Archive for March, 2012
Pasadena Restaurant Week 2012
Posted by Sunyoung in Pasadena Community Information on March 25, 2012
It is that time of year again! Starting today and running through Friday March 30th, diners have a wonderful opportunity to sample some of the best restaurants in Pasadena at bargain prices. This year, the second for the event, has almost 50 restaurants participating. Depending on the venue and menu, prices vary somewhat. Dinners are three-course meals for $26, $35 or $44. An even better deal are two-course lunches for either $15, $20 or $25. For more details including a list of participating restaurants, visit Pasadena Restaurant Week’s official website.
Teenage Girl Buys House for $12,000
Posted by Sunyoung in Miscellaneous on March 18, 2012
NPR reported a wonderful story about a fourteen year old girl in Florida. Willow Tufano began her career by selling items on Craigslist that were left behind in foreclosed houses. Before long she was making $500 a month. She saved her money and when a property came up for auction for $12,000 that had been worth $100, 000 at it’s peak, she went in halves with her mother to buy the property. After a significant clean up and some renovation, Willow was able to rent out the house to a couple for $700 a month. Have we discovered the next generation’s Trump?
We are all familiar with the unfortunate suffering that many have been subjected to with the housing bubble and collapse in areas like Florida. This was such a great silver lining story about an up and coming entrepreneur of the next generation. Read the original NPR article or this report from the Huffington Post which includes before and after pictures of the home.
Donald Trump Echoes Buffett Saying Buy a House
Posted by Sunyoung in Miscellaneous on March 13, 2012
Donald Trump was interviewed on CNBC this morning. Repeating what Warren Buffett and he both said a few weeks ago, Trump stated that now is a amazing time to buy real estate. Trump’s primary reason was a little different than Buffett’s however. Buffett was looking at the value of houses where the prices are a third off of their highs coupled with record low mortgage rates. The Donald, on the other hand, was suggesting real estate because he is expecting hyper inflation at some point in the future. Real Estate would be expected to serve as an effective hedge against inflation. Nassim Taleb, author of the book “The Black Swan” was also on TV today and mentioned real estate (along with stocks) as necessary investments against the future hyper-inflation that he is predicting.
Trump brought up one interesting thought regarding REO, or bank owned properties for sale. He suggested that if you are buying a property from a bank, they may be more willing to give someone a mortgage if it is to take one of their own properties off of their hands. I am not sure if this is true or not, but it does make some sense. Click here to hear Trump’s interview.
Unemployment in the Greater Pasadena Area
Posted by Sunyoung in Pasadena Community Information, San Marino Community Information, South Pasadena Community Information on March 12, 2012
A lot of attention is paid to the connection between the unemployment rate and the housing market. The belief is that higher unemployment rates lead to more distressed sales which tend to drive down prices. This statistic is usually tracked on a national and regional basis. Since the health of real estate markets can vary so much from one town to another, it makes sense to evaluate unemployment on a more local basis as well.
For the Pasadena area, there is good news and bad news. The bad news is that while California state’s unemployment rate went down in January, the rate in the Pasadena area increased. The positive is that even with this increase, the rate in the area is still well below the state average. The Burbank Leader reports that California state’s rate was 10.9% in January, down from 11.2% in December. Local rates were as follows: Pasadena 9.2% up from 8.9%, South Pasadena 6% up from 5.8% and San Marino 5.5% up from 5.3% in December.
We will periodically track these local numbers and their influence, if any, on the local real estate prices.
Arcadia CA Real Estate Market Trends for February 2012
Posted by Sunyoung in Arcadia Market Trends on March 11, 2012
The following is the month end data for real estate activity in Arcadia for February 2012. For any questions, please feel free to contact me through my main website, or click here to browse Arcadia homes for sale.
| Market Profile & Trends Overview | Month | LM | L3M | PYM | LY | YTD | PriorYTD | PriorYear |
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| Median List Price of all Current Listings | $739,000 |  |
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| Average List Price of all Current Listings | $1,086,460 | |
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| February Median Sales Price | $603,000 |  |
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$603,000 | |
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| February Average Sales Price | $619,500 | |
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$653,136 | |
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| Total Properties Currently for Sale (Inventory) | 20 | |
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| February Number of Properties Sold | 7 | |
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11 | |
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| February Average Days on Market (Solds) | 24 | |
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27 | |
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| Asking Price per Square Foot (based on New Listings) | $405 | |
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$396 | |
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| February Sold Price per Square Foot | $375 | |
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$387 | |
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| February Month’s Supply of Inventory | 2.9 | |
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4.9 | |
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| February Sale Price vs List Price Ratio | 99.1% | |
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97.8% | |
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| * LM=Last Month / L3M=Last 3 Months / PYM=Same Month Prior Year / LY=Last Year / YTD = Year-to-date |
Property Sales
February Property sales were 7, up 16.7% from 6 in February of 2011 and 75.0% higher than the 4 sales last month. February 2012 sales were at their highest level compared to February of 2011 and 2010. February YTD sales of 11 are running 37.5% ahead of last year’s year-to-date sales of 8.
