Glendale, Pasadena Foreclosures Show Lower Percentage Drops

Glendale and Pasadena’s bank-owned listings are being offered at 10 to 40 percent off the last pre-foreclosure sale price. Discounts as steep as those Property Shark reported in outlying L.A. County areas and parts of the Valley (and reported by Anita and Christina on this blog) haven’t quite made it to these enclaves in So Cal.

I have found – and reported on – several properties here that sold for less than the lenders’ costs to take them back (check out this post, for example). It is easy to see a home’s sales history on Redfin listing or sales pages, and to download whole searches to Excel for analysis.

Today, I downloaded August 2008 Redfin sales data, and current MLS-listed foreclosures, for Glendale and Pasadena. My findings:

Average August 2008 Sales Price (226 sales of homes and condominiums):
Glendale: 114 sales, $349 average sales price per square foot
Pasadena: 112 sales, $386 average sales price per square foot

Current MLS-Listed Foreclosures (single-family homes and condominiums):
Glendale: 38 listings, $347 average listing price per square foot
Pasadena: 65 listings, $330 average listing price per square foot

A RANGE OF FORECLOSURE LISTINGS (% lower than pre-foreclosure sale price):

GLENDALE

1414 Thompson Avenue
$499,900 (75%)

3833 El Lado Drive
$899,900 (68%)

3907 La Crescenta Avenue, #203
$334,900 (88%)

PASADENA

1132 N. Raymond Avenue
$419,000 (61%)

314 S. Hill Street
$1,100,900 (74%)

276 E. Elizabeth Street
$384,900 (79%)

Photo courtesy of d&e