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PRICE AND VALUE

In a market where prices are rising fairly consistently, price per square foot is essentially flat. This often implies
that new homes coming on the market are pricier, and also larger than older homes. As a result the value one can buy stays the same.

INVENTORY

Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.

Real estate market activity has picked up significantly in Pasadena and surrounding neighborhoods and San Marino is also seeing an upswing in activity.  Price per square foot has gone up to the high $500s in May and that is based on 14 closed sales.

San Marino’s Market Action Index is still in the home buyer’s zone, but is slowly climbing back up:

San Marino real estate market statistics for February 2009 through May 2009:

Search all San Marino homes for sale – live feed from the Multiple Listing Service below:

For more property detail, please visit San Marino Homes for Sale post.

READ MORE:

South Pasadena City Guide

Altadena Foreclosures List

Burbank Foreclosure Home List

Pasadena Foreclosure Home List

South Pasadena Foreclosure Home List

If you are thinking of buying or selling your San Marino home, please give us a call for a comprehensive and free consultation. We can be reached at 626-204-3340.

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

Pasadena, California

(626)629-8439

The least expensive San Marino home for sale is listed at $1,075,000 and is at 572 South Berkely Avenue.

The most expensive home for sale this month (as of today) is listed at $4,600,000 at is located at 1999 Oak Knoll in San Marino.

Overall, San Marino’s real estate market fared well in the month of February.

Read More: San Marino Real Estate Market Statistics, Inventory and More – February 2009

Here’s how the listing agents describe these homes:

572 S Berkely, San Marino
Designed and built by famed Calif. architect Wallace Neff, this Mediterranean-style cottage is located in San Marino with its award winning schools. Completely updated and extensively remodeled in 2004 with all new electrical, copper plumbing & refinished original oak floors throughout, the house preserves Neff’s well-designed floor plan & architectural detailing while creating today’s open living spaces. The top-of-the line kitchen features honed granite countertops, stainless steel appliances, & cherry cabinets. The spacious original bath has been remodeled with high quality fixtures, tile and lighting. A walk-in closet and master bathroom addition with marble countertops, flooring and tile was completed in 2007. With 7 full length French doors, 2 bricked patios, & a shaded back yard, the home is ideally suited to indoor/outdoor living & entertaining. It is located on an architecturally significant block within walking distance of the Huntington Library, Cal Tech & Lake Avenue.

1635 Rubio Drive, San Marino

Great curb appeal in this charming, Country English home on a quiet, tree-lined street in desireable San Marino.There are rooms for every family member. 3 Brs and 3 bths down stairs, Master Br. with private bath & balcony upstairs. Elegant LR with high vaulted ceilings, French and cathedral style windows set the tone for graceful living. The den in the front has 5 french style windows, some overlooking the front yard. Kitchen has built ins. Adjecent is the spacious FR with rock stone faced fireplace, opens to the patio & serene B/yard. There are two cozy fireplaces in the lower level. House has a lot of storage, a sky light, a wet bar & built in book shelves. Hardwood floors, central air and heat & central vaccum system are some of the other highlights. The room with bath behind garage is ideal as a guests’ room or maid’s quarters. Landscaped front yard with brick walkway is inviting.The house is centrally located and is within blocks to SM High School, post office & markets.

2280 Melville Drive, San Marino

This beautifully appointed one story traditional home with noticeable attention to detail , and was extensively updated and remodeled offering a well laid out floor plan.3 bedroom suites +powder room, formal dining room and family room w/fireplace. Kitchen amenities include granite counters, name brand appliances & generous eating area. Master bath w/spa tub. Wood shutters, crown moldings, recessed lighting & hardwood floors throughout are additional features. Covered patio and terrace have access from main rooms and over look lush rear garden- great for entertaining.

2780 Shakespeare Drive

This updated 4 bedroom one story traditional home is located north of Huntington Dr on a quiet street. It is in walking distance to San Marino High School. The house was extensively remodeled in 2001 with hardwood floors, crown moldings, custom draperies and recessed lighting. It features a spacious living room with fireplace and formal dining room with chandelier. The kitchen equipped with granite counter tops, beautifully finished walnut cabinets, breakfast nook that opens to large family room w/fireplace. There is a master suite w/walk-in closet, jet spa tub and a separate shower in master bathroom. A den with closet could be the 5th bedroom. All three bathrooms are updated with granite countertops. A detached garage with a gated driveway completes this wonderful family home. Sale is contingent upon seller’s new purchase and escrow to close concurently. Seller is presently in escrow with new home.