Prices
The Median Sales Price in February was $603,000, up 33.1% from $453,000 in February of 2011 and down -4.6% from $632,000 last month. The Average Sales Price in February was $619,500, down -1.7% from $630,500 in February of 2011 and down -13.0% from $712,000 last month. February 2012 ASP was at a mid range compared to February of 2011 and 2010.
Inventory & MSI
The Total Inventory of Properties available for sale as of February was 20, down -28.6% from 28 last month and equal to 20 in February of last year. February 2012 Inventory was at a mid range compared to February of 2011 and 2010.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The February 2012 MSI of 2.9 months was at its lowest level compared with February of 2011 and 2010.
Market Time
The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for February was 24, down -25.0% from 32 days last month and down -51.0% from 49 days in February of last year. The February 2012 DOM was at a mid range compared with February of 2011 and 2010.
Selling Price per Square Foot
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The February 2012 Selling Price per Square Foot of $375 was down -8.1% from $408 last month and up 5.9% from $354 in February of last year.
Selling Price vs Original Listing Price
The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The February 2012 Selling Price vs Original List Price of 99.1% was up from 96.9% last month and up from 99.0% in February of last year.
Inventory / New Listings / Sales
This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in February 2012 was 9, down -25.0% from 12 last month and up 125.0% from 4 in February of last year.
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Pasadena CA Real Estate Market Trends for February 2012
Posted by Sunyoung in Pasadena Market Trends on March 10, 2012
The following is the month end data for real estate activity in Pasadena for February 2012. For any questions, please feel free to contact me through my main website, or click here to browse Pasadena homes for sale.
| Market Profile & Trends Overview | Month | LM | L3M | PYM | LY | YTD | PriorYTD | PriorYear |
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| Median List Price of all Current Listings | $625,000 | |
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| Average List Price of all Current Listings | $1,006,432 | |
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| February Median Sales Price | $489,500 | |
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$515,000 | |
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| February Average Sales Price | $722,769 | |
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$694,424 | |
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| Total Properties Currently for Sale (Inventory) | 297 | |
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| February Number of Properties Sold | 56 | |
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97 | |
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| February Average Days on Market (Solds) | 87 | |
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81 | |
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| Asking Price per Square Foot (based on New Listings) | $406 | |
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$418 | |
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| February Sold Price per Square Foot | $399 | |
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$396 | |
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| February Month’s Supply of Inventory | 5.3 | |
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6.3 | |
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| February Sale Price vs List Price Ratio | 97.4% | |
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97.4% | |
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| * LM=Last Month / L3M=Last 3 Months / PYM=Same Month Prior Year / LY=Last Year / YTD = Year-to-date |
Property Sales
February Property sales were 56, up 12.0% from 50 in February of 2011 and 36.6% higher than the 41 sales last month. February 2012 sales were at their highest level compared to February of 2011 and 2010. February YTD sales of 97 are running -23.6% behind last year’s year-to-date sales of 127.
Prices
The Median Sales Price in February was $489,500, down -5.4% from $517,500 in February of 2011 and down -6.8% from $525,000 last month. The Average Sales Price in February was $722,769, up 13.3% from $637,773 in February of 2011 and up 10.2% from $655,707 last month. February 2012 ASP was at highest level compared to February of 2011 and 2010.
Inventory & MSI
The Total Inventory of Properties available for sale as of February was 297, down -0.7% from 299 last month and down -22.7% from 384 in February of last year. February 2012 Inventory was at the lowest level compared to February of 2011 and 2010.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The February 2012 MSI of 5.3 months was at its lowest level compared with February of 2011 and 2010.
Market Time
The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for February was 87, up 17.6% from 74 days last month and up 1.2% from 86 days in February of last year. The February 2012 DOM was at a mid range compared with February of 2011 and 2010.
Selling Price per Square Foot
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The February 2012 Selling Price per Square Foot of $399 was up 2.0% from $391 last month and up 8.4% from $368 in February of last year.
