Last month, fifty-one Pasadena homes closed escrow. Prices ranged from $437,000 for a 700 square foot 2 + 1, to $7,000,000 for the Cravens Estate. The Cravens Estate was initially listed for $10,500,000 and sold for $7,000,000. Pricing luxury property is often the most difficult as there are limited comps (comparable properties).
Twenty-nine Pasadena homes sold over the asking price, three at the listed price, and nineteen for less than asking.
The lack of real estate listings in most Southern California neighborhoods wreaks havoc for Los Angeles home buyers. Sadly, the homeownership rate is at its lowest since 1965. Owning a home is becoming more and more elusive. At my open houses, I see many of the same buyers repeatedly. And housing prices continue to escalate. Successful home buyers are allowing seller rent backs, shortening contingency periods, and, in some instances, waiving most contingencies and sometimes even writing non-contingent offers. It’s highly competitive.
A 900-square-foot home on Hudson sold for $146,000 over the asking price. In this current market, the bestselling strategy is to have an aggressive asking price; buyers will determine the final selling price.