566 Winston Avenue, San Marino

Spectacular Spanish w/all the charm & curb appeal you can imagine. Formal style entry, elegant formal dining rm. The gourmet kitchen flows w/ continuity to the family rm (in the style of a great room) & the exquisite rear grounds complete w/ pool serving as the ultimate back drop for the newly remodeled custom cherry wood. Features include 2 convection + microwave),Dacor stove & griddle. Double sinks, butcher-block breakfast counter, Corian counter tops, a workstation, and appliance elevator. Amtico flooring and more-if the kitchen is a focal point for you…. you just found your dream home- as it overlooks the massive family rm w/ ample window space &natural lighting & an incredible decor of Spanish patio setting & as for your Soirees- they are sure to be a hit. 3 Remodeled bathrooms, gleaming hardwood floors, lovely mature foliage, this home shows like a model home. Just turn the key & move right in…you can be proud to call this home your won. Welcome to paradise….Welcome Home.

1891 Twin Palms Drive, San Marino
This charming one-story Spanish home is located within walking distance to Valentine Elementary and Huntington Middle Schools. The approach to the home is through double wrought iron gates into an enclosed patio, with arches lining the entrance porch. The entry leads to the spacious living and dining rooms. There is a light filled breakfast room adjacent to the kitchen. The master suite has bayed windows and a full bath. The two additional bedrooms, two baths and laundry room complete the floor plan. In addition, there is a large finished basement with windows, which is currently being used as a bedroom. The garden has recently been professionally landscaped and features a beautiful tile patio.

Read More: Corner of Twin Palms and Sherwood

2890 Walingford, San Marino

North San Marino Home w/ San Marino School Disatrict; 4Bedrooms 3Baths; Approx. Living Area 3,700 Sq.Ft., Lot Size 12,750 Sq.Ft.; 3 Car Detached Garage ; Hardwood Floor & Marble Fireplace; Formal Dining Room w/Panoramic Windows; Beautiful Kitchen w/Granite Countertops, Center Island w/Sink, SieMantic Euro Cabinets; Bright & Airy Interior; Crown Molding; Recessed Lighting; Built-in Stereo System; Fire-Free Tile Roof; Updated Electrical & Phone Lines; Newer Dual Central A/C & Dual Heating Systems; Copper Piping; Huge Master Bedroom w/ Spa Shower and Whirlpool Bathtub, Walk-In Closets; Reinforced Structure for EarthquakeSafety and Lots More!

968 Roxbury Road, San Marino

Stately Spanish style home in wonderful condition & surrounded by lush professional landscaping. Features include; Formal entry. Formal Living Room w/ coved high ceilings, oversized arched window & fireplace. Formal Dining Room. Expansive Family Room w/ surround sound. Large Kitchen w/ granite counters, Thermador Professional stovetop, Miele double oven & steam oven, 2 Miele dishwashers & sub-zero fridge/freezer. Sun Room/Office w/ French doors to backyard patio. Master Bedroom retreat w/ romantic balcony & master bathroom w/ dual sinks, separate shower & bathtub, and a huge walk-in closet. Three additional upstairs bedrooms, one w/a balcony. Laundry room. Hardwood floors throughout. Recessed lighting in the kitchen, sun room & family room. Character windows & other accents such as Spanish style tiling, fixtures, crown molding & wrought iron railing. Wonderfully landscaped backyard w/ brick patio,built-in BBQ area & dark bottom pool w/attached spa. Basement and 2 car detached garage.

