“Are Studios Good Investments?

Studios are condos that do not have a bedroom. Instead, there is just a general open living space. Most true lofts are a type of studio since there is generally no bedroom.

Studios sell very, very well in downtown and on the Westside where space is a premium. The quandary that real estate agents try to advise their buyers is whether or not a studio is a good investment in Pasadena.

Until recently, studios were very rare in Pasadena. We sold 2 studios when we sold the Gardens on Hill project in 2007. However, they were a very difficult sell since the average buyer who buys in the suburbs of Pasadena go there because they are the suburbs and they want more square footage for their money. Hence, most people are looking for 1 bedroom units.

However, we have seen the tides change and we think that studios are good investments for Pasadena. The Cinema Lofts are studios and they are selling quite well in the current marketplace. We think that the buyers in Pasadena just need to be educated about the benefits of living in a studio. It’s only a matter of time before they start thinking of studios are a good way to get their foot in the door for the condo real estate market.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

May is Water Awareness Month

The Pasadena Department of Water and Power wants condo and townhouse owners to know that you can save hundreds, even thousands of gallons per month with a few simple changes:
- Turn off the faucet while you are shaving or brushing your teeth.
- Take shorter showers
- Wash only full loads of laundry or dishes
- Fix leaky plumbing right away
- Cut down on watering the common areas

You can find out more at http://www.pasadenasaveswater.com/.

Let’s do our part to help the environment by conserving water. Pasadena is one of the leaders in conserving power and water. Just another reason to love this great city with it’s fantastic architecture and real estate. Condo and townhouse owners can use up just as much water and power as single family homes so let’s all do our part to be an agent of change.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

Liquidation Sale at City View Gardens

This is another new construction condo and townhouse real estate project that we are selling. This one is located in Lincoln Heights, near Lincoln Park. From an exclusive gated entry emerges a stunning new collection of townhomes and condos. These fantastic new units offer a bright and open floor plan, generous master suites, fireplaces, private patios, and gourmet kitchens with granite countertops and stainless Frigidaire appliances. Breathtaking views of Los Angeles on select units.

The two bedroom units are starting at just $299,000! It’s an amazing price for new construction condo and townhouse units.

You can find out more at http://www.cityviewgardens.com/

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

Pasadena Bike Week May 12-17

Bike Week Pasadena highlights cycling as a great way to exercise, reduce traffic and air pollution, and save on money for gas. The city of Pasadena will give guided tours throughout the week and there is even an Urban Bicycle Commuter Expo on Satuday, May 17 at One Colorado.

What a better place to rely on a bicycle than Pasadena? The “City of Gardens” is such a pleasure to walk and bike around with wide tree lined streets and beautiful real estate with stunning architecture. With so much new construction of condos and townhouses, the city will only become more vibrant and desirable in the years to come.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

Townhouse vs. Condo - What's the Difference?

One of the most common questions that we get asked is “What is the difference between a condo and a townhouse?” And they are usually surprised by our answer.

The general real estate agent answer is that the townhouse units are a subset of condos. A townhouse is a type of condo that is built side by side so that there is no one living above or below the owner. There is debate about whether or not there has to be a private individually attached garage to each unit. I think that there does not have to be individual attached garages in order for there to be a townhouse because many projects are no longer built that way due to the ability to squeeze in additional uses out of common subterranean garage. Also, there are new townhouse complexes with private garages for each unit within a general subterranean parking level. These also do not have direct garage access either.

Technically, however, the legal definition of a townhouse does not exist. It is construct to describe a type of condo. In fact, the Los Angeles Westside Multiple Listing Service (MLS) won’t even allow it as a definition at all. It’s only a condo.

In fact, when we sold the Hudson 141 complex, we described the fantastic upstairs million dollar penthouses units as “townhouse -style.” We added the “style” because the tri-level condo had owners who lived below the penthouses and were not townhouses. However, by calling them townhouse –style, people were able to envision a layout that was more easily defined than simply flat one level condos.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

Pasadena Showcase

This is the last weekend for Pasadena Showcase or "Pasadena Showcase House for the Arts." If you haven't see it, you have to see what the top designers in Los Angeles can do for the renovation of an estate home.

