Pasadena Real Estate: A Look at the Numbers

Pasadena is considereda powerhouse city located only ten minutes northeast of Los Angeles. The city has earned a reputation as one of the region’s cultural hubs. As a result of this – not to mention the fact that the city itself is remarkably planned with beautiful streets and neighborhoods – homes in Pasadena have become a hot investment. Why? Because Pasadena is an outstanding place to live, as the numbers show.

Located in the Northeast next to the San Gabriel Mountains and Arroyo Seco River, Pasadena is an oasis where many people and businesses have called home. As the 183rd largest city in the US, Pasadena is loaded with interesting and valuable amenities such as Old Town Pasadena, the Rose Bowl, the Pasadena Playhouse and the Norton Simon Museum. Of course, like many cultural destinations, how artistic the streets reflect the art in the city and homes are and Pasadena is all about artful living.

This explosion of culture over many decades has produced many variations of home styles including Midcentury, Spanish Revival, Cottages and Victorians. Subsequently, Pasadena was one of the leading entities of the Arts & Crafts Movement in the early 20th century. This resulted in massive production of the American Craftsman and Bungalow style homes.

Pasadena has worked hard to preserve these rarities by setting laws and ordinances in order to preserve important areas as historic landmark districts. For example, “Bungalow Heaven” is a collection of 800 Craftsman homes that were built between 1900 and 1930 that have been legally protected since 1989. Pasadena provides tours of these preserved homes to provide a unique experience to tourists and residents alike.

Seeking out real estate in Pasadena is all about the desire to own and live in some of these fabulous homes that often come up for sale. When they do, they don’t last long and the final sales price is often much higher than what was asked. Bidding wars for homes for sale in Pasadena are the rule, not the exception. The top producing Pasadena real estate agents stay busy and on their toes.

According to the 2000 U.S. Census, Pasadena had a population of 134,941 people. Spread out over 25.15 square miles, there were approximately 5,366 per square mile, this is average for Los Angeles County. The average income was $62,825, which is average for the county. The average household size was 2.5 people, which is a low number for Los Angeles.

WalkScore.com has given Pasadena a score of 66 out of 100. This means that Pasadena is somewhat walkable and some errands can be completed on foot. Pasadena has a bike score of 72 out of 100 meaning that it is very convenient to own a bicycle. Public transportation is very accessible in Pasadena. The Los Angeles Metro Gold Line Rail has six stations in Pasadena. In addition to the Los Angeles Metropolitan Busses that serve the city, Pasadena has its own bus system – the Pasadena Transit. Four major freeways run through Pasadena including the Foothill Freeway (I-210), the Ventura Freeway (SR-134), the Long Beach Freeway (SR-170) and the Arroyo Seco Parkway (SR-110).

Zillow estimates that the average home value in Pasadena is $720,300. This is a 5.5% increase since last year’s average. Zillow predicts that this rate will increase 1.9% over the next year up to $734,000. The average listing price per square foot is $538 which is higher than the Los Angeles average of $390. The current market temperature in Pasadena is “Very Hot” meaning that it is an ideal market for Sellers. The average price of homes currently listed is $799,000 while the average rent price is $2,600. This is lower than the Los Angeles median of $2,995. Compared to other markets across the country, Pasadena’s Market Health is a 7.9/10. Only 8.6% of listings get a price cut and 4.1% of homes sell below their previous sale price. Due to the bustling nature of this beautiful city, we expect Pasadena to remain a high contender on the housing market.

Mt. Washington Real Estate: A Look at the Numbers

For many years – decades, in fact – the LA district of Mount Washington was one of the hidden treasures of Los Angeles neighborhoods. All of that changed during the real estate boom of the mid-1990’s and since that time, the run on Mt. Washington homes for sale has been akin to the California Gold Rush. Homebuyers, investors, home flippers and creative types of have been snapping up Mt. Washington real estate as fast as they can. Let’s look at what the facts and the numbers tell us.

Mount Washington is located in Northeast Los Angeles just south of Eagle Rock, west of Highland Park and Northeast of Cypress Park. This mountainous community is located in the San Rafael Hills. Every house is situated on unique and hilly terrain. This eclectic community is home to many styles of houses, which allows people to build on lots of all shapes, sizes and slopes.

