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Tracy King's Blog

With over 30 years experience in helping clients buy and sell homes in Northeast Los Angeles, Tracy King has a depth of real estate knowledge that makes her the go-to for both the first-time home buyer and the seasoned real estate investor. When she's not holding open houses or negotiating offers, Tracy enjoys wine tasting, cooking, and...

With over 30 years experience in helping clients buy and sell homes in Northeast Los Angeles, Tracy King has a depth of real estate knowledge that makes her the go-to for both the first-time home buyer and the seasoned real estate investor. When she's not holding open houses or negotiating offers, Tracy enjoys wine tasting, cooking, and planning her next trip to Paris.

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Why Should I Buy Now?

The real estate market has hit the Pause button in the last few days. Why? Who knows? Waiting for another shoe to drop (such as even worse economic news?) It doesn’t make a lot of sense, really. Mortgage interest rates have dropped to the lowest in over 50 years. Lots of people have rushed to refinance their homes, but many have discovered that the rules are too tough for them to qualify now. Appraisals are extremely conservative, which means that if you refinanced back in the boom times a few years ago, you might owe too much to qualify for the required 20 to 30% equity that lenders want you to have now.

People who ask me about the real estate market assume that no one is buying because no one can qualify for a loan these days. Surprisingly, this is not true. Lots of people can qualify and are walking around today with pre-approval letters hanging out of their pockets. They even have 20% down payments sitting in their bank accounts ready to go to purchase that new home. Why don’t they make a move?

We’ve talked before about fear and how that has been holding the market back for quite awhile now. Fears such as: what if the prices drop more? What if I lose my job? What if a better buy pops up next week? What if my friends/relatives think I’m stupid for buying now?

Another obstacle is information overload. Every day we hear more economic news about things we really don’t understand, like, say, the Case-Shiller index or Standard and Poor’s credit rating of companies or countries. We hear about Europe’s economic woes, we see the stock market rocket up and down. What does it all really mean? How can we make a good decision in the face of all this information (so much of it bad news)?

How about trying this: turn off your radio, throw the newspaper in the recycling bin, and think about what you really want. Do you want a home to live in for several years? One that you can make your own with your unique designer touches? One that your kids can grow up in with a sense that they are loved and provided for? Want to try your hand at urban gardening? Raising a litter of puppies? What does any of that have to do with the Euro?

For most of us, not much.

The percentage of people in the United States who own their homes has varied between 65% and 70% over the last several years. “Experts” are saying that we probably won’t see 70% home ownership again. So what? So what if it is 65% forever more? Isn’t that still a large majority of the people in this country? Can we agree on this: most of the people in this country live in homes that they own?

Let’s go back to the basics for ourselves. A home is a big investment and the decision to purchase should be taken seriously, but life goes on day by day by day. Things do change, such as interest rates and loan guidelines. If you qualify for a good mortgage today, do you want to risk that you don’t qualify under some new guideline tomorrow? Do you want to wake up one day and see that your opportunity has passed you by?

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969 buckingham Pasadena

A nice little view. $4.7 million worth.

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
This email address is being protected from spambots. You need JavaScript enabled to view it.
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New listing! 4920 Floristan Avenue, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
4920 Floristan Ave, Eagle Rock, CA
New listing! Open Tuesday 10/11, 10-2pm; Thursday 10/13, 10-2pm; and Sunday 10/16, 2-5pm.
2BR/1BA Single Family House
offered at $479,000
Year Built 1950
Sq Footage 1,102
Bedrooms 2
Bathrooms 1 full, 0 partial
Floors 1
Parking 2 Car garage
Lot Size 11,300 sqft
HOA/Maint $0 per month
DESCRIPTION

Nestled on an 11,000 square foot lot in the heart of Eagle Rock, this midcentury traditional offers views, trees, patios and decks that expand this two bedroom one bath home into more. The kitchen has been updated with granite counters, a dishwasher, and a charming breakfast nook with built-in benches. Lined with windows on 2 sides with a door out to a patio with lots of space for dining and lounging, the outdoors come in with real California style. The sliding glass door off the master opens out to the front deck with spa, fenced for privacy. Freshly painted in and out, there is nothing you need to do but turn the key in the front door and move right in. The 2-car garage has been fitted out with all the ingredients of a workshop, an art studio, or even just a place to park the cars. The entire property is fenced and gated for complete privacy. Truly your own Shangri-La.
see additional photos below
PROPERTY FEATURES

- Fireplace - Hardwood floor - Balcony, Deck, or Patio
- Yard - Jacuzzi/Whirlpool
OTHER SPECIAL FEATURES