This year, the house is a 1922 Spanish Colonial Revival 10,200 sq. ft. marvel. Some of the things that I noticed was that the designers were a influenced quite a bit by the Spanish / Mediterranean motif and it made for a more interesting themes. In the past, quite often they were a bit too over the top with the country club motifs and this year it was refreshing to see the changes.

There were also quite a bit of stenciling this year - the the floor tiles, the walls, and ceilings.

The money goes to a worthwhile cause - The Pasadena Showcase has a music mobile program, a youth concert, and an instrumental competition. Last year they gave $772,500. You can find out more about them at http://www.pasadenashowcase.org/

It's always good to see what directions the top designers are taking. Real Estate is design is very adverturous and ever changing. Even in condos, interior design changes rapidly from year to year and people often end up with a certain "look" they like and build around a theme or store. Developers also look to see what the showcase brings to town and overhear the comments that people make.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.davidandpei.com/ or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

What the FHA?

The mortgage market has become very, very tight with regards to lending. Even real estate in fantastic areas such as Pasadena have been affected. As a result, most loans that are conforming (up to $417,000) require a 10% deposit and jumbo loans (over $417,00) are requiring 20% deposit. So it can be difficult even for those with excellent credit scores and a good source of income to get loans now.

Many are turning over to FHA loans now. FHA loans are insured by HUD and if a buyer gets and FHA loan, it is much easier to qualify. Some benefits include:
1. 3% deposit
2. Credit score is not important
3. Fixer uppers - the loan will actually include the costs to fix up properties

So how does one get an FHA loan for condos? Well, it depends upon whether the project is new or resale property. New condos need to be approved to get FHA. Resale condos should hopefully already be approved for FHA. What if a condo does not have FHA approval? We'll discuss that shortly.

We'll also cover what the seller can credit the buyer according to FHA guidelines and what they can't. Stay tuned.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

Fantastic Buy

Harkness Village is a great buy for a 2 bedrooms extensively renovated townhome in the heart of Pasadena for only $399,000. The selling factors for this property are the fantastic location, in unit laundry, additional storage, and of course, the price.

We have the exclusive listing on this complex of 15 units and are over 2/3 sold right now. You can compare the property to what is on the market right now and you'll see what a great value it truly is.

"On a beautiful tree-lined street in the heart of Pasadena lays Harkness Village, a lovely set of magnificently updated and original townhouses. Many feature stunning new gourmet kitchens overflowing with black galaxy marble counters, custom cherry cabinets with glass doors and lazy susans, stainless Frigidaire appliances, recessed lighting, and stainless sinks and fixtures. Many bathrooms are tastefully updated with natural crema marfil marble counters, custom piano-white cabinets, and hand laid ceramic tile.

The floorplans are open and bright, which highlight quality laminate flooring, crown moldings, recessed lighting, and oak railings. Some bedrooms feature customized multi-shelf/rack closets. Each residence boasts newer central air conditioning and beautiful private patios that are perfect for outdoor dining. Village enjoys many amenities sought by the discerning buyer including guest parking, additional storage space, and in-unit laundry facilities. All this for one of the lowest prices in Pasadena and just moments away from Pasadena City College, Old Town Pasadena, South Lake Business District and more!

For more information, please visit http://www.harknessvillage.com/.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.davidandpei.com/ or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

Welcome!

Welcome to the Pasadena Condos blog. We will be discussing condos in Pasadena and the surrounding San Gabriel Valley. Our focus is primarily on new condo developments, but we will also be discussing the condo market in general, including resale condos.

We are real estate agents that have been selling properties for a combined 20 years. We do sell all kinds of real estate and our geographic stretch is San Gabriel Valley and parts of Los Angeles, including West Hollywood and the surrounding neighborhoods.

We have carved out a niche as the preferred agents for some of the most desirable new construction condos in Pasadena. We will be reviewing some of the recent properties that we have sold, introduce ones that we are currently working on, and look at the new condo market in general. We will so give you a real market perspective from a top real estate team about the market and also look beyond just the headlines hype to give you some real analysis that you can use, whether you are a home buyer or a developer.

So welcome again and thanks for stopping by!