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Lee Bothast's Blog

By Lee Bothast | Agent in South Pasadena, CA
  • CalTech Neighborhood Market Update for week ending 11/13/11

    Posted Under: Market Conditions in Pasadena, Home Buying in Pasadena, Home Selling in Pasadena  |  November 15, 2011 10:13 PM  |  650 views  |  No comments

    Market Update for Pasadena's CalTech Neighborhood for week ending 11/13/11?

    CalTech Area Real Estate is a Seller's Market. Here's why:

    - 2.3 months supply of homes trending

    -  7 Homes available (1 new this week)

    The 6 month numbers are as follows:

    Average Sale Price: $789,272

    Median Sale Price: $739,495

    Average Days on Market: 69

    Average Sale Price to List Price Ratio: 96.30

    Of Special Note this week:  A property that was just newly purchased this past September is becoming available again next week by it's new owner, an online entrepreneur. This follows another on Rose Villa that was new this week, so we are seeing a short term pick up in activity as we approach Thanksgiving. With currently 5 in escrow, 3 of which are scheduled to close this coming week, a shift towards a slight slowing in the micro-market will become apparent.  This will further the recent trend noted for the area, which is most likely holiday related. We'll have to wait a week to see what all of next weeks potential activity means for the numbers in the short run, however, the holidays should show a typical slowing trend to last through the middle of January 2012.

    And that's the market for CalTech Neighborhood Real Estate for the week ending 11/13/11!

    Lee Bothast, CN

    2nd Generation Pasadena Area Realtor

    Top 8% of All Coldwell Banker Associates 2010

    Coldwell Banker Residential Brokerage

    626.533.3929

    www.leebothast.com

    DRE #01512696

    www.1820villarica.com - RECENTLY SOLD

    www.1812lalomaroad.com - Not in the MLS


  • Pasadena Homes for Sale Market Update for the CalTech Area, week ending 11/6/11

    Posted Under: Market Conditions in Pasadena, Home Buying in Pasadena, Home Selling in Pasadena  |  November 8, 2011 9:56 PM  |  614 views  |  No comments

    How's the market in the Pasadena CalTech Real Estate area week ending 11/6/11?

    CalTech Area Real Estate is a Seller's Market. Here's why:

    •  2 months supply of homes trending

    • 6 Homes available (nothing new this week)

    The 6 month numbers are as follows:

    Average Sale Price: $789,272 (down about 75K from September)

    Median Sale Price: $739,495

    Average Days on Market: 69

    Average Sale Price to List Price Ratio: 96.30

    Of Special Note this week: I’ve received a few notes wondering where my column went, and well, I’ve been here, taking care of my clients. I’ve closed 5 transaction sides in the CalTech area over the last year, not including my clients in other areas and so whereas market updates are important, my clients are most important.  Returning to the market, the numbers show a very strong seller’s market, however, anecdotally, buyers are very discriminating, which has kept prices capped, despite continued multiple offer situations. All the numbers are moving in a downward trend by just a bit, which could be seasonal, but may also be attributed to continuing uncertainty in the overall economy and the upcoming election cycle. The activity is still very strong and the demand is high as the number of days a home is now at only 69 days, but this is up significantly from the summer, even though the 5 homes in escrow sold within an average of 25 days. We continue to see supply drying up, which is also reflective of the overall Pasadena market including San Marino and South Pasadena! It is expected that seasonal slowing will show a continued slowing trend until early 2012.

    And that’s the market for CalTech Area Real Estate for the week ending 11/6/11!

    Lee Bothast, CN

    2nd Generation Pasadena Area Realtor

    Top 8% of All Coldwell Banker Associates 2010

    Coldwell Banker Residential Brokerage

    626.533.3929

    www.leebothast.com

    DRE #01512696

    www.1820villarica.com - SOLD

    www.1882rosevilla.com - SOLD

    www.1812lalomaroad.com - Not in the MLS



  • San Rafael Hills Real Estate Market update for 10/2/11

    Posted Under: Market Conditions in Pasadena, Home Buying in Pasadena, Home Selling in Pasadena  |  October 2, 2011 10:28 PM  |  621 views  |  No comments

    How's the market in Pasadena's San Rafael Hills Real Estate area week ending 10/2/11?