- Located in a quiet Eagle Rock neighborhood
- Large, private lot
- Move-in ready
- For open house information visit www.TracyKing.com
ADDITIONAL PHOTOS

Front
Living Room
Kitchen
Dining Room
Master
Bedroom
Bath
Spa
Patio
Yard
Garage
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Equal Opportunity Housing
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Posted: Oct 10, 2011, 11:40am PDT
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Sneak preview of my new listing

4920 Floristan, 90041. $479,000. Isn't it lovely?

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
This email address is being protected from spambots. You need JavaScript enabled to view it.
Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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In a Foreclosure Agent's Shoes

Now I understand why some foreclosure agents (who typically deal with a lot of offers) are so difficult to get a response from when I submit an offer to them. I have a listing that we “event priced,” that is, we listed it at such a good deal for the neighborhood it’s in that lots of people made offers. We had initial offers that went 25% over asking, so we countered everyone back at that. A number of people dropped out with the attitude of “Was that a typo?” “How do you think you are going to get that?” and the like.  But we did get a few that were up at that price, and the highest one was quite a bit over.

So why did it take us almost a month to get this home in escrow?

The highest offer was VA financing, which means no down payment, seller to pay 3% of the buyer’s closing costs. The real issue is that, because the house needs work, a VA appraiser could require a lot of repairs and the seller would have to fix them before the loan could be finally approved. The seller isn’t in a position to do repairs (a major reason why we priced it the way we did.) So this is kind of a “teaser” offer. When I asked the lender what could happen with the appraisal, he said it was 50/50 that they would require a lot of repairs.  How much of a gambler is the seller?

The next highest offer was for cash. They accepted our terms, but didn’t read the offer well enough to see that they were supposed to counter us back with their best and final offer. We couldn’t reach them for several days and when we did, we were told that we should have emailed them. So why give us phone numbers? Why didn’t they tell us that? Then they said yes to our “best offer over” price verbally, but then they countered in writing at $15,000 less.

The next offer was the most reliable deal: cash, a good agent, a savvy buyer. But at this point it’s the third highest.

Which one would you take? Or would you keep waiting?

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Don't panic: Economy is not as bad as 'experts' say

DAILY REAL ESTATE NEWS

Produced by Inman News

October 4, 2011

Sponsored by Lowe's

Don't panic: Economy is not as bad as 'experts' say

Commentary: It's time to debunk 'Global Depression'

By Lou Barnes
Inman News™

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Take a deep breath. Two. Unclench your hands. Let loose your shoulders. Look out at a brilliant fall sky. Leaves. Breathe again, but for scent.

Put this global/financial/political whatever-it-is ... put it down. Back away from it, and look at it from a long ways off.

Domestic U.S. growth is marginal, but not recession. New weekly unemployment claims are steady near 400,000, with no new wave of layoffs. Purchase mortgage applications are too low to work off excess inventory, but they are stable.

The Chicago Federal Reserve Bank's national index is at -43, which is below the long-term trend line at zero in its index but far above the -70 that would mark recession. Orders for durable goods were flat in August, but held the huge July gain.

It's flat and soggy, but hardly over the cliff that you'd think from listening to many media reports -- and especially to the talk from people in financial markets.

These financial folks are normally the Pollyannas of the airwaves. Upon any devastating flood, nuclear accident or outbreak of war, they've got a loopy grin and a new investment for you to buy. Note how strange it is that finance types sound so panicky these days.

People in markets rarely get hysterical at the same time. Yet the brightest -- Nouriel Roubini, Robert J. Shiller, Martin Wolf, Goldman Sachs itself, George Soros -- are engaged in "Depression leapfrog," every day finding some new reason that the world will be unable to save itself. Risk-averse markets become a self-fulfilling prophecy, imploding.

The most immediate threat is Europe. In 1999, Europe embarked on a common currency to remove the trade-inhibiting risk of volatile rates of currency exchange. That minor problem, easily hedged, has created an entirely new and gigantic one: The euro nations must synchronize not just their borrowing and trade, but their entire economic cultures.

I don't think it will happen, but it may; in any event, this talk of a "Global Depression" as the inevitable result of breakup and/or austerity is nuts.

Italy knows how to run Italy, odd as it is, and France can run France, and so on for each of them. Germany does not know how to run Spain, nor Ireland how to run Germany. If the union blows, back these nations will go to dealing with their own affairs. Separation would be a relief.

Financial types howl, "It's all so interconnected that taking it apart will be the end of life on earth!" Translation: We don't know how to trade it, and we can't figure out who is exposed and how much.