Selling Price vs Original Listing Price
The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The February 2012 Selling Price vs Original List Price of 97.4% was up from 97.3% last month and up from 96.7% in February of last year.
Inventory / New Listings / Sales
This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in February 2012 was 99, down -14.7% from 116 last month and down -9.2% from 109 in February of last year.
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San Marino CA Real Estate Market Trends for February 2012
Posted by Sunyoung in San Marino Market Trends on March 9, 2012
The following is the month end data for real estate activity in San Marino for February 2012. For any questions, please feel free to contact me through my main website, or click here to browse San Marino homes for sale.
| Market Profile & Trends Overview | Month | LM | L3M | PYM | LY | YTD | PriorYTD | PriorYear |
|---|---|---|---|---|---|---|---|---|
| Median List Price of all Current Listings | $1,698,000 | |
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| Average List Price of all Current Listings | $2,088,175 | |
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| February Median Sales Price | $2,575,000 | |
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$2,250,000 | |
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| February Average Sales Price | $2,575,000 | |
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$1,980,600 | |
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| Total Properties Currently for Sale (Inventory) | 20 | |
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| February Number of Properties Sold | 2 | |
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5 | |
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| February Average Days on Market (Solds) | 130 | |
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82 | |
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| Asking Price per Square Foot (based on New Listings) | $591 | |
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$601 | |
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| February Sold Price per Square Foot | $723 | |
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$607 | |
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| February Month’s Supply of Inventory | 10.0 | |
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7.8 | |
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| February Sale Price vs List Price Ratio | 104.6% | |
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99.5% | |
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| * LM=Last Month / L3M=Last 3 Months / PYM=Same Month Prior Year / LY=Last Year / YTD = Year-to-date |
Property Sales
February Property sales were 2, down -33.3% from 3 in February of 2011 and -33.3% lower than the 3 sales last month. February 2012 sales were at their lowest level compared to February of 2011 and 2010. February YTD sales of 5 are running -16.7% behind last year’s year-to-date sales of 6.
Prices
The Median Sales Price in February was $2,575,000, up 53.7% from $1,675,000 in February of 2011 and up 114.9% from $1,198,000 last month. The Average Sales Price in February was $2,575,000, up 25.5% from $2,051,333 in February of 2011 and up 62.5% from $1,584,333 last month. February 2012 ASP was at highest level compared to February of 2011 and 2010.
Inventory & MSI
The Total Inventory of Properties available for sale as of February was 20, up 17.6% from 17 last month and down -44.4% from 36 in February of last year. February 2012 Inventory was at the lowest level compared to February of 2011 and 2010.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The February 2012 MSI of 10.0 months was at a mid range compared with February of 2011 and 2010.
Market Time
The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for February was 130, up 160.0% from 50 days last month and up 202.3% from 43 days in February of last year. The February 2012 DOM was at a mid range compared with February of 2011 and 2010.
Selling Price per Square Foot
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The February 2012 Selling Price per Square Foot of $723 was up 36.7% from $529 last month and up 14.0% from $634 in February of last year.
Selling Price vs Original Listing Price
The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The February 2012 Selling Price vs Original List Price of 104.6% was up from 97.4% last month and up from 98.6% in February of last year.
Inventory / New Listings / Sales
This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in February 2012 was 14, up 55.6% from 9 last month and down -12.5% from 16 in February of last year.
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Adjustable or Fixed? What Mortgage to Get Now
Posted by Sunyoung in Mortgage News and Information on March 2, 2012
Most people that I speak with immediately assume that with interest rates at record low levels, of course you should go with a fixed rate mortgage. The truth is that the answer is not so black and white but let’s see what the experts are saying now. Renowned mortgage expert Barry Habib of Residential Finance Corporation was interviewed this morning on CNBC’s squawk box show discussing his views of the housing market and what types of mortgage options are attractive today. He makes a few interesting points such as the value of having an assumable mortgage down the road should interest rates go up in the future and also discusses construction loans. Click here to see the video of his interview.
My take on the ARM vs Fixed discussion has always boiled down to who is going to carry the interest rate risk. If you go with a fixed rate, the risk falls on the bank. However, you have to realize that this comes at a cost and that you are paying them extra to take on the risk for you. Whether this makes sense for you or whether you should take on the risk of rising rates yourself and take a lower rate in return depends on a number of factors such as how long you plan on staying in your home and the ability to cover your expenses in the worst case interest rate scenario. The bottom line is that there is no “right” answer for ARM vs fixed. Both have pros and cons and you must see which fits your particular circumstances better.
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