The various styles include: Cottages, Midcentury Moderns, Spanish, Hillside Midcenturies, Historic Craftsmen, Tree House Cabins, Bungalows and Craftsman Bungalows.

According to the LA Times, the population of Mount Washington was 13,531 people in 2008. With its 1.85 square mile radius there were 6,878 people per square mile. This is about average for Los Angeles County. The average income in 2008 was $57,725 and 2.9 people per household size. Both of these numbers are average for the county.

Even though the houses are on hills, Mount Washington is surprisingly accessible for walking, biking and public transportation. According to WalkScore.com Mount Washington is somewhat walkable with a score of 50. Some errands can be accomplished on foot. The transit score for Mount Washington is 59, meaning there are many convenient public transportation options – including the Gold Line Metro what deposits travelers at the Southwest Museum. Lastly, although this community is decorated with a slue of steep hills, there are some bike lanes on the main roads earning a bike score of 35.

Zillow states that the Home Value Index of Mount Washington is $720,100. This is an increase of 5.1% since last year. Zillow predicts the value to increase 2.8% up to $740,000 by the end of the year. The average price per square foot is $612, which is higher than the Los Angeles average of $451 per square foot. The average rental price is $2,942 per month.

Since Redfin named Mount Washington one of the hottest cities in the country, house flipping increased in like wildfire throughout the community. In effect Zillow has labeled the housing market as “Cold” because it has become ideal for the Buyer with so many fresh homes to choose from. Because of this increase in listings, approximately 11.5% of listings end up shaving their price down. Compared to other markets in the nation, Mount Washington has a market health of 2.2/10. This is part of the average real estate flux. People will continue to search for homes in Mount Washington, but eventually the majority of the homes will be house flipped and/or sold. Once the number of listings decrease the community will turn back to “Hot” – a Seller’s Market – with hoards of people trying to obtain property in this hidden oasis of Los Angeles.

Echo Park Real Estate: A Look at the Numbers

From LA’s earliest days, people have wanted to live in the storied neighborhood of Echo Park. It is a densely populated area and residents are always in the process of coming and going, therefore there are always homes for sale in Echo Park at any given time. Since the early 1920’s, Echo Park real estate has been in demand and that is how it is today. Why? Let’s take a closer look and see what the numbers say.

Echo Park is an eclectic city located in Central Los Angeles about ten minutes from Downtown. At the center of the city is the renowned Echo Park Lake in Elysian Park, which is the site of special events like the Lotus Festival. Echo Park is northwest of Chinatown and Downtown, northeast of Westlake and south east of Silver Lake.

There are four districts within Echo Park.

• Angelino Heights – This area is known for the beautiful Victorian homes that are preserved by the city’s ordinances.

• Elysian Heights – This area is historically known for being the home of famous counter-culture artists, filmmakers, architects and political radicals.

• Historic Filipino town – This section is located in the southwest section of Echo Park.

• Victor Heights – A lovely area scattered with Bungalows and Stucco homes that share breathtaking views of Los Angeles and the Civic Center.

Throughout the four districts of Echo Park, the most common types of homes are Bungalows, Cottages, Victorians and Stuccos. According to the 2000 U.S. Census there were 40,455 people in Echo Park. Spread over 2.4 square miles there were approximately 16,868 people per square mile. This makes Echo Park one of the highest density areas in Los Angeles County. The median household income was $37,708, which is low for Los Angeles County. The average household size was 3.0, which is average for the county.

Echo Park has a high Walk Score of 83/100. This means that most errands can be accomplished on foot within the city. Echo Park’s transit score is 62. This city has good transit and provides its residents with many public transportation options. These include the Metro Red and Metro Purple Line, numerous bus routes and ride sharing options from Relay Rides. Echo Park received a bike score of 49 because of the steep hills and minimal bike lanes.

According to Zillow, the average home value in Echo Park is $795,100. This value has increased 14.4% since last year and Zillow estimates it will continue to rise 4.3% to $829,000 over the next year. The average price of homes that are currently listed in Echo Park is $742,450. The median list price per square foot is $618, which is higher than the Los Angeles average of $451. The average rental price in Echo Park is $2,967 a month. Zillow has given the Echo Park Market Health a score of 8.2/10, which is very healthy in comparison to other markets across the country. This is based on a series of metrics including how fast the homes are selling compared to the past rate. Echo Park’s prime location and thrilling culture will be sure to keep the housing market rolling for many years to come.