The European Commission in Brussels -- the nascent pan-European government that ain't gonna happen -- says every day that the euro must survive and of course it will because nothing is wrong. (The talk of freeloaders trying to keep their paychecks running?)

Poor Angela Merkel, a scientist trained in Soviet East Germany, is hopelessly unprepared -- she apparently neither wants change nor can grasp its elements, instead clutching at status quo.

Europe has no voice. Change is going to come, and it will be briefly chaotic but will rationalize a hopelessly irrational situation. The euro is only 12 years old, and the status quo ante is hardly a mystery lost in ancient times. The lurch will be quite something, but the locals know what they are doing.

The economic situation here is different, but the problem is the same. No voice. No voice at all. No one to explain, to trust.

The most powerful forces in Great Depression recovery were Franklin Delano Roosevelt's grasp of the essential -- nothing mattered but the economy -- and his voice. My Okie parents and grandparents spoke for the rest of their lives about gathering in front of the RCA when FDR would speak: "Nothing to fear but fear itself!"

Here, as in Europe, the locals know what they're doing. Every state and town is doing what it must to get its budget under control, to raise revenue as it can, and to look after its citizens.

From a safe distance, staring at this predicament, please do not mistake the temporary incapacity of the largest governments for an inability to manage our affairs. We go on. We adapt. Collective arrangements come and go.

Lou Barnes is a mortgage broker and nationally syndicated columnist based in Boulder, Colo. He can be reached atThis email address is being protected from spambots. You need JavaScript enabled to view it..

Contact Lou Barnes:
This email address is being protected from spambots. You need JavaScript enabled to view it. This email address is being protected from spambots. You need JavaScript enabled to view it. Letter to the Editor Letter to the Editor

 

Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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Posted via email from Tracy's LA Real Estate

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Eagle Rock Music Festival

El Haru-Kuroi. Good stuff.

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
This email address is being protected from spambots. You need JavaScript enabled to view it.
Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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Pasadena Farmer's Market

Perfect day for fresh food and flowers!

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
This email address is being protected from spambots. You need JavaScript enabled to view it.
Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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Eastern View from Echo Mountain

Good morning!

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
This email address is being protected from spambots. You need JavaScript enabled to view it.
Sent from my iPhone

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You can almost see the Ocean!

Back on Echo Mountain after a several week hiatus. Hot, clear, glorious Autumn day!

Photo

Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
This email address is being protected from spambots. You need JavaScript enabled to view it.
Sent from my iPhone

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New listing! 1978 Chickasaw Avenue, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
1978 Chickasaw Ave, Eagle Rock, CA
New listing! First open house on Sunday, October 2, 2-5pm!
3BR/2BA Single Family House
offered at $619,000
Year Built 1948
Sq Footage 1,825
Bedrooms 3
Bathrooms 2 full, 0 partial
Floors 1
Parking 2 Car garage
Lot Size 5,370 sqft
HOA/Maint $0 per month
DESCRIPTION

Originally built in 1948 for the nearby Lutheran church, this mid-century traditional has modern upgrades with retro style. This home has a great floor plan, with three bedrooms, one full bath and one half bath on the main level, and a bedroom with three-quarter bath on the upper level. The living room features a working fireplace and a built-in entertainment center to suit all your media needs. Adjacent to living room and kitchen is an enclosed patio which provides extra space for entertaining, office, or family room. The secluded back yard has been terraced and is completely fenced in. More features included recently refinished hardwood floors, central air and heat, updated second bath, and fresh paint throughout.
see additional photos below
PROPERTY FEATURES

- Central A/C - Central heat - Fireplace
- Hardwood floor - Tile floor - Living room
- Dining room - Breakfast nook - Dishwasher
- Refrigerator - Stove/Oven - Microwave
- Granite countertop - Stainless steel appliances - Washer
- Dryer - Laundry area - inside - Yard
OTHER SPECIAL FEATURES

- Central Eagle Rock location - close to shops, schools and more!
- Great floor plan with bonus space
- Private, quiet back yard
ADDITIONAL PHOTOS

Front
Living Room
Kitchen
Living Room
Master
Bath
Bedroom
Bath
Breakfast Bar
Back yard
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Equal Opportunity Housing
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Posted: Sep 29, 2011, 4:08pm PDT
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1079 Alta Pine

Cool midcentury high in the hills of Altadena. A real retreat $779,000.

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
This email address is being protected from spambots. You need JavaScript enabled to view it.
Sent from my iPhone

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The Eagle Rock Music Festival Needs Your Help!

