Granite Park Luxury Condos in Pasadena CA - New Development

Granite Park - Pasadena CA

This is a video of the new development of luxury condominiums in Pasadena CA. For more information on this new development on Lake Ave., check out the Granite Park Pasadena Real Estate site where you can contact a Pasadena Real Estate Agent about buying one of these beautiful condos. If you are looking for other Pasadena Condos we also have information on the Pasadena Real Estate site.

Pasadena CA Condos - A Great time to Buy!

Pasadena Condos

Have you been considering getting our of your apartment and buying a condo? Tired of wasting $1500 a month on rent and not getting anything for it?

If so, this is the time for you. It has been several years since it was possible to buy a condo in Pasadena and pay less....yes, you hear me.....less per month for a mortgage than you would pay rent in a two or three bedroom apartment.

I recently had a condo go into escrow for $170k. It is a studio, but the monthly payments will almost be identical to paying rent on a one bedroom apartment, and she only put 3.5% down! If interest rates drop any lower, it is only going to get better!

The value of getting into a Pasadena condo and paying a mortgage (even if it is a little more than rent) is in the equity. As the property appreciates and the market goes back up, you are leveraging the bank's money (at a low interest rate) to gain equity for yourself!

For more information on buying a Pasadena Condo, click on the link above, or check out these condos on main streets like: Del Mar Condos & Cordova Condos.

Kinneloa Mesa Pasadena

The Kinneloa Mesa area is a great neighborhood in Northeast Pasadena. Located on a hill off of New York Blvd., the Kinneloa Mesa area is a great place to purchase a home.

The area was named after a man with the last name of Kinney. He was an early pioneer in Southern California. After building a two story home on the hill the people began referring to it as "Kinneloa," which means Kinney's hill in Hawaiian. After finding Kinneloa, Kinney went on to help develop and build Venice along the coast.

Today there are beautiful homes for sale in this area. If you are interested in learning more about the real estate possiblities in the Kinneloa Mesa area, send Dave Knight an email.

Latest Mortgage News and Updates

Fed Funds Rate at 1%

The Federal Reserve continues to take drastic steps in reaction to the current economic situation. Banks have been trading preferred stock with the treasury for billions in cash which the treasury hopes will increase liquidity and ultimately ease lending for the consumer. The Federal Reserve also dropped the benchmark lending rate to 1% on October 29th. The rate is now equal to the lowest it has been since June 25th 2003 when a huge refinance boom was spurred on by low rates and easy lending.

Fed Rate History: http://www.federalreserve.gov/fomc/fundsrate.htm

Stock for Cash: http://www.bloomberg.com/apps/news?pid=20601087&sid=a1ysz59UAZnM&refer=home

What does all of this mean to you?

Lending may not be as easy as it used to but the good news is if you have a mortgage that you got into in 2003 that is adjusting soon, your rate very likely may not go up. In fact depending on your mortgage your rate may still be lower than current rates. While most people don't want to stay in an adjustable rate mortgage or loan that is only fixed for a year at a time, at least it gives a chance to refinance into a longer term fixed loan.

On the positive side this market is ripe with opportunities. You know what they say "Buy low, sell high"! Well if you are looking at purchasing whether it be a new home or business, now could be an incredible opportunity if you have the money. Many business savvy customers are pulling out cash now in preparation to buy up investments at pennies on the dollar.

In this market Cash is King! There is a reason the rich get richer and the poor get poorer in these markets. So we can all complain about the losses in this economic downturn or you can put your resources to use and take advantage of what is happening!

Bull markets don't go up forever and likewise bear markets don't go down forever.

Show me the money!

Their are plenty of half price deals out there. I had a bank owned home in good condition that went on the market two weeks ago in Altadena for $249k. We had 10 offers in the first two days. On an FHA loan with only 3% down ($7,470) your payment including taxes is $1,917 . Once you factor in an estimated tax savings of $464 a month (based on a 35% tax bracket/ $15,925 yearly mortgage interest write off) that gives you an effective payment of $1,453. Not bad for a property that just over two years ago was estimated at $520k according to Zillow. Now this market may be starting to look a little bit more appealing.

I have lists of these properties before they even hit the market. So if you would like me to keep you up to date just shoot me an e-mail and I will put you on a special list. Just remember you must have an approval letter from me in order to submit an offer on any of these. I handle all of the REO's/Bank owned properties in the area.

Special Programs and Pricing

-We have a "Super Credit" program for non-conforming loans (729k+). Rates are currently in the low 6% range on this program which allows some of the best rates we have seen in a long time on the larger loan amounts. ( 720 fico and <75%>
-High Balance conforming 417k to 729k still in effect until Dec 31st. Take advantage of lower conforming rates at higher loan amounts.
- 100% financing on VA loans for anyone who was in the military or a qualifying reservist.
-FHA Only 3% down required through the end of the year.

Now is the time to take advantage. Don't wait until its to late, many programs are only good through the end of the year. Have your friends, family members or borrowers give me a call for a pre-approval or evaluation at no cost to them.

As always feel free to contact me anytime!

