March 7, 2008

$200K: Pasadena And Surrounds

Channeling the Wall Street Journal’s recent $200,000 median price check where they deemed Rochester, NY their dollar value champ, finding a 2,109 square feet 3 bed/2.5 bath house for $201,400– and factoring the “more than one-half acre” lot into the equation. Their nearly 3000 Sq. Ft. Dallas cul-de-sac house with pool might seem even more attractive to some eyes, mine included.

Let’s apply that locally. You’ll notice right off the bat that the listings here are all condos and most of them are just north of the $200K national median. Buying a single family home here at this price point, even during this crisis/disaster/meltdown- whichever term you feel most appropriate, remains a kind of steadfast pipe dream. These condominiums are also all below 1000 square feet, well below in some cases.

A 2/2 at 736 N Garfield is the largest of the current Pasadena offerings at 829 sq.ft, while $185K nets you a Manhattan-approved 229 sq.ft place in the historic Barcelona.

Here is an interesting one in neighboring Arcadia, where medium home price is significantly higher than either Pasadena or Glendale. 1025 W Huntington is the sole property listed in the city currently under the $250K filter. It’s relatively spacious, and at $197/sq.ft, it comes across as a definite deal.

Fact is, $200,000 housing while not exactly plentiful, can be found had in these cities. Transpose this search to much of the west side and things get less sparse, and more non-existent.

PASADENA
736 N Garfield AVE #104
$225,000
Pasadena, by Charles SongBeds: 2 / Baths: 2
SQ.FT.: 829

85 N Madison AVE #22
$185,000
Beds: - /Baths: 1
SQ.FT.: 299

221 S Marengo AVE #2
$220,000
Beds: 1 / Baths: 1
SQ.FT.: 710

GLENDALE
377 W California AVE #18
$229,000
Beds: 1 / Baths: 1
SQ.FT.: 726

515 N Jackson ST #202
$239,000
Beds: 1 / Baths: 1
SQ.FT.: 680

510 N Jackson ST #309
$250,000
Beds: 1 / Baths: 1
SQ.FT.: 749

ARCADIA
1025 W Huntington DR #K
$228,000
Beds: 3 / Baths: 2
SQ.FT.: 1,160


  • Corntrollio, you are right, the Arcadia property is one with an asterisk, but still a deal with the consideration comps are typically asking twice as much-- at the bare minimum!
  • Corntrollio
    Oddly enough, all of these are still somewhat bubble-priced, even if the nominal price is "low."The Pasadena 299 sqft one definitely bubble-priced.

    The Arcadia one doesn't sound like as much of a deal if you consider the land lease for $780/month. And note that the HOA for that one is considering purchasing the land that the condo complex is on -- hello HOA fees in the future!
  • They are not as decrepit or small as they might come across in my photo! Or maybe they are. I know that in Seattle (and other parts of LA) such dealerships would likely be dazzling new modernist wonders, (I still remember that new Lexus dealership in Bellevue) but I suppose that's an illustration of some of Pasadena's preservationist heart. Here's a google streetview of it:

    http://blog.redfin.com/losange...
  • Bahn
    They're selling Bentleys and Audis out of old storefronts in Pasadena? Interesting.
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