The Thirteenth Annual Eagle Rock Music Festival is looking for festival volunteers.

Eagle Rock Music Festival is an annual centerpiece in our free arts programming of Center for the Arts, Eagle Rock, one of the last remaining arts and cultural programming centers in Northeast Los Angeles. Center for the Arts, Eagle Rock is a non-profit 501(c) 3 organization whose mission is to provide multicultural, innovative arts programming to the communities of Northeast Los Angeles. Programs include exhibitions, community festivals, free and low-cost after school arts classes, a Summer Art Camp, and more.

Volunteering at Eagle Rock Music Festival is an opportunity to put your talents to good use, learn new skills, and make new friends who love music as much as you do.

Our volunteers are present at every entry point to the festival, and many stages and venues along the boulevard. Most volunteer jobs require little to no experience.

FIRST, fill out the Volunteer Preferences Form Here: http://is.gd/NtJvhk

Then plan to attend an Eagle Rock Music Festival Volunteer Meet Up!

We’d love the chance to meet you in advance, so if you’d like to pop in and meet some of the Center for the Arts Eagle Rock staff and other volunteers, please come by at one of the times listed below, and bring friends who want to volunteer, too. These are scheduled as casual meetup times, drop in, hang out, we might have some projects to do, like badge-making or sign-making, or we might just hang out and get to know each other better, answer your questions, talk about bands… etc. We’d love it if you could make it to one of the Volunteer Meetups, but they aren’t required and no need to attend all of them.

• Sunday, September 25 11:00 AM – 1:30 PM
• Tuesday, September 27 6:00 PM – 8:00 PM

Center for the Arts Eagle Rock’s address: 2225 Colorado Blvd. Los Angeles, CA 90041

Once you have completed the online volunteer application, and attended one of the Volunteer Meetups, you’re good to go. If you can’t make it to a Volunteer Meetup, it’s fine, but plan to come 30 minutes early for onsite training before your first shift!

Connect With Us And Promote Our Festival On Social Media!

Facebook

Please click on 'ATTENDING' our Facebook event, Volunteering at Eagle Rock Music Festival on October 1, so that that you’ll be able to see the questions that have been asked and answered already, and you’ll be among the first to get new information as it becomes available:
http://www.facebook.com/event.php?eid=192332730836804

Please LIKE our Facebook page, Eagle Rock Music Festival: http://www.facebook.com/eaglerockmusicfestival

Twitter

Follow us: @ermusicfest
Hashtag: #ERMF

Promote Our Bands Playing Eagle Rock Music Festival
LIKE our bands on FB, follow them on Twitter. +1 them on Google+ ! Promote their shows and set times at the fest to your circles of friends! ! For more info on the bands playing go here: http://eaglerockmusicfestival.wordpress.com/band-info/

If you are not a social media-ist, no worries! It's gonna be a great time for everyone who volunteers.

Any questions, just email This email address is being protected from spambots. You need JavaScript enabled to view it. and we’ll be right with you! Thanks in advance for your time!
2225 Colorado Blvd. Los Angeles, CA 90041 323-226-1617 This email address is being protected from spambots. You need JavaScript enabled to view it.

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Wiggle Waggle Walk

Rex, the standard bearer for the Punk Rock Rovers. My guy!

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
This email address is being protected from spambots. You need JavaScript enabled to view it.
Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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A great day to be in real estate

1315 Fairlawn Way, Pasadena. Listed for $2.8 million. Truly a multimillion dollar view!

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
This email address is being protected from spambots. You need JavaScript enabled to view it.
Sent from my iPhone

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Just Sold! 401 E California Blvd. #210, Pasadena

Our buyers just closed escrow on this remodeled end-unit condo in a prime Pasadena location.  The unit has quality finishes throughout, from the distressed maple hardwood floors throughout to the basaltina vulcanic rock countertops and farmhouse sink in the kitchen.  The living room has vaulted ceilings and a stone fireplace with alder wood mantle.  A loft on the second story, with full bath, adds extra space and leads to a large rooftop patio.  This is the perfect urban Pasadena home!

 

401 E California #210, Pasadena

 

401 E California #210, Pasadena

 

401 E California #210, Pasadena

 

401 E California #210, Pasadena

 

401 E California #210, Pasadena



Listing and Photos Courtesy of Roy Tucker, Re/Max Tri-City Realty

Listed for $579,000
Sold for $560,000 on September 20, 2011
2 bedrooms, 3 baths
1,860 sq. ft. (condo)

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California Median Price Hits 2011 High


California's Median Home Price Hits 2011 High







The state of California is soaking in the last rays of the calendar summer and cashing in on the last days of the traditional homebuying season, with sales soaring in August and the median home price touching on its highest reading of the year.



