Home Buying in Pasadena>Question Details

Bravo, Home Buyer in Irvine, CA

Pros & cons of property at 261 S Catalina ave, Pasadena 91106? Price recently went down to $579k. Public facts show 2 bedrooms but remodeled...

Asked by Bravo, Irvine, CA Thu Aug 16, 2012

To almost 3 bedrooms (the one upstairs looks more like a loft- with 1/2 bath and no door). Looks like it's in a good neighborhood but Is it in good school district? It has stayed in market for more than 6 months...

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LISTING PRICE
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.

Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)

Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.

Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
1 vote Thank Flag Link Thu Aug 16, 2012
My concern is with the property itself. The downstairs is nice with 2 bedrooms & 2 baths. We need a 3 bedroom home but The upstairs is a huge bedroom with only 1/2 bath and no door. If you search trulia to see the home, do you think the price is still reasonable with the layout of the property? I heard elementary and middle schools are not so bad compared to Pasadena high school. My son is 6 weeks old now so by then he can attend private schools or we already move (hopefully not). I'm meeting with my realtor on Sunday so we'll see. I just wanna get a feel of how other people look at property.
0 votes Thank Flag Link Thu Aug 16, 2012
Good luck - if things don't work ouf with your agent, please give me a call. I live in Pasadena and know the area well.
Flag Thu Aug 16, 2012
This little house is in a great neighborhood near Cal Tech and south Lake Ave shopping and restaurants. It listed in February originally for $629K and has been dropping in price in small increments. With the increase in the market, it should be getting close to selling soon. Public schools in Pasadena don't have the best scores, but they have many excellent private schools. If I can help you, call me. Still, it doesn't mean that all Pasadena schools are horrible. I have an affluent friend whose children went to public schools, and their son was accepted to Princeton. She did say, however, that she felt it was important to take an active role in the children's education.

Patti Sano
Sotheby's International Realty
626-201-7813.
0 votes Thank Flag Link Thu Aug 16, 2012
I hate to say it, but Pasadena really doesn't have any great schools. As far as pros and cons of a property, the best way to determine that is to visit it as it is so subjective. Issues for me would be that it is next door to a 2 story complex and 1 door down from a major/busy street. On the plus side, it's in the Caltech neighborhood. If you would like to see this house, let me know and I can arrange that.
0 votes Thank Flag Link Thu Aug 16, 2012
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