells very close to its asking price. And the average days on market is 50, even including some properties that took over 200 days to sell.

So South Pasadena is a robust market right now, with a good number of sales, fairly low inventory, and some really good homes for sale. And for those who take the long view needed for real estate these days, a very good long term investment.

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Glassell Park Views

by Tracy on August 19, 2010

We are on the amazing Broodwork tour. A very special view of Los
Angeles: xeriscapes, graywater installations, raised garden beds, a
green roof. Much to learn…

Posted via email from Tracy’s LA Real Estate

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Thursday, August 19, 2010, 7-9 pm. Winetasting Benefit for the Wiggle Waggle Walk!

Come to the Colorado Wine Company for a fun evening. For $20, you get a flight of wine, hors d’ouevres, and donate to the animals! There will also be a raffle with prizes from local businesses. Meet and greet! See and be seen!

I am proud to be raising money for the animals at the Pasadena Humane Society & SPCA (PHS). PHS cares for more than 12,000 animals a year by providing food, shelter, veterinary care, adoptions, reunification and so much more. Times are tough, and the animals need our help. Please help me to help them by making a generous donation today. I especially like their goal of no euthanization for homeless animals everywhere. You can donate directly here, or in person at my fundraiser this Thursday!

The animals can’t express their gratitude themselves, so I will do it for them. THANK YOU!

If you would like to do even more, you can sign up to join me and more than 1,000 dogs for the Wiggle Waggle Walk on September 26. It will be a wonderful day.

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August Newsletter Now Available!

by Tracy on August 9, 2010

The August edition of my newsletter is available now – you can download a PDF version here, or pick up a paper copy at one of the shops and restaurants along Colorado Boulevard in Eagle Rock.  If you are on the mailing list, a copy is on it’s way to you as we speak!  Want to be on my mailing list? Shoot me an email at tracy@tracyking.com.

Let me know what you think of this month’s issue!

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Agent Reboot

by Tracy on August 9, 2010

I’m seeing a lot of my cutting edge real estate colleagues here.

Posted via email from Tracy’s LA Real Estate

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The Best Music in the Zoo Ever!

by Tracy on August 7, 2010

We hadn’t been to Music in the Zoo at the Los Angeles Zoo in a few years. With no little kids at home, we’d done it so many times, you know, it was old news. But this time they had a Local Scene night and my Pilates instructor mentioned she was going and after a long day at work it suddenly sounded like an evening walk in the zoo might be just the thing.
At first, it seemed like a shadow of the evenings we’d spent in the past. There were relatively few musical groups, no mimes or other little side shows, and the crowds were practically non-existent. But they had street food booths like LA Street Dogs, hot dogs with Mexican, Chicago, Viennese or chili toppings. They had a wine and cheese and fruit stand with a very presentable Merlot offering. They had a mashed potato bar with Martinis—an intriguing idea that I was too full to try at that point.
It got better as we wandered along the paths near the construction area where the six-acre Elephants of Asia is in the process of being completed for its opening in Winter, 2010. We encountered a handsome tusked elephant actively engaged in exploring a eucalyptus tree with his trunk. We heard screams of chimpanzees in the gathering dusk, and came across an exhibit of Tadjik markhors, an Asian species of wild goat that is critically endangered in its native Afghanistan, Turkmenistan, Uzbekistan, and Tajikistan. Two pairs of the markhors were born in May at the zoo. This playful group of maybe 15 wild goats was great fun to watch. The alpha male was a beauty, there were juveniles who sparred with their budding horns, the little ones watched from the sidelines. All of a sudden, several of them would explode into springing leaps and run all over the rocky cliffs in their enclosure. We encountered groups of families, single folks, couples scattered all over the park. And we encountered lots of people gathered at the music and at the enclosures with animals on display.
We walked all over the far end of the zoo, often with no one else in sight. It was almost the realization of my long ago college dream of spending the night at the San Diego Zoo. It was beautiful and a little spooky, quite delicious. And then we found the last performers at the World of Birds Show area, had an LA Street taco, enjoyed the small crowd of families there and wended our way back to the entrance.lazoo
I hesitate to tell you how special this evening was, because you might remember to come next year and bring your friends and then it would be all crowded again. Good for the Zoo, not the same feeling as tonight. But that might be fun to experience, as well, and it would be great to see the completed elephant project in the cool of the evening.
The Los Angeles Zoo deserves your support. They’ve had their ups and downs, and some challenges with providing the best possible care for the species they house. But the work they are doing to renovate the grounds and buildings is huge. Besides the elephant exhibit, there is a new reptile and insect center under construction and a Rainforest of the Americas exhibit planned near the current aviaries. The state of the art facilities will enable them to provide better care. I know the zoo would appreciate your donation and support. Check it all out at www.lazoo.org.

