Last month July 2022 the most expensive home to sell was 720 S. San Rafael Ave. Pasadena. Despite being originally listed for $9,800,000, this gorgeous Arroyo Seco home sold in fifty days for $9,600,000.The home was previously listed in 2004 for $5,700,000, then reduced to $4,940,000 and eventually taken off the market.
MLS remarks for 720 S. San Rafael Ave. Pasadena read: An extraordinary real estate offering sited on the East bank of San Rafael Avenue overlooking the Arroyo Seco. This unparalleled gated estate is available for the first time in 40 years and boasts breathtaking views, authentic mid-century design, and dual parcels. The principal residence is situated on over 86,000 square feet of lush grounds. Views encompass the San Gabriel Mountain range, iconic Pasadena landmarks, and the environs beyond.
The property includes a gradual drop, maximizing the spectacular vistas and providing a unique multi-leveled outdoor space that is nothing less than spectacular. Enter the private, lush property past the gated entrance to find a magical wonderland of surprises. Extraordinarily green and inviting, the grounds seem to transport you to a refuge beyond, a hideaway. Verdant lawns and towering trees create an enchanting oasis curated with entertaining areas. Undulated vantage points and meandering paths—always somewhere to explore. Art is immediately part of the home experience, with beautiful exterior installations. This rare single-story compound is situated on a quiet stretch of the prestigious South San Rafael district. The residence, offering 5-bedrooms, 7-bathrooms and 6,255 square feet of living space, is as beautiful as functional.
A long-covered patio greets guests, and inside, the home has been maintained authentically with impeccable timeless detail and condition. Tile floors lend an adobe feel, and glass walls put the priceless view on full display. The glass-walled living area includes an oversized fireplace, views of the resort-like pool, spa, and lush gardens, and easily connects to a romantic dining room. A wood-paneled library office with a corner fireplace features tree-top views and is another unique respite. The kitchen is spacious, with white cabinetry and stainless-steel appliances.
Each bathroom and bedroom provide its exquisite design details, genuine to the period. A guest home includes a studio bedroom, sitting area, kitchenette, 3/4-bathroom, private entrance, and scenic views spanning from the Colorado Boulevard Bridge to the La Loma Road Bridge. An enchanting tree house is on-site as well—just follow the wooden footbridge to the dreamy nook full of imagination, complete with a slide and porch. A motor court with a circular driveway features a two-car detached garage and a three-car carport adds ease. This is an oasis that will continue to amaze and inspire.
Over the past few weeks, inflation and recession have remained the economy’s focal points. After the Feds’ decision to maintain aggressiveness in their interest hike, weaker than anticipated economic growth in the second quarter exerted pressure on interest rates, leading to a further decline since the release of the latest GDP report. As a result, the average 30-year fixed-rate mortgage dipped to the lowest level since mid-April, as reported by Mortgage News Daily. This has created a slightly more favorable lending atmosphere, coupled with a higher level of listing inventory, which may have opened a window of opportunity for homebuyers who had set aside their home buying dreams.
Related Post: Pasadena Housing Market Update
Very tricky to time the purchase of a home around the dips and spikes of the rates. Must be so frustrating to buyers and potential buyers