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Pasadena, We’re One Month Closer
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With the end of July, we are one month closer to a turnaround in the Pasadena California real estate market. The July sales numbers will be reported in a few days, but until then here are some closing thoughts for the month:
Eco Broker Certified
Congratulations to our very own Pasadena Real Estate Broker Deena Willis! She received her Eco Broker designation and has been busy lining up stories this week that will address things you can do around your house to reduce your energy bills. Think your home is energy efficient? Wait until you read her report and then answer that question again. She met with an Energy Rater this past week and watched him perform tests around the house along with discussing a few of the other calculations and analysis that are included in the inspection. As we previously stated, our opinion is that the Energy Rating will become as commonplace with the purchase of a home as the general home inspection.
Pasadena’s Newspaper
Did you happen to see the Pasadena Star News this past Saturday? The headline “Downturn Hits Pasadena” featured a quote from “yours truly” regarding the Pasadena real estate market. Although the recent news concerning Pasadena has not been very positive lately, I believe Dan Abendschein presented a great article along with the obstacles facing our city.
However it’s not all gloom and doom. There is one industry that seems to be thriving and you know what it is if you drive through town. Road construction is booming in the Rose City!
Pasadena Real Estate on the Rise?
Is there a reversal happening in the real estate market? Are prices going up? 
Actually the City of Pasadena seems intent on raising the price of real estate. The real estate required to park your car, that is. New meters are going up throughout town on what used to be free street side parking. Now you are going to be emptying that spare change you carry in your console. I’m sure everyone has seen the white jeeps that say “parking enforcement” and have witnessed the drivers as they hang their long stick outside the window and play parking polo, chalking your tire with the white powder of expiration.
Tags: pasadena eco broker, Pasadena news
August 7th, 2008 at 7:04 pm
Pasadena appraiser here…No we are not about to turn around. Lending programs and products that were readily available less than a year ago are no longer available; The result is higher interest rates and higher qualification standards; these conditions result in less loans being made. Fewer loans available reduces the amount of purchase-ready buyers and increases the amount of competition among the sellers for those fewer buyers. When sellers are competing for buyers, they do so by lowering prices. Add the REO’s and Short Pays and we have one strange brew. Its not going to reverse anytime soon.
August 7th, 2008 at 11:38 pm
Mike,
Thanks for the comments. It’s nice to have someone comment who is in the industry. I agree with you. The market will be slow to turnaround.
As a matter of fact, my last post speaks directly to this issue.
http://www.up2daterealestate.com/2008/08/07/pasadena-median-home-price-history/