Best Regards,

Steven Lazerus

Estates Pasadena Development

This is a brand new development featuring luxurious 5 bedroom homes in Pasadena. If you are looking for new construction or would like the chance to customize your home, Estates Pasadena could be a great choice. Since these homes are still under construction, the builders can take into account buyers’ preferences on certain features of the homes. When I drove by today, I saw that the roofers were working on the roofs on some of the homes, so construction is definitely still progressing.

Developers in Pasadena as well as the rest of the country have been greatly affected by the credit crisis. Their business is built on easy access to credit to fund their purchases and construction projects which can stretch for years. In the current economic environment credit has tightened up. I have heard from local developers that the combination of slowed sales of homes and stricter lending has squeezed them like never before. And even outside Southern California one local government supervisor confirmed that developers have all but shut down their projects in his area, as very few plans were submitted to his department for review.

So if new construction real estate is appealing to you, it’s a great time to buy. Estates Pasadena is one of the beautiful new developments in our area, and we can set up an appointment for you to view the model home or any other Pasadena real estate that’s right for you.

To find the current availability for the Estates Pasadena development, search the Pasadena MLS for Cambridge Court or Avondale Road. The development is located at the intersection of Sierra Madre and Sierra Madre Villa in Pasadena. If you'd like to receive updates on Pasadena luxury homes, you can sign up for our Hot List, and we'll send info directly to your inbox.

Pasadena Townhouse - New Development in Pasadena

Villa Verona is a new development of townhouses in Pasadena. These brand new mediterranean style townhouses are priced as low as $490,000! If you are looking for a Pasadena townhouse or Pasadena condo, these units deserve a look.
For a free detailed report of these townhouses using the Pasadena MLS or to schedule a showing, email a Pasadena Real Estate Agent.

Townhouse Features:

• 2-3 bedrooms, 1..75-2.75 baths
• 1472-1590 sq. ft.
• 2 car garage
• Courtyard
• Gated community with Intercom System
• Italian Cabinets - "Scavolini Sax"
• Bosch Stainless Kitchen Appliances
• Designer wood floor and marble tile entry
• detailed interior design with recessed lightings
• crown moldings and dual pane windows
• $197/mo association fee

Pasadena New Development - Catalina Villas

There is a new development in Pasadena on the Southeast corner of the Catalina and Villa intersection. Or is it a new development? The Catalina Villas were built over a year ago and have been on the market ever since their completion. Right now there are at least 4 units that have still not sold. The price of these units has dropped nearly $100,000 over the past year! Currently they are priced in the high 300,000's and lower 400,000's, dependent on square footage and floor plan.

After visiting these condominiums I was very impressed. They offer a clean, gated condominium complex with creative floor plans that would be a great purchase for a first time homebuyer, student or investor. The only downside is that each unit is around 1000 sq. ft., but the floor plan makes the units feel bigger than they actually are.

For more information on this development email BeautifulPasadenaHomes.com

Local Market Statistics - September 2008

Pasadena Home Sales - This data was compiled using the Pasadena MLS.

_____________________September _____Year to Date

# of Units sold: _____________97___________ 733
Dollar Value: ___________$64,852,800____$551,646,322
Avg. List Price: ___________$693,681______ $783,625
Avg. Sold Price ___________$668,586______ $752,587
Avg. Market Time: __________99____________ 82
Avg. Square Feet: __________1696__________ 1755
Avg. Price/Square feet: _____$394___________$429
% of List Price: ____________96.38%________ 96.38%

Has Pasadena Real Estate Reached "the Bottom"?

The million dollar question right now is when will the bottom of the real estate market be? At what point will the decline in home values reach its lowest point and begin climbing again? In the minds of millions of buyers this is the most important question for their home search.

For Pasadena, CA real estate that time may be now. I’ve done some market analysis recently and discovered that median home prices have turned upward for the first time in over a year. The chart below shows the 90 day average price of homes for sale in Pasadena.

Even more interesting is the drop in inventory of active homes for sale that has happened in recent weeks for Pasadena. It’s basic capitalism that when supply drops and demand stays roughly the same that a price increase is soon to follow.

We’re keeping an eye on the market so we can provide the most current information to our clients so they can take full advantage of the great deals we find here in Pasadena.

Mortgage 101 in a Confusing World!

Conforming, High Balance, Non-Conforming, FHA, VA? What is the best loan these days? What type of down payment is required in today's market?

The world of mortgage can seem a bit confusing, especially these days. Most people have heard a lot of the news from the recent Housing bill to the stimulus package and now the new $700 billion dollar "Wall Street Bailout" but what does it all mean for you!

There are a few different loan types to understand. Depending on your loan amount you will fall into one of three main categories.

