Pasadena Real Estate Enjoys Strong First Quarter, Coldwell Banker Specialist Says

Thursday, July 11, 2019 | 10:24 pm

The real estate market rode a post-2018 election surge in sales, through the new year before slowing down during tax season, and then picking up again after May.

That’s the word from Darrell Done, sales manager, global luxury director and architectural properties specialist at Coldwell Banker Residential Brokerage.

Summarizing the Pasadena situation, Done said the market is strong and, fortunately, interest rates have fallen, increasing sales activity over the last month.

“I believe that we will see this healthy market continue at least until the end of the year,” he concluded.

Done said the real estate market is easy to generalize with broad stroke statistics, but the devil is in the details relating to location and price range.

“Depending on the uniqueness of the specific property, the market reaction will be either immediate with multiple interest or it will languish,” Done said. “Prices continue to rise, but only if the perception of value is there by the consumer.”

Done oversees the estates division information as it relates to the ongoing programs offered through Coldwell Banker for the greater Pasadena area that includes Altadena, San Marino, South Pasadena, and La Canada Flintridge.

“We have seen more price adjustments this year than in the recent past,” he said.

He attributed the price adjustments to an increase in inventory, which he said was still below historic averages, and to last year’s interest rate hikes. Some of the current inventory include properties that never sold last year and remain as active listings, he said.

Sales year-to-date are less by about nine percent than last year in the $700,000 up to $2 million range, he said, but the market above $2 million is up. The $4 million-and-above range of properties is up 50 percent from last year, Done added.

“Buyers have decided to wait for ‘the perfect house.’ This is requiring for the list price to be as precise as possible in order to instill a sense of value to the buyers. Now more than ever, it is necessary for a seller to work with an agent who know the specifics of their area,” he said.

Done said your real estate agent should be a local expert, know all the recent sales and be able to speak first-hand about the properties included in the market analysis and how they compare with the subject property. He said buyers are well-informed and will make a quick judgment if the property is priced fairly.

Buyers will reward a seller who is realistic with their list price with multiple interests, and penalize an unrealistically priced home by either submitting a low offer or ignoring it all together, Done added.

 

Darrell Done Real Estate is located at 388 South Lake Avenue, in Pasadena. For more information call (626) 844-2255 or visit www.darrelldone.com.

 

 

 

 

 

 

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