1999 Oak Knoll Avenue, San Marino

Nestled on 1.7 acres of magnificent park-like grounds framed by majestic trees in a prime west San Marino neighborhood adjacent to the renowned Langham Huntington Hotel, this stately Monterey Colonial estate features tall ceilings, crown moldings, hardwood floors and charming, spacious rooms with French doors to a glorious backyard. Situated more than 180′ from the street, this comfortable home showcases an impressive foyer, grand LR, elegant DR, paneled den, 4 fireplaces, 2BR down & 6BR upstairs. Meandering bricked pathways lead to an inviting pool & spa, sprawling lawn, rose garden, fruit orchard, grassy meadow with fountain, gazebo, wisteria-covered terraces and a charming 945sf pool house with fireplace, wet bar, two bathrooms & kitchenette, perfect for entertaining. Four-car garages, workshop plus two huge storage rooms complete this fabulous gated estate. Convenient to top public schools, shopping, dining, downtown LA & Pasadena, this wonderful oasis is a special treasure!

Information on the homes above was taken directly from ITEC (Pasadena Multiple Listing Service).

If you are interested in seeing all homes for sale in San Marino, below you will find a direct feed from the MLS (Multiple Listing Service) service that updates real time:

See all homes for sale in Pasadena and surrounding cities here.

I thought that it would be fun to see what’s happening in the San Marino real estate market real time as well. Here’s a chart that will give you an at a glance look at median and average home prices, inventory and absorption, and of course price per square foot.

Let me know what you think and if you find this information useful.

By the way, if you are looking to see which homes are available for sale, take a look at the listings below or read a couple of my posts highlighting some of the newer listings at 1868 Palmas Drive in San Marino and 1104 Lorain Road in San Marino:

READ MORE: Changes in first time home buyer tax break – Obama’s Stimulus package

Even though, the price per square foot for closed sales is at $513, San Marino home sellers are still hoping to sell their estates in the $600 per sq. ft. range based on the new home pricing.

Read More: San Marino Luxury Sales for December 2008
The one bank owned home in St. Albans finally went under contract yesterday and no more foreclosures are in sight.

Time will tell if the San Marino real estate market can sustain its exclusive prices.

Here’s what the San Marino Statistics for the last three months looked like – November 2008 through January 2009:

Data above compiled from ITEC (Pasadena Foothill Association of Realtors and Multiple Listing Service)

Read More: San Marino real estate statistics for December 2008

San Marino Real Estate – Five Years in Review

Here’s a list of all San Marino luxury homes for sale for your review:

SUBSCRIBE TO WEEKLY SAN MARINO REAL ESTATE MARKET REPORT BY THE PREMIER REAL ESTATE REPORTING ANALYSIS FIRM, ALTOS RESEARCH

FIND SAN MARINO HOMES FOR SALE

Posted by Irina Netchaev, San Marino Luxury Home Real Estate Specialist

Out of the 10 San Marino home sales in December 2008, 8 luxury homes were sold over $1,000,000.

1. 1603 Charlton Road, San Marino – Listed for $2.8 million and sold for $2.915 with multiple offers over one weekend.
MORE INFO and PHOTOS: Luxury Home for sale – 1603 Charleton Road in San Marino California
2. 1802 Carlisle Drive, San Marino – Listed for $1,350,000 and sold for $1,325,000
3. 1808 Saint Albans, San Marino – Luxury San Marino home close to Lacy Park was listed for $2,295,000 and sold OVER asking for $2,431,000.
4. 950 Roxbury Road, San Marino – Listed for $3,650,000 and sold for $3,400,000.
5. 880 Canterbury Road, San Marino – Listed for $2,395,000 and sold for $2,025,000.
6. 1852 West Drive, San Marino – Listed for $1,679,000 and sold for $1,585,000
7. 1016 Roxbury Road, San Marino – Listed for $1,399,000 and sold for $1,350,000.
8. 2065 Courtland Avenue, San Marino – Listed for $4,280,000 and sold for $3,400,000.

Information gathered from ITEC (Pasadena Foothill Association of Realtors)

It is also interesting to note that the first San Marino foreclosure at 2975 Wallingford also closed escrow at $925,000. This bank owned house was originally priced at $965,000.

READ MORE: First San Marino Foreclosure

Please click below, if you are interested in seeing luxury homes for sale in San Marino:

San Marino Luxury Real Estate For Sale

You can also take a look at San Marino homes for sale below:

To see any of these luxury homes, please call Irina at 626-627-7107.

