Short Sale Listings Surge: Another Pasadena History Milestone

Short sales are surging on the lower-priced end of Pasadena’s real estate market. Searching Redfin for listings in 91104, I found a few decent single-family homes with over 1,000 square feet priced under $500,000. Looking at each listing, I found that most of these were short sales, or foreclosures after unsuccessful short sale attempts.

To me this looks like a record in Pasadena real estate listing history. Although I’m not attempting an analysis here, I welcome comments from anyone who is studying the matter.

If you are interested in Pasadena history beyond the recent starter home short sale surge, LA Brain Terrain is publicizing a free (reservations required) noontime series of lectures beginning today at the Pasadena Museum of History. The Museum location is the beautiful Fenyes Mansion, pictured here on Pasadena Daily Photo. LAist blog readers close to Pasadena: here is your chance to fulfill one of the blog’s recommended New Year’s Resolutions: checking out Pasadena’s many museums and cultural attractions.

As for short sale history, here are four homes just east and north of the museum, all over 1,000 square feet and all priced just under $500,000:

815 North Marengo Avenue
$480,000 (originally $580,000)
3 bed/3 bath
1,472 sq.ft.
$326 per sq.ft.
On Redfin 28 days
This home was built in 1906. The listing states that this is a short sale with trustee sale taking place August 22.

1985 Santa Rosa Avenue
$499,000
4 bed/2 bath
1,740 sq.ft.
$287 per sq.ft.
On Redfin 30 days
This is not listed as a short sale, but the last sale price was $639,000 in 2006.

885 North Euclid Avenue
$450,000 (originally $544,000)
4 bed/2.75 bath
1,294 sq.ft.
$348 per sq.ft.
On Redfin 120 days
Public records show this as a duplex (I was wondering how 4 bedrooms and 3 bathrooms could comfortably fit into 1,294 square feet). This sold in December 2006 for $645,000, and this July 14 for $385,000. Since it has been on Redfin for four months, it appeas as if the lender foreclosed and kept it on the market.

1946 North Los Robles Avenue
$450,000
2 bed/1 bath
1,346 sq.ft.
$330 per sq.ft.
On Redfin 3 days
The listing says only “short sale!!!” This last sold in May 2005 for $620,000.