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Were You Social Last Sundae?

by Tracy on August 4, 2010

The Eagle Rock Valley Historical Society hosted its annual Ice Cream Social at the Center for the Arts, Eagle Rock Sunday, August 1. Admission was free, there was music, a raffle, dollar-a-dip ice cream and baked goods for sale. Ice Cream Social period costumesIt was a fun event for all ages and they were all there from newborns to, well, much older people. The Eagle Rock High School Key Club staffed the ice cream counter and otherwise helped at the event. The Kiwanis Club, which is the service organization which sponsors the Key Club, was there in force as well. I recognized a few families who had bought one of my listings in the past year, so it’s good to see that new residents are finding their way to community events. One of the great joys about living in Eagle Rock is that the longtime residents are welcoming to new people and want to help them find their way into service groups and community events. Ice Cream Social Historical Society
I was happy to see the Eagle Rock Latin Jazz Band perform. It was my first experience with the group and I was impressed to see that fully half the band is female. In addition, they have a very talented female singer. Eric Warren, President of the Eagle Rock Historical Society, told me that the group is much larger this year because one of the requirements of the International Baccalaureate program at Eagle Rock High school is an arts component. It’s wonderful to see how supportive the community is of our young people and their emerging talents. Ice Cream Social Latin Jazz Band

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A couple of weeks ago, the Los Angeles Department of Water and Power delivered notices to the businesses and residences on Colorado Blvd between Eagle Rock Blvd and Townsend that construction would begin that day on replacing water mains along the street and that the occupants along the way could expect limited parking, access and water for the next few months.
The business owners and residents were understandably upset by the cavalier treatment they were given. They called the City Councilmember Jose Huizar’s office and within a short time, the work schedule was suspended and a public meeting was called to discuss the issues involved.
I was at the meeting and I saw that the behavior of some of the DWP staff was a bit unsettling (as in, if we don’t replace these pipes now, they could burst and then we’d have a real problem) and let’s just say inconsiderate of many issues like parking, cleanliness, the Farmer’s Market, restaurants, the Music Festival, Ren-Arts school, repaving the street, effects on holiday business, etc. Luckily, the DWP staff included a very astute gentleman who could see the potential for disaster and encouraged everyone to state their concerns without criticism, all would be heard and we would meet again after some thought and research had taken place.
Tonight was the night for the followup meeting and I believe the DWP and the 14th District City Council office staff had done some good work on the issues as well as possibly some training on how to promote good public relations within the community. The general tone was collegial and positive. And Plan B was well received by all. It was a 180 degree change from the previous meeting.
Since Plan B is slated to begin in March, 2011, the Music Festival in October and the holiday season will not be affected.
The permits that LADWP currently have allow construction only between the hours of 9 am and 3 pm. DWP asked if they could begin setting up cones, etc. at 8 am so they could begin actual work by 9 would help move the project forward more quickly. There was general agreement in favor of that and perhaps even broader hours.
Some of the ideas that were not incorporated into the plan were explained:
• Placing the utilities underground while the street is open for the water mains is not feasible because another cut is required for utilities and the cost is prohibitive, especially considering the city budget crisis.
• Resurfacing the Blvd instead of just patching the cut is not financially feasible at this time.
Here is Plan B:
On August 9, work will begin at Loleta Avenue and head east to Genevieve where the onramp to the 134 freeway begins. This work is expected to be finished by December 3. If it is completed earlier, the section between Vincent and Loleta will be done. During this time, the community can see how well the parking, traffic, dust and debris, etc. issues are handled. Suggestions, concerns and problems will be addressed both through the 1-800-DIAL DWP number and through a special hotline that will go to a DWP supervisor. Both these lines will be answered by a live person 24 hours a day, 7 days a week. Another community meeting will be held sometime in November or December to assess how things are going.
Beginning sometime probably in March, the Eagle Rock Blvd. to Vincent or Loleta stretch will commence. The longest any one business will be without water will be 4 to 8 hours in one day and then 1 to 2 hours when the water is switched from the old main to the new main. These shutoffs will have somewhere between 48 hours and 7 days notice. The longest a business will have construction in front of their location will be about 3 days.
What would have happened if no one had spoken up about this work? We would have construction on Colorado Blvd right now with no real planning done for the parking issues, the water shutoffs, the safety of the Renaissance Art school students to name a few concerns. DWP would have done their job without much consideration of the impact on the struggling businesses in this fragile economy. After all, they were responding to requests from the Council office to replace these pipes before they burst like the ones on Townsend did. Hm. Everyone involved was doing their part to solve a problem, but without a community meeting, each department was unaware of the whole picture.
Moral of the story: If you live in a community, you need to pay attention to what is going on around you and speak up when you see something wrong. We have a responsibility to do our part and attend meetings like this. The government and the large corporations and the developers need to see that the citizens are watching. Over the 27 years that I have lived in Eagle Rock, I have seen and heard of several issues that the community spoke up about and because they did, changes were made. Did you know that someone tried to put a pornographic movie theater into the old Eagle Rock Theater on the corner of Yosemite and Eagle Rock Blvd? Quite a lot of people turned out to protest that. Another issue was when the Mobil station on the corner of Eagle Rock Blvd and Colorado petitioned to sell alcohol at their convenience store. The citizens didn’t believe that selling alcohol at a place that sold gasoline was the right thing to do. And let me tell you, the big guy from Mobil Corporation thought his company’s need for a profit justified the encouragement of drinking and driving. That was stopped. There are many more, including TERA’s fight to stop a MacDonald’s from going in to the old Security Pacific Bank Building (now the BlockBusters).
We don’t all agree on all the issues, but that is why we need to speak up. There might be a solution that will be more palatable to a greater number if only ideas were exchanged in an open forum. I am proud to live in Eagle Rock, where people take a stand when they disagree with what is going on. Our community is better for it.

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Home Buyer Tip #1

by Tracy on July 22, 2010

Why you should change the locks on your newly purchased home:

Illustrating the advice that you have no idea who might have copies of the keys to the home, how about this story from the blog LAist.

It is just common sense when you think about it, but it’s amazing how many people don’t get around to having the locks re-keyed when they take ownership of their new homes. The cost is negligible compared to the potential damage and loss that could happen.

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How to Mess Up Your Home Mortgage Approval

July 20, 2010

Those of us who have been involved in such loan and appraisal nightmares question whether these lenders are interested in actually doing any business.

Read the full article →