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.

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

The home on Charleton had multiple offers immediately after going on the market at a premium of $625 per square foot and is now in escrow.

Three out of four homes currently in escrow are over $2 million. Every Thursday broker open house I attend is busy with both real estate agents attending and buyers stopping by.

The lowest priced home in San Marino right now is at 1615 South Los Robles Avenue – a 3 bedroom, 3 bath priced at $989,500.

The highest priced home in San Marino is still the $7.9 million Old Mill Road estate. This luxury property sits on over 82,000 sq. ft. lot and has 8 bedrooms and 7 baths.

There is also one home for sale in unincorporated San Gabriel, but with coveted San Marino school district option. That home is at 7023 La Presa Drive and is listed for sale at $785,000. With 3 bedrooms and 2 baths, it’s a nice starter home for families looking to get their kids into San Marino schools.

San Marino real estate market statistics for September through November 2008

Data of San Marino homes for sale and San Marino solds was taken directly from ITEC (Pasadena Foothill MLS)

San Marino just had its annual Christmas Around the Drive and St. Albans is aglow to welcome the new year.

Read More: Visit San Marino City Guide

Another great resource for San Marino is www.SanMarinoCARealEstateHomes.com with community information and San Marino photos

Below is a live feed of all San Marino homes for sale in California 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

Originally posted at http://www.pasadenacarealestatehomes.com/san-marino-california-real-estate-and-housing-report-for-november-2008

I have never heard Leslie speak before and was surprised with her vibrant personality and down to earth style.  it’s always hard to deliver bad news to a room full of Pasadena realtors, but she did with style and ease.

It turns out that Leslie is a resident of Pasadena and has been living in our community for the last year and a half.  Pretty exciting for me since I’m hoping that I’ll run into her one day at Pete’s and will have an opportunity to pick her brain a bit. 

I will be writing a post over the next few days to share my thoughts on real estate market expectations for 2009 in Pasadena, but in the meantime, here’s what Leslie shared with the real estate community.

Personal Consumption:

American consumers have been spending more and saving less.  For the first time since 1992, personal consumption dropped.  Simply, this means that people buy less which causes employers to cut back jobs.

California is losing more jobs on average – California’s unemployment rate in August 2008 was 7.7% while United States as a whole was 6.1% in September 2008.

California Housing Permits:

New Housing Permits are down by 45.1% year to date in California – under 50,000 units compared to over 100,000 in 2007.  Builders are waiting for the existing inventory to be absorbed.

National Economy Outlook through 2009:

Read the full story on California Real Estate and Housing Outlook here.