Comments on: Real Homes of Genius: Today we Salute you Pasadena. 61% Price Dive in Pasadena Coming to a Prime City Near You. BYOB. Bring Your Own Bulldozer.

By: Joseph

Joseph — Mon, 01 Dec 2008 21:26:54 +0000

Pasadena is a big enough city that parts of it is very “prime” while the other parts are dangerous ghettos. Looking at the iron gate on the front door, this house looks to be in the part of Pasadena where gunshots are not uncommon…

Looking at the tax assessment does not give you a complete picture, since the official property assessment value can only go up by a small amount each year, and can diverge quite a bit from the market’s valuation.

When was the last time that this house sold before 2006?

By: compass rose

compass rose — Sat, 15 Nov 2008 17:42:15 +0000

John M, the problem with your plan–of cashing out and going elsewhere–is that you will contribute to the creation of the same gentrification/bubble economy in the fabulous cheap new place you move to. After abandoning the place where your wealth was created.
~
Your dream, John, is to flip your hometown, as well as your house.
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This kind of thinking is exactly what caused the problems we’re facing.
~
rose

By: anon

anon — Fri, 14 Nov 2008 22:22:12 +0000

That’s a find! I would love to be in the mind of that person over the course of those months…medicated? Perhaps. Another day, another rental hits the laguna beach market, yet home values are remaining the same which prices me out. Im renting…but to buy the house I rent I would be paying 3k more a month with a traditional 20% down/30 yr fixed. What gives?

By: Kim

Kim — Fri, 14 Nov 2008 14:53:57 +0000

I wonder what length of time would be too much for people to consider for a mortgage. Again I’m concerned that 40years will become the expected norm.

By: John M.

John M. — Fri, 14 Nov 2008 03:34:16 +0000

My guess is also NW Pasadena or a portion of “unincorporated” Pasadena (did not follow any links to find it). What you pay for in Pasadena (what we paid for in 1992 for $240K) is a city with great amenities, smart people, tremendous weather, open minds, and great views. I’m obviously prejudiced about my feelings for the city. Biggest problem is one shared by all of Southern California, Nevada, and Arizona: NO WATER.

The neighbors across the street bought what was in effect a tear-down for $795K about 18 months ago. (!!!) It’s a faux Tudor on a tree-canopied street, very sweet to look at. We look at the homes on sale in the neighborhood, however, and have started to wonder if we can get $550K out of it. And it makes 3/5ths of its own electricity…might be a selling point right there.

Today was “The Great California Shakeout” – a huge exercise to prepare Californians for “the Big One” (earthquake). If we could get $550K and relocate somewhere within two hours of New York or Philadelphia, it might be worth the trouble. At least we’d be able to have water.