    San Rafael Hills Real Estate is a Seller’s Market. Here's why:

    · 2.25 months supply of homes trending

    · 9 Homes available (1 New this week)

    The 6 month numbers are as follows:

    Average Sale Price: $763,460

    Median Sale Price: $750,000

    Average Days on Market: 56

    Average Sale Price to List Price Ratio: 99.21

    Of Special Note this week: Supply is Down!!  Are we seeing a contraction of the market preparing for an additional increase in demand? Perhaps, as this is the general trend in the West San Gabriel Valley. Agents galore are talking about the lack of choice for buyers right now. Specifically in the San Rafael Hills, this is partially due to sellers that did not want to respond to the market demand, withdrew their properties from the market, or simply leased the home. Nothing has closed since the 21st and only 4 closed in September. This may reflect the typical August dip in activity, and buyers waited til September as there are 6 properties in escrow, all of which entered escrow during the 9th month of the year. One of those homes will be interesting to watch, the wood sided home on La Loma, as we’ll have to see how the new owner renovates this unusual and interesting home.

    That’s the market in Pasadena's San Rafael Hills Real Estate area week ending 10/2/11

  • San Rafael Hills Real Estate Market update for 9/18/11

    Posted Under: Market Conditions in Pasadena, Home Buying in Pasadena, Home Selling in Pasadena  |  September 19, 2011 9:41 PM  |  615 views  |  No comments

    How's the market in Pasadena's San Rafael Hills Real Estate area week ending 9/18/11?

     

    San Rafael Hills Real Estate is a Seller’s Market. Here's why:

    · 2.4 months supply of homes trending

    · 11 Homes available (1 New this week)

     

    The 6 month numbers are as follows:

    Average Sale Price: $754,167 (Down about $50K from 2 months ago)

    Median Sale Price: $749,000

    Average Days on Market: 57

    Average Sale Price to List Price Ratio: 99.34

     

    Of Special Note this week: With 98% of summer behind us, things are expected to slow as fall begins, however, this time also means that sales numbers reflect the most active period of the year: summer. With such a short amount of supply in the San Rafael Hills, demand is clearly up. Days on market is down by a week from 2 months ago and the list price to sale price ratio is up over 99%! Of the homes that sold in the last 6 months, 17 were sold at or over list price – this is over half of all homes sold during that period. Demand is clearly up! One thing that is down is foreclosures, which the Hills never saw much of in the first place. One of the foreclosures from June is finally being cleared out this week and will surely become available over the next several weeks, but distress sales are still not a significant number. Most sales are by sellers making decisions irrespective of the world market issues. Let’s see what fall does, and the approaching election campaign period!

     

    That’s the market in Pasadena's San Rafael Hills Real Estate area week ending 9/18/11

    Lee Bothast, CN

    2nd Generation Pasadena Area Realtor

    Top 8% of All Coldwell Banker Associates 2010

    Coldwell Banker Residential Brokerage

    626.533.3929

    www.leebothast.com

    DRE #01512696

    www.1820villarica.com - IN ESCROW

    www.1882rosevilla.com - SOLD

    www.1812lalomaroad.com

  • How's the Real Estate Market in the Cal Tech Area of Pasadena for the week ending 8/19/11?

    Posted Under: Market Conditions in Pasadena, Home Buying in Pasadena, Home Selling in Pasadena  |  September 19, 2011 9:05 PM  |  633 views  |  No comments

    How's the market in the Pasadena CalTech Real Estate area week ending 9/18/11?