This home is listed by an REO real estate agent out of Orange County and is offered at $2,049,000. MLS#12120524

The Real Estate Agent description states:

PROPERTY WAS UNDER CONSTRUCTION AND STOPPED. UNFINISHED AND ROUGH ELECTRICAL, PLUMBING AND ROOF. NO HEATING, A/C, APPLIANCES, DYWALL, ETC. LOCATED ON ONE OF THE MOST DESIRABLE STREETS IN SAN MARINO. JUST DOWN THE STREET FROM LACY PARK. 3 BEDROOMS, PLUS LIBRARY, AND 4.5 BATHS. FORMAL DR, LR AND LARGE KITCHEN. FIREPLACE IN LIBRARY AND LR. BANK REO – MAJOR FIXER – PROPERTY SOLD IN AS-IS CONDITION. PLEASE USE CAUTION WHEN VIEWING AND ENTER A YOUR OWN RISK.

Sorry for all caps, but this is taken directly from the Pasadena Multiple Listing Service.

It looks like this San Marino foreclosure has been fenced in and some work was done to the lawn.

What do you think? Is the asking price correct?

Read More: Foreclosure Auction
Foreclosures and REOs – what is the difference?

Here’s the 1525 St. Albans, San Marino information directly from the MLS:

I wanted to focus on a historical look at San Marino’s home prices over the last five years.    A couple of items jump out at me:

• The volume of San Marino homes sold in 2008 is three times less than 2003 – 110 compared to 304 San Marino home sales, respectively.
• San Marino price per square foot peaked in 2007 at $611 per sq. ft. of  living space and didn’t really come down significantly in 2008.  The year ended with an average price per square foot of $582.  That’s only a 4.8% decrease off of “peak” levels.
• Average sales price for San Marino homes came down a bit from 2007 levels.  San Marino home buyers purchased smaller homes in 2008 vs. 2007.
• San Marino home sellers are having a hard time accepting that San Marino home prices came down even a little bit and are still pricing homes a little higher than the real estate market can currently bear in San Marino.
• San Marino homes are still quite in demand with the marketing time being less than 2 months and matching 2007 levels.
• Buyers purchasing homes in 2003 or before have gained quite a bit of equity given San Marino’s home price appreciation over the last five years.

San Marino Real Estate Market Home Sales Analysis 2003-2008:

Compare San Marino five year historical data with Pasadena’s five year historical data by visiting: Pasadena Real Estate Housing Analysis – Five Years in Review

So… what is keeping San Marino home prices up while other neighborhood cities like Pasadena are experiencing a down turn.   Most of the existing San Marino residents will cite the following:

1. Award winning and top rated San Marino School District. 
   Many home buyers thinking of relocating to San Marino look at how well San Marino schools are performing and decide to invest their money into their home vs. paying for a private school.  Not only are San Marino schools excelling in academics, but they also offer a lot of extra-curricular activities like sports and drama among others
2. Small town, family atmosphere.  As you walk through Lacy Park or go into any of the San Marino restaurants and boutiques, you are sure to run into a friend of a neighbor.  People know one another and look out for each other.  San Marino has its own library, fire and police departments.  Huntington Library and Lacy Park, and of course, it’s next to Pasadena with its entertainment and museums and is located just minutes from downtown LA.

Learn more about San Marino by visiting San Marino City Guide.

If you are interested in starting a search for your San Marino homes or are just curious to see what is on the real estate market in San Marino, a list of all San Marino homes available can be found below:

SUBSCRIBE TO WEEKLY SAN MARINO REAL ESTATE MARKET REPORT BY THE PREMIER REAL ESTATE REPORTING ANALYSIS FIRM, ALTOS RESEARCH

Posted by Irina Netchaev, San Marino Luxury Home Real Estate Specialist

Read Also:  San Marino real estate market update for November 2008 for complete real estate statistics.

San Marino’s Luxury Property Sales for November 2008:

More details on the home sales below:

Information gathered from ITEC (Pasadena Foothill Association of Realtors)

If you are ready to start your San Marino luxury home search or thinking of relocating to San Marino, here’s a list of all homes available for sale in San Marino today:

READ MORE:  San Marino Schools are #1 in California again!

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