Pasadena’s Million Dollar Homes For Sale

30% Of Pasadena Homes for Sale are >$1MM

There has been much talk lately about the Pasadena real estate market and where home prices are headed. An article appeared this week in the Pasadena Star News in which I supplied many of the statistics that were used in the feature story. I have also chronicled the increasing activity we see in the under $500,000 price arena, including how many buyers are running into frustration as they are up against multiple offers. Despite the fact that you can get an FHA loan with a 3.5% down payment just doesn’t guarantee that you will find someone willing to accept your offer.

But now lets flip the coin and look into Pasadena’s other housing market. This is a market you don’t hear too much about. It just doesn’t make news if a recent home sold at $3,250,000, down $500,000 from two years ago. As of today the available inventory of homes for sale over $1 million is about 100. Looking back at the Pasadena real estate market report for May, we saw 324 single family homes available for sale; therefore 30% of the current available inventory in Pasadena is over $1 Million. Now consider the homes sold in May, and only 10% of them were over $1 million.

Financing

A recent discussion with two mortgage lenders assured me that loans are available provided you have the necessary down payment, which in this case is 20%. What we are really experiencing is a tale of two housing markets. Going back and looking at the beginning of the financial crisis in early to mid 2007, we saw just the opposite. The market for low end homes all but shut down and it seemed the only homes that were selling, were the more expensive high end.

Since all of the focus has been on kick starting the housing market and getting many of the foreclosed homes sold and off the banks financial statements, don’t look for any incentives on luxury homes. This market has to be self sustaining because the mood in Washington, oh well I think you know the mood in Washington.

Below are all of the homes currently listed for sale in Pasadena over $1 million. It’s best if you create your very own VIP account and set up a custom search. You can also subscribe to buying and selling newsletters and have new properties sent to you via email once they arrive on the market.