    CalTech Area Real Estate is a Seller's Market. Here's why:

    •  1 1/2 months supply of homes trending

    • 5 Homes available (nothing new this week)

    The 6 month numbers are as follows:

    Average Sale Price: $863,772 (down about 80K from just 2 months ago)

    Median Sale Price: $774,000

    Average Days on Market: 46

    Average Sale Price to List Price Ratio: 98.79

    Of Special Note this week: Summer comes to a close next week and it ended it’s run with quite a bit of activity, but not necessarily in a segment that a large part of the neighborhood would like to see, the lesser priced area. This activity caused some shift in numbers from late July, with the average sale price down about $80,000 and the median price down by about $200,000!!  These are big numbers, however, there is an explanation: volume in one segment of the neighborhood that simply outnumbers that in another. The activity is still very strong and the demand is high as the number of days a home is on the market before selling has shortened by 20 days and the average sale price to list price for the same period is up by almost 3%!  Also, a deeper look at the numbers show, now follow me here, the number of homes that sold at or over list is almost the same above and below the median price line! So, is it a good time to sell in the Cal Tech area?  Absolutely, however, price is still vital to individual success! As we move into the heart of fall, let’s watch and see if this demand continues as, anecdotally, we already see the supply is drying up!

    And that’s the market for CalTech Area Real Estate for the week ending 9/18/11

    Lee Bothast, CN

    2nd Generation Pasadena Area Realtor

    Top 8% of All Coldwell Banker Associates 2010

    Coldwell Banker Residential Brokerage

    626.533.3929

    www.leebothast.com

    DRE #01512696

    www.1820villarica.com - IN ESCROW

    www.1882rosevilla.com - SOLD

    www.1812lalomaroad.com


  • San Rafael Hills Real Estate Market Update for week ending 8/1/11

    Posted Under: Market Conditions in Pasadena, Home Buying in Pasadena, Home Selling in Pasadena  |  August 8, 2011 8:17 PM  |  532 views  |  No comments

    How's the market in Pasadena's San Rafael Hills Real Estate area week ending 8/1/11?

    San Rafael Hills Real Estate is a Seller’s Market. Here's why:

    · 4 months supply of homes trending

    · 12 Homes available (1 New this week)

    The 6 month numbers are as follows:

    Average Sale Price: $803,605

    Median Sale Price: $812,500

    Average Days on Market: 64

    Average Sale Price to List Price Ratio: 98.98

    Of Special Note this week: After a great long vacation, I’m back to update the market in San Rafael Hills! My apologies for all those that were in market update withdrawal. These short term numbers may pale in comparison to the world market news of the last week, however, it’s still good for anyone interested to track what’s happening. We started August in a rather stable position with not much change, although inventory is down a bit from the month ago numbers that were last reported here. There were 2 notable events over the last week, a private sale that closed escrow at $795,000 and one new availability at the bottom of the price range – an as-is sale on Elmwood that also includes an adjacent lot. With 9 in escrow that might be impacted by world news, we’ll have to see what next weeks numbers look like to see how our local market responds in the short term.  

    That’s the market in Pasadena's San Rafael Hills Real Estate area week ending 8/1/11
  • Pasadena's San Rafael Hills Real Estate Market Update for week ending 6/26/11

    Posted Under: Market Conditions in Pasadena, Home Buying in Pasadena, Home Selling in Pasadena  |  June 28, 2011 8:03 PM  |  560 views  |  No comments

    How's the market in Pasadena's San Rafael Hills Real Estate area week ending 6/26/11?


    San Rafael Hills Real Estate is a Balanced Market. Here's why:

    · 6 months supply of homes trending

    · 15 Homes available (3 New this week)


    The 6 month numbers are as follows:

    Average Sale Price: $816,133

    Median Sale Price: $825,000

    Average Days on Market: 75

    Average Sale Price to List Price Ratio: 98.66


    Of Special Note this week
    : If 2 weeks makes a trend, and that’s debatable, then we are seeing some market slowing. Despite today’s national news about prices going up, which are actually a measurement from March to April & are “old” in the context of this column, prices seem to have dipped a bit from the previous week. Days on Market dramatically shortened due to the 3 properties closing this week each having very short on market times (1 was 11 days!). What makes this trend notable, and paradoxical, is that the last 3 homes to close escrow all sold over list, not by much, but still over, which indicates multiple offer situations. Now there’s a lot of inventory and not an equal demand to keep things going briskly. Buyers may begin to see some more value in play if this trend continues, however, in this short range, I don’t think seller’s will want to sell low just yet as it will take some time for these numbers to percolate into the mainstream market and a true downward trend to be realized.

    That’s the market in Pasadena's San Rafael Hills Real Estate area week ending 6/26/11

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