Reasons why condos are a great second home!

If you make a Pasadena Condo or Pasadena Townhome your second home chances are you will be very happy with your choice.

More than seven in 10 condo and townhome owners say they are satisfied with their purchase, according to a recent survey conducted by Zogby International for the Foundation for Community Association Research. The foundation conducts surveys periodically to keep track of the perceptions of owners who live in condos and townhomes and also to identify trends in the condo market.

There are a number of reasons why satisfaction is such a big trend in regards to communities governed by homeowners associations. Compared to single‑family homes, condos are generally less expensive. Cheaper prices make condos cheaper to operate as a vacation home, because property taxes, homeowners insurance and utility bills cost less. Townhomes and condos are also easy on your back!


Landscaping chores are not managed by you but by the association. Given the average condo has a smaller sq. footage than the average single family home keeping the interior clean and up to date is much easier. If this property is a vacation home then this means much less time and money spent on upkeep.

What's more, the homeowners association, as the community's on‑site governing body, is there to serve the best interests of the community. The association protects your home's value, provides security for the community and uses a professional management company to keep on top of operations.

Furthermore, the association is there to serve the best interests of the community. They protect your homes valuem, provides security and uses professional management companies to keep on track of operations.

All and all, with a single‑family home, not only could you spend more, but you are also pretty much on your own keeping things in working order. And lets face it who wants to being doing that when you could be enjoying your investment and entertaining guests!!

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ALICANTE VILLA TOWNHOMES ARE NOW FOR SALE

I came across these gorgeous new Pasadena townhomes for sale that I thought I should tell you about. They are designed by the architectural firm of Tyler and Gonzalez, Alicante Villas represents a wonderful opportunity to live in a new community of town homes located in the heart of Pasadena. This newly built home is not only elegantly finished, but designed with todays lifestyle needs. There are hardwood floors, crown moldings, recessed lighting, cherry cabinets, stainless steel appliances, and an abundance of slab granite and travertine surfaces. The powder room features a pedestal vessel sink. The master suite includes dual vanities in the bath. The unit has direct access to your private two car garage, as well. The homes are built around a lovely courtyard, complete with fountain, gazebo covered sitting area, and rose garden. Exterior details include; smooth finish plaster, custom tile accents, decoratively finished corbels, patios, and balconies with elegant iron work. They are also conveniently located to shopping areas and restaurants.

There are two and three bedroom townhomes available, listing price starts at $699,000. View more Pasadena Homes for sale or find a Pasadena Real Estate Agent that specializes in new construction.

Short Sales Defined - Rise of Pasadena Foreclosures

The rise of Pasadena foreclosures have saturated the local market. It seems that almost every neighborhood has at least one home that is in the process of foreclosure. If you don't know what the term "SHORT SALE" means, it it defined as the following:

A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.

From the California Association of Realtors, "Homeowners faced with stalled appreciation, little or no equity, and subprime adjustable-rate mortgages (ARMs) that are resetting to higher rates are combining into something of a perfect storm. * Many subprime borrowers are barely treading water and others have precipitated a wave of foreclosures that is unlikely to ebb anytime soon. * The statistics are daunting. In April, DataQuick reported that the number of default notices (NoDs) sent to California homeowners last quarter increased to its highest level in almost 10 years. Between January and March, NoDs were up by 23.

For Buyers:

This is a great time to buy Pasadena foreclosure homes. The banks have finally awakened and are ready to negotiate with qualified buyers. Most banks minimum requirements for accepting offers has been 10% down, strong fico scores, and being able to provide proof of income. If you meet these basic requirements, then you can buy many great Pasadena Foreclosure opportunities.

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Where To Find Million Dollar Foreclosures

In Southern California, foreclosure opportunists are going after cheap homes in downtrodden neighborhoods, but there are plenty of million dollar-plus homes out there, in good neighborhoods, which have fallen into foreclosure as the result of shoddy lending practices, speculative buyers and homeowners walking away from a negative equity situation.

Many of those in the high-end foreclosure market were traditionally good borrowers with strong credit scores, unlike the profile of the typical subprime borrower. Still, the same gaffes occurred on the lending approval side, as people were given excessively high loans, based on the presumption that housing prices would continue upward.

