Pasadena 91103 – Low Home Prices, High Foreclosure Numbers

Foreclosures make up 10 percent of single-family home listings near Lincoln Avenue in Pasadena zip code 91103. In my narrowed search I found 15 foreclosures and 150 listings.

More than one Redfin forum user has asked about this area of Pasadena, wondering why its homes are much less expensive than in other areas. One reason is its reputation as a higher crime area in the city. A 17-year-old girl was shot to death here last August, and another homicide occurred several blocks to the north in May 2008.

Another is that while its location is central, many homes here are very small, of advanced age, or not well-maintained. A run up in prices during 2004-2006 occurred here as many homebuyers were priced out of other areas. The run back down in prices has been almost as dramatic as in outlying areas.

The average listing price per square foot for foreclosures here is $256, while the average for Pasadena is $330.

A few noteworthy foreclosures:

1467 N. Raymond Avenue
$299,900 (reduced from $389,900)
4 bed/2 bath
1,664 sq.ft.
$180 per sq.ft.
On Redfin 64 days
This is a bank REO that sold for $760,000 in September 2006.

236 Crystal Lane
$318,000
4 bed/2 bath
1,593 sq.ft.
$200 per sq.ft.
On Redfin 434 days
Sold before foreclosure for $595,000 in April 2005, this property has been reduced in price seven times since it first came on the market in July 2007.

1939 Navarro Avenue
$512,000 (originally $799,000)
4 bed/2 bath
3,056 sq.ft.
$168 per sq.ft.
On Redfin 211 days
This 1914 Craftsman sold for $684,500 in November 2005. It has been reduced in price 12 times since it came on the market in February and features the lowest price per square foot in the area.

Dramatically lower prices have attracted buyers to the neighborhood: 56 sales took place during the past three months, with an average $273 per square foot sales price, higher than the average foreclosure listing prices. See the complete Redfin list and link to neighborhood stats and trends here.