1. Conforming 417k or less loan amount: If your loan amount is less than $417k you have access to the widest variety of loan options at the best rates available. For most people looking to purchase a home FHA is currently one of the most popular options and currently only requires a 3% down payment. If you are putting less than 10% down or have less than 10% equity in your home for a refinance this is currently the only option for most people. If you qualify for a VA loan you may be eligible for no down payment.
FHA: 3% Down (3.5% starting January 1st 2009) For owner occupied 1st time home buyer or refinances.
VA: $0 Down on purchases for qualifying active duty personnel or personnel with previous qualifying military service, reservists, national guard and coast guard personnel with qualifying service.
Conventional: 10% down in California

2. High Balance 417k to 729k loan amount until Dec 31 2008: This was put into effect with the economic stimulus package earlier this year and extends many of the conforming options up to 729k in most high cost areas including Pasadena and most of Los Angeles as well as other high cost areas. Rates are currently about the same as conforming and offer the best available rates.
FHA: 3% Down
VA: Loans over 417k will require some down payment
Conventional: 10% Down in California

3. Non-Conforming 729k+: Loans above $729k fall into this category. Rates are higher than conforming and the high balance loans. In markets labeled declining (all of California) a minimum 20% down payment is required. There are several ways to be creative and help avoid the non-conforming rates including taking a 1st mortgage of 729k under a high balance loan and putting the difference on a 2ND, a first trust deed equity line, etc.. etc. The best option will depend on several factors and each individuals situation. While rates are higher in this category the good news is the rates in this category are showing some signs of trending back down a little.
Conventional: 20% down

A few things to remember:
-If you put less than 20% down on any loan for any loan amount (or have less than 20% equity on a refinance), mortgage insurance will be factored into the payment.
-The high balance loan option will no longer exist as of Jan 1st 09. However the conforming limit will be raised to $625k in high cost areas including most of Los Angeles.
-The above loan scenarios apply to all loan types including bank owned properties (REO's), foreclosures etc..

Hopefully this simplifies the basics of the loan types. If you have further questions or specific scenarios feel free to post them here .

Regards,

New Granite Park Development of Luxury Condos in Pasadena

Granite Park Pasadena is a new development that is located just to the Northeast of South Lake Ave. and California Blvd. in Pasadena. This luxury condominium development will consist of 71 high end condos ranging in price from 1 million to 2.5 million dollars. The Granite Park condos will consist of:

• 1,400 s.f. terraces


• 24 hour security


• Viking Appliances


• Kohler Fixtures


• Underground parking


• Architecture inspired by Irving Gill


• Photo gallery in the lobby


• Beautiful landscaping, private walkways, gardens & meditation areas


• Pool and Spa


• BBQ area


• Putting green


• Incredible location (located next to shops & restaurants)

The Granite Park Pasadena condos are not yet listed on the Pasadena MLS. In order to have an opportunity to purchase one of these luxury condos, you need to schedule a viewing of the show room and put down a fully refundable deposit. In order to do this, visit our Granite Park Pasadena Luxury Condo site and schedule a time to see the sales gallery which has a model condo.

Time to Trade Up!

With so much negative media about real estate and the economy, it’s easy to think we should all just put our money in our mattresses and forget about buying or selling any time soon. But this real estate market actually presents a great opportunity for trading up to a better home. Here’s how:

If prices are down 20% in Pasadena, then that means that a home that was $400,000 would now be $320,000. And a home that was $800,000 is now $640,000. If you had a $400,000 home and wanted to move up, your first instinct is that it’s a bad time to sell because you’ll only get $320,000 for it and you don’t want a loss. But in fact, even if you lose $80,000 on the purchase of your current home, you’ll save $160,000 on your new home of $640,000. You actually save money by selling and buying something more expensive.

We’re finding that it’s a great time to trade up in Pasadena right now. There are REOs and short sales that have brought the price down even on Pasadena luxury homes. If you want to take a look at what kind of deals are available right now, you can sign up for a Hot List and let us know what you’re looking for, and we’ll send the information to your inbox. And when it’s time to start looking, you’ll want to get pre-approved for a loan so you can demonstrate to sellers that you can complete the deal.

Pasadena still flooded with foreclosures

The city of Pasadena is still flooded with foreclosures, Real Estate Owned (REO) and bank owned properties. Right now there are over twenty bank owned properties for sale in the market right now. These foreclosed homes can be picked up by first-time homebuyers, investors, or buyers looking to upgrade to a bigger house. Most of the homes range between $400,000 and $600,000, dependent on the size, location and condition. However, there are a few below that price range and a couple homes above that price range in Pasadena. Often these homes are priced below market value because the banks have no interest in holding on to them. It is in their best interest to get them sold.

What should we expect when looking at foreclosures? As a buyer looking to buy foreclosures, one thing we have noticed about several of the Pasadena properties is that they often need a little work or cleaning before moving in. The people leaving these homes were not worried about reselling them, so they often leave a little work behind. If you're okay with putting in a little work (or hiring someone to do it for you), you can often times save thousands of dollars.

BeautifulPasadenaHomes.com has Pasadena Real Estate Agents that are specializing in finding good foreclosures for buyers. If you would like a hot list of foreclosed homes in Pasadena, sign up for the REO - Foreclosure - Bank Owned List and be the first to get an email with pictures when a new bank owned property goes on the market.

This blog is going to be used to convey Pasadena California Real Estate information.