Foreclosures have always been present in the top end of the market, but what best accounts for the increase are negative equity situations. For Pasadena homes around the million-dollar mark, it's a case of the home no longer matching the value of the loan. Many of the million dollar-plus Pasadena homes listed as foreclosures and REOs were built in the last five years and are now worth significantly less than the inflated prices the owners originally paid. But it's not necessarily that buyers didn't put down enough money or had a piggyback loan; the owners may have owed more on the house than it was worth, sinking them into a negative equity situation. Banks are often reluctant to list foreclosures for less than the loan's outstanding value because they don't want to take a loss. In addition, they're usually paying a brokerage firm to list the house, as banks aren't in the business of owning and selling property.

Brokerages take foreclosed home listings on a case-by-case basis.
Despite the previous owners not being able to, or not wanting to, make payments, there's nothing wrong with the houses. The best way to find such homes is through a local Pasadena Real Estate Agent that knows the foreclosure inventory. View Pasadena Foreclosure Homes and Pasadena Luxury Homes for sale.

Foreclosures are not all bad news for the high-end real estate market. In fact many buyers see the current market as a financial opportunity. The increase in foreclosures has driven interest from investors, out-of-town and foreign buyers looking to snag a deal in sunny California.

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New Pasadena Condos

Pasadena has become the most exciting place for night life in the San Gabriel Valley with chic shops, fine restaurants and state of the art movie theatres. Cinema Lofts are the newest development of Pasadena condos located in the heart of the city. The 37 loft condominiums have the benefits of both a residential and urban setting and are located in an elegant tree lined community just blocks from the vibrant urban center of Pasadena, the Paseo Colorado Mall and Old Town Pasadena.

There are several floor plans to choose from and prices begin at $365K. Features include city or mountain views, vaulted ceilings, Caesar stone quartz counter tops, stainless steel appliances, balcony or patio, gated parking and high tech internet wiring. For more information on Pasadena Real Estate Listings visit the website of Pasadena Real Estate Agent Ramiro Rivas.

Pasadena Craftsman Homes

Pasadena is known for it’s unique and unparalleled Craftsman architecture homes.
This spectacular 1923 Craftsman Home has recently been updated and is located on beautiful street. The home has 3 bedrooms and 3 baths in the main residence and a gues house. Main residence is 3,044 square feet and sits on a 13,440 square foot lot. The home features a large kitchen and entertainment area that includes handmade kitchen tiles and insets, hand blown scavo lights. Home also offers a large living room with a beautiful stone fireplace, formal dining room with large built-in cabinetry, and separate office / den. It’s currently listed for $1,279,000, view more Pasadena Luxury Homes.

The Craftsman Movement (also known as the American Arts & Crafts Movement) emerged in the early 20th Century in the United States as an outgrowth of the English Arts & Crafts Movement. Its hallmark is a philosophy of honest, simple design expressed in hand-made creations by skilled craftsmen. While the Movement flowered throughout the U.S., Pasadena became a particularly strong center for Craftsman style design including architecture, art, and ceramics. International recognition of Craftsman expression in Pasadena has been accorded to the work of architects Charles and Henry Greene, tilemaker Ernest Batchelder, artists Elmer and Marion Wachtel, and writer/photographer Helen Lukens Gaut, among others.

View more Pasadena Real Estate listings for sale or locate a Pasadena Real Estate Agent that can help you find Craftsman style Pasadena Homes.

Buying An Affordable Pasadena Home

If you're in the market to buy a new home, second home, vacation home or investment property in Pasadena, with loan interest rates as low as they've been in 40 years, there's never been a better time to buy a home then now!

Are you looking to buy a home in Pasadena? It is a good idea to get approved for a loan first, before you start shopping with a Pasadena Real Estate Agent. Your real estate professional will require that you already have your Pre- Approval letter so you may submit it with your purchase offer. At minimum, get pre-approved, not just "pre-qualified".

The next step is to find the best mortgage broker, who will work out the best financing for you, by offering the lowest mortgage rate. Whether you're purchasing a new home, refinancing, or looking for a home equity loan, this process is simple, takes only a few minutes and puts the power of competitive bidding in your corner. Once you have found a mortgage rate that satisfies your home loan needs, contact the mortgage company and get started on financing your future!

