Low-Mileage Living

pedestrian-living.jpgGlendale and Pasadena listing and sales data show some strength, even with many price reductions. A number of properties are going into escrow, although a much larger number than in the past are falling out of escrow and returning to market. The level of activity shows these locations are still desirable even in a weak market.

As Cindy Allen posted today, spiking fuel prices are inflicting more injuries on far-flung suburbs already wounded by the foreclosure crisis. Buyers are looking closer in to urban centers, even if they have to pay a premium. Many hope if they wait they won’t have to pay much more at all.

For buyers looking for low-mileage advantages, Glendale and Pasadena are among Southern California’s top communities. Both cities have pockets that are pedestrian-friendly, but not too high-density. Homes date from the 1930s or earlier to modern construction, and several neighborhoods feature distinctive architecture even for humble 2-bedroom residences, mature landscaping, and welcoming sidewalks.

Glendale’s 91201 zip code borders Burbank to the west, Griffith Park to the south, and the Verdugo Mountain foothills to the north. It is bisected by San Fernando Road, a commercial/industrial corridor of employers. Hiking trails, bike paths, an equestrian area, the Media Center mall with a surrounding outdoor shopping district, and entertainment industry employers are all within this area.

Multifamily complexes cluster around San Fernando Road and Glenoaks Boulevard, while single-family residences occupy the areas to the south and north. Current listings and three months of sales data show:

Condomiums sold: 3
Price per sq.ft.: $292

Condominiums on the market: 7
Average price per sq.ft.: $360
These 7 listings have been active for 41 to 267 days

Homes sold: 27
Average price per sq.ft.: $411

Homes on the market: 64
Average price per sq.ft.: $434
Median number of days on the market: 94

Most single-family homes from 1,500 to 2,000 sq.ft. are priced from around $750,000 to $800,000. There are currently 7 foreclosures listed for sale, all above Glenoaks Blvd., with a median price per sq.ft. of $371. One bank listed foreclosure, at 1241 Irving Ave., is listed at $699,990, or $324 per sq.ft.