Data provided by the California Association of Realtors (C.A.R.) puts the statewide median price of an existing, single-family home sold in California last month at $297,060.


“August’s median price marked the highest since December 2010, signifying that prices may be stabilizing in some market segments, as investors and first-time buyers continue to see value and opportunity in the market,” said Beth L. Peerce, C.A.R. president.


The August price point is up 1 percent from a revised $294,050 in July. Last month’s was the highest reading in eight months, but remains 7.4 percent below the $320,860 median price recorded for August 2010.


The San Francisco Bay area registered a median price of $498,190 last month, while the Inland Empire came in at




$173,670, and the Los Angeles metro fell in between at $275,100.


Closed escrow sales of existing, single-family detached homes in California rose to a seasonally adjusted 497,390 units in August, up 8.6 percent from July, according to information collected by C.A.R. from more than 90 local Realtor associations and MLSs statewide. August home sales were up 10.2 percent from the same period last year.


Leslie Appleton-Young, C.A.R.‘s chief economist, says while the increase in August sales is encouraging, this data is largely based on closings that occurred before the debt ceiling debate in early August which spawned increased concern about the future of the U.S. economy.


“How these events and the impending reduction in the conforming loan limits will impact home sales and prices in the coming months remains to be seen,” Appleton-Young noted.


C.A.R.’s index of unsold single-family housing inventory was 5 months in August, down from 5.5 months in July and 5.8 months in August 2010. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.


The biggest backlog of housing stock can be found in the Los Angeles metropolitan area, but at only a 5.4-month supply, even that is well below the national average.


By comparison, the National Association of Realtors’ assessment of market conditions for the month of July put the overall inventory of unsold homes in the U.S. at a 9.2-month supply.


The California Realtor group reports the sales cycle for single-family homes was a median 52.7 days in August, compared with 45.5 days a year earlier.





Posted via email from Tracy's LA Real Estate



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Good News from DSNews

DS stands for Default Servicing, so if this publication is talking about sales going up, this is real news!

Sales of previously owned homes came in 18.6 percent higher last month when compared to August 2010, according to data just released by the National Association of Realtors. Completed transactions rose 7.7 percent on a month-over-month basis to a seasonally adjusted annual rate of 5.03 million. The latest numbers far surpassed market expectations. Many analysts were forecasting a decline while others were predicting a much more modest increase, with projections for the annual rate ranging between 4.61 million and 4.80 million.

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Just Sold! 2611 Oneida Street, Pasadena

2611 Oneida Street, Pasadena



2611 Oneida Street, a stylish mid-century home in Pasadena, closed last Friday (the 16th) with a final sales price of $580,000. This was one of the smoothest escrows we've had this year, always much appreciated! Features include the crips lines of the mid-century style, original details such as casement windows, hardwood floors and a fireplace in the living room. Skylights brighten the interior. More modern upgrades include central air and heat, a new patio cover and a fountain in the backyard. The spacious family room just off the kitchen opens up the floorplan and adds to the versatility of this 1600 square-foot two-bedroom, one-bath home.

Listed for $589,000
Sold for $580,000
2 bedrooms, 1 bath
Built in 1948
1,610 sq. ft. on a 7,850 sq. ft. lot

2611 Oneida Street, Pasadena


2611 Oneida Street, Pasadena


2611 Oneida Street, Pasadena


2611 Oneida Street, Pasadena


2611 Oneida Street, Pasadena


2611 Oneida Street, Pasadena


2611 Oneida Street, Pasadena


For more pictures and details visit www.2611OneidaStreet.com

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Just Sold! 1532 Rose Villa Street, Pasadena

1532 Rose Villa Street, Pasadena



After a year of traveling the world, our buyers were ready to settle back down in Pasadena.  We helped them buy 1532 Rose Villa Street, a Mediterranean-revival 3 bedroom, 2 bath home located on a tree-lined street.  Features include a Batchelder tile fireplace, gourmet kitchen, outdoor fireplace with built-in grill, in-ground jacuzzi, and period hardware throughout.

rosevilla


1532 Rose Villa, Pasadena


1532 Rose Villa, Pasadena


1532 Rose Villa, Pasadena


1532 Rose Villa, Pasadena



Listed for $1,175,000 by Cynthia Luczyski, Deasy/Penner and Partners
Sold for $1,184,000 on September 16, 2011.
2,094 sq. ft. on 0.25 acre lot
Built in 1925

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