The next step is to figure out how much of a mortgage you can afford. This is one of the key criteria banks look at when they approve your home loan. And considering the expensive housing market in California and especially in Los Angeles County, the level of home affordability is a very important thing to determine. You can sample the mortgage calculator, a tool that is provided online by your Pasadena Real Estate Agent that allows you to have an idea how large of a home loan you can afford for your new Pasadena home; approximately how much you will pay each month on your home loan depending on the interest rate and loan amount. View Pasadena Real Estate listings.

Pasadena Luxury Homes: Rare Opportunity

I came across this stunning Pasadena Home that I thought you should know about. Rarely do you get the chance to own new construction in an established and sought after area of Pasadena. The prestigious Langham, Huntington Hotel and Spa (formerly the Ritz-Carlton) area. Attention has been paid to every detail in this beautiful Spanish style residence. Experience the towering grandeur as you enter the two-story foyer. Enjoy a cozy fire in one of the three fireplaces. After a long day, unwind on the upstairs balcony overlooking the fully landscaped yard. This beautiful 4 bedroom Pasadena home is listed with Coldwell Banker for $2,350,000. View more Pasadena Real Estate Listings or find a Pasadena Real Estate Agent.

Builders offer buyers price guarantees

Below is an article I found interesting about what a major developer is doing to promote buyer confidence:

The Orange County Register, updated 2:45 a.m. PT, Mon., Feb. 18, 2008

Faced with plummeting home sales and reluctant buyers, some homebuilders are offering a plan designed to take the worry out of buying when prices are falling.
At least three companies in the region are offering price guarantees.

One plan promises to lower the amount a buyer pays for a new home if prices drop after they buy, but before they get their keys. Another lets buyers back out of deals and get their deposits back if their home is appraised for less than they paid.

How it works
KB Homes’ North Los Angeles division began offering price guarantees in January through May. If the base price of a buyer’s home is less at closing than they paid, the company will honor the lower price.

Steve Ruffner, KB Home’s president for the five-county division that includes Orange County and the Inland Empire, said his office will roll out a price protection plan at the end of the month for its Clementine condo project in Placentia.

It will appear at other projects in KB’s Southern California/Coastal Communities division within the next 90 days, he said. Ryland Homes offered a similar plan. Although its sales event ended, Ryland will honor the price guarantee should a customer ask for it, Barlow said.
Capital Pacific Homes’ plan is being offered at seven Inland Empire developments in Corona, Murrieta, Menifee, Beaumont, Winchester and Victorville. It also is available at one development in Lancaster. The company is looking at extending it after the Feb. 28 expiration date, Hernandez said.

Under Capital Pacific’s program, buyers can back out of deals and get their deposits back if the home loan appraisal issued about 30 days before closing shows that the home value is less than the price tag.

“We don’t have oodles of rules,” he said. “It’s really simple. You get your money back.”

Pasadena Craftsman Homes

Pasadena is known for it’s unique and unparalleled Craftsman architecture homes. This charming craftsman built in 1911 is truly a diamond in the rough and is waiting to be fully restored to it’s full character and charm. It’s spacious 2,176 sq. ft. floor plan boasts 4 bedrooms and 3 baths. It’s currently listed for sale at $584,000, view more information on this and other Pasadena Homes.

The Craftsman Movement (also known as the American Arts & Crafts Movement) emerged in the early 20th Century in the United States as an outgrowth of the English Arts & Crafts Movement. Its hallmark is a philosophy of honest, simple design expressed in hand-made creations by skilled craftsmen. While the Movement flowered throughout the U.S., Pasadena became a particularly strong center for Craftsman style design including architecture, art, and ceramics. International recognition of Craftsman expression in Pasadena has been accorded to the work of architects Charles and Henry Greene, tilemaker Ernest Batchelder, artists Elmer and Marion Wachtel, and writer/photographer Helen Lukens Gaut, among others.

View more Pasadena Real Estate listings for sale or locate a Pasadena Real Estate Agent that can help you find Craftsman style Pasadena Homes.

Pasadena Condos: Home or Condo?

Condominiums and townhouses offer an affordable option to single-family homes in many markets, and they’re ideal for those who appreciate a maintenance-free lifestyle. But before you buy, make sure you do your legwork and seek the help of a Pasadena Realtor. These are some of the important elements to consider:

Storage. Some condos have storage lockers, but usually there are no attics or basements to hold extra belongings.

Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you dread yard work, this may be the perfect option for you.

Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.

Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home — good news if you like to travel.

Security. Keyed entries and even doormen are common in many condos. You’re also closer to other people in case of an emergency.

