Pasadena, California

$815,600 in Pasadena, California is the median house value. The house value of Pasadena has risen 9.4 percent in the last year. It has been predicted that the median house worth will increase by 6.9 percent in the following year.

In Pasadena, California, $590 is the per square foot list cost median. Los Angeles-Long-Beach-Anaheim Metro area has a lower per square foot cost median of $425.

For houses presently listed, $899,000 is the median cost in Pasadena. For Houses that have sold, $783,100 is the median cost.

In the city of Pasadena, $2,750 is the rent cost median. The metro area of Los Angeles-Long Beach-Anaheim has a higher rent cost median which is $3,100.

The rate of foreclosures is an important factor that influences the value of houses for any particular area. The lower the rate of foreclosures, the higher the value of homes.

For each 10,000 houses in Pasadena California, 0.5 houses are foreclosed. The Los Angeles-Long Beach-Anaheim Metro area has a higher rate of foreclosure. 0.9 houses are foreclosed for every 10,000 houses. The United States has even a higher foreclosure rate of 1.6 houses being foreclosed per 10,000 houses.

The first step that occurs in a foreclosure is what is called mortgage delinquency. A mortgage delinquency happens when an owner of a house does not make a payment on their house mortgage.

Pasadena, California has 0.8 percent of it’s home owners experiencing mortgage delinquency. Whereas the United States experiences a mortgage delinquency rate which is double. It’s 1.6 percent.

In the year 2008, there was a recession which had a devastating effect on the real estate economy. Houses went down in value a greater percentage than 20 percent.

As a result, quite a few home owners are presently experiencing being underwater regarding their home mortgages. What does the term being underwater on a mortgage mean? It has the definition of an owner of a house having a debt on their home which is larger than the worth of the house.

In Pasadena, CA, 4.9 percent of owners of houses experience being underwater concerning their mortgages. The metro area of Los Angeles-Long Beach-Anaheim has a higher percent of house owners being underwater on their mortgages. It’s 5.6 percent.

The household annual income in the city of Pasadena, CA is $105,221.                                          

When looking at commercial real estate in the city of Pasadena, California, $260 million is the price tag Coretrust Capital will pay for a office complex in Pasadena. The aim is to reposition the complex which has 4 buildings on 6 acres. Coretrust is based in the city of Los Angeles, and It is going to purchase the Corporate Center of 640,000 square feet from the company of UBS Realty.

There is a current 22% rate of vacancies. This vacancy rate is much higher than the  county which had a 2017 3rd quarter average vacancy of 14.4%. Steps will be taken to lower the vacancy rate by UBS.