Reserve funds and association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees decided by the condo board, whether or not you’re interested in the amenity.

Resale. The ease of selling your unit may be dependent on what else is for sale in your building, since units are usually fairly similar.

Condo rules. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets, or don’t allow owners to rent out their units. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.

Neighbors. You’re much closer to your neighbors in a condo or town home. If possible, try to meet your closest prospective neighbors.

See Pasadena Condos and other Pasadena Real Estate Listings for sale

Pasadena Real Estate: Tips To Selling Your Home

In a down market, whether you're selling a multi-million dollar mansion or a condo, pricing it well affects how long it sits on the market. When it's a buyers' market, time is of the essence, and the longer a house sits, the less it will eventually sell for. Especially if you have a high-quality property, don't be afraid to sandbag the listing price to garner more interest. Chances are the money you lose here will be less than if you listed it higher and subsequently reduced the price.

Tip #1: Proper Pricing

Economists, brokers and home sellers agree a mispriced home sits on the market longer, and eventually sells for less than a similar, correctly priced home. The same theory holds for trophy properties. Slightly lowballing a price upfront often results in a higher sales price, because it generates greater interest and more offers. It is also less likely to languish; when this happens, buyers wait, hoping its price will go further south. In a down market, that's a good way to go for houses that, in an up market, would have multiple offers.

Tip # 2: Employ An Internet Savvy Pasadena Realtor
More often that not, realtors add enough value to the sale of your home to make up the 6% of the sale price they will receive in commission. The National Association of Realtors (NAR) estimates that three-quarters of home buyers start their searches online. The most important thing is to choose a realtor with online presence and who is familiar with your neighborhood. Search online on sites such as Craigslist.com or type in Pasadena Realtor in Google.com. Pick a realtor with heavy internet presence. In a down market, a realtor with internet marketing knowledge becomes critical, because he or she knows how to market to not only local buyers but also to potentially thousands of buyers searching for a Pasadena Real Estate Listings on the internet.

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Pasadena Home For Sale

This fabulous Pasadena home exhibits Contemporary features and great detail throughout. Your first step invites to an open living and dining area making it perfect for entertaining. The living area is light and bright with high ceilings, a gorgeous fireplace, and recessed lighting. The kitchen has plenty of cupboard/counter space, ceramic tile, and it opens up to the adjacent dining area. Upstairs you have three spacious bedrooms with plenty of closet space. Two rooms share a full bath, and the master bedroom has a three-quarter bath. Additional features include laundry area, two car attached garage, and beautiful landscaping. See more photos of this Pasadena Home.

See the Virtual Tour of this Pasadena Home

This Pasadena Real Estate is being offered at $589,000. 3 Bedrooms, 2 Baths, 1374 sqft. 565 Palisade Street, Pasadena, CA 91103.

Pasadena Homes: New Townhomes Now Available

There is a really nice new development of Pasadena townhomes called Fair Oaks Summit that have just been reduced in price. They are located on Fair Oaks just minutes from Old Town Pasadena and the Paseo Colorado Mall.
The Pasadena craftsman-style homes feature spacious and bright floor plans with lots of natural lighting. Other features include a fireplace and entertainment niche in the living room, large dining room, French doors, gorgeous kitchen with granite countertops, beechwood cabinetry, designer hardware and fixtures, energy-saving appliances and ceramic tile flooring. The Master Suite includes dual wardrobe mirror doors and a bath with dual sinks, separate shower and generous tub. The residences are pre-wired for an alarm system and cable television. There is also a spacious two-car attached garage with remote control.

There was recently a huge price reduction on a few of the units so if you are looking to purchase Pasadena Real Estate, I highly suggest taking a look at these townhouses.

Pasadena Foreclosures on the Rise!

The number of Pasadena Foreclosures is on the rise. Recently, I have noticed that the banks are finally listening to the news. Since inventory is up to six months on the market, many bank owned properties are getting their prices slashed anywhere from $50K to even $100K off Pasadena market home values.

Now, the surge of home buyer's are coming out of the wood works and are taking advantage of these incredibly low interest rates. Some of the Pasadena Countrywide REO's are being offered at beyond bargain prices.

Go to our professional Pasadena Real Estate website to learn more about the process of buying Pasadena Foreclosure Homes and Pasadena Foreclosure Condos.