Brigden Ranch

Brigden Ranch is a great little neighborhood in East Pasadena. The borders are Galbreth Road to the North, Martelo Ave to the East, Casa Grande St to the South and Allen Ave to the West. The majority of the streets have sidewalks and large established trees. The neighbors are very involved and look out for each other. We had a lovely larger listing there in May on Woodlyn Road and it sold in a few days for $800,000.

2024 Galbreth "Before"

In August I saw 2024 Galbreth Road, a total fixer. The kitchen and bathrooms were in need of total gutting and redo and it needed all new systems and roof. The yard was mostly dead but there was a fabulous California Oak tree in the backyard. It seemed a great opportunity at $499,000 but the timing wasn’t good for me, I was recovering from an unexpected surgery and really didn’t have the energy to tackle this project.

2024 Galbreth "After"

It sold within a week to another realtor with the same idea. He purchased it for $485,000 and it just came back on the market. Its listed at $749,000 and it is just beautiful. I am curious to watch and see what happens, at $443 a sq foot it is the higher than anything sold this year in Brigden ranch. The main drawbacks of the house are that it has no family room or master suite and limited closets. But between the charm, new systems, new kitchen and bathrooms this house is very appealing. Someone no doubt will fall in love!

Short Sales and REOs

Pasadena real estate bargain hunters cant help but be intrigued by  ”short sale” and “bank owned” properties. Visions of good deals start dancing in our heads…. but as with all “too good to be true” scenarios there IS a catch…oh yes, people are fighting over these deals.

I was looking with some clients for a condo and we were literally tortured by short sales. More often than not when we would go to see the property, the key would be missing from the lockbox. ARGH! The listing agent knew it was missing but blah, blah, blah, or the agent was from Zippy Real Estate Co in Riverside and never answered his phone. I think the biggest problem with these is you get all excited, submit your offer and then nothing happens. I mean NOTHING! Your offer sits on a bank desk somewhere with lots of other offers and collects dust. By the time you hear something, you have moved on in your hunt. It is all luck and timing mixed with lots of frustration. If I make an offer I want to know when its going to be responded to. In the world of short sales this is rarely an option. We said phooey to the short sales.

Bank owned properties are dream compared to short sales, the biggest problem is the competition. We offered on a house for a client this year that had 30 offers on it, no kidding! I heard that the highest offer was $100,000 over asking. Two weeks later we were contacted after the house had fallen out of escrow twice. Our client who offered $45,000 over asking is now the proud owner of a charming spanish bungalow. This story is nothing short of a miracle and we really like the ending!

My feeling is when hunting for a bargain its best not to get your heart set on a short sale or REO. If you’re in the mood to gamble, give it a go, but if you come across a well priced regular sale, jump on that band wagon!

Bargains in Bungalow Heaven?

When I first started looking for fixers in 1980, Bungalow Heaven had not been named. It was an interesting neighborhood for a “cheap house” as you could find one in need of repair for $100,000 or less, but with interest rates in the high teens and not much cash in my pocket it was still a challenge. There was a particular 2 story cape cod bungalow on Chester Street that I nicknamed the “heartbreaker” because at $120,00 it was just out of my reach. I still sigh when I drive by it today.

Fast forward to 2009 and a lot has happened in Bungalow Heaven. In 1980 many of the houses had been badly “updated” with louvered windows and what not, but now the majority of houses have been tastefully and lovingly restored. There still exists the holdout with stucco over what was once shingles or a dead lawn but that has become the exception. The restored homes and gardens are a delight and the neighborhood has a lovely feel with sidewalks and large ancient oaks. Once again I was tempted by Bungalow Heaven…

Two years ago a spiffy restored craftsman in this neighborhood went for an average of $550 a square foot. 1290 N Wilson, a 2 bdr/2bth fully redone craftsman, went for $744,000 or $568 a foot on 9/6/07.

840 Michigan, 4bdr/2bth on an oversized lot sold immediately in June 2007 for $699,000. Well maintained but tired, this architectural beauty received the fix up treatment including a new kitchen, paint inside and out and a lovely deck off the dining room. When it was re-listed a year later for $799,450 it took 3 price reductions and three months to finally sell for $764,400 or $433 a foot. Clearly we were emerging on the other side of the market peak in bungalow heaven.

798 N Mar Vista a 2 bdr/2bth craftsman, listed for $599, 000 in 1995 was actually bid up to $725,000, a whopping $708 a foot. When it was listed a little over 3 years later on 11/12/08 for $749,000 it finally sold nine months later for $650,000 or $484 a sq foot.  $708 a foot was crazy but June 2005 was a different time. $484 a square foot in today’s market still does not feel cheap!

In my hunt, I became somewhat enamored with 931 N Michigan, a total fixer listed at $574,500. Still,even at $399 a foot, it didn’t feel like a great deal when you considered it needed a minimum $20,000 exterior paint job, had only 1 bath and shared a driveway. I was aching to restore it, but my head told me no. Its neighbor 921 N Michigan not in need of quite as much fixing, sold for $600,000 or $461 a foot.

I think the real deals in bungalow heaven are the non craftsmen. The craftsmen are truly special and well, lets face it, the darlings of bungalow heaven. I bid on 1046 N Chester, a nicely detailed traditional listed for $515,000 but when the counter came back with the laundry list of items that were broken and would not be fixed, including a pool faulty from the date of its digging, an illegal structure and a lifetime of personal junk that would not be cleared, I got a tired feeling in my bones. Maybe more than I bargained for and with some 12 offers on the property, I was happy to let it go to someone else! It sold for $536,000 or $395 a sq foot on 07/21/09.

Bottom line, yes, prices have fallen but the rare jewels of bungalow heaven do not come cheap. A non craftsmen fixer may be the way to go in this neighborhood for a deal.

Real Estate Bargain Hunter

I’m new to the world of blogging but know that in tough economic times there are always bargain hunters and, well, we want to talk about it. I’ve always been a sucker for what I sarcastically call “cheap houses” because no house in this area is really cheap. Lets just call them “fixer-uppers”.

Through the years I have bought, renovated and sold many homes, including all of my own personal residences. There is something I love about seeing the potential and making it happen, and in the right market, it can be extremely profitable. I took a breather from real estate for a bit and started a retail store and did interior design.  After 10 years and ready for a change, I sold my store and finished off with my decorating clients. I now have my Real Estate license and work with my mother and sister-in-law.  We call ourselves the Benuska Group and  are with Coldwell Banker and sell in the greater Pasadena, California area.  We have clients of all economic levels, but as I go out looking, I can’t ever resist the urge to check out the fixers, its just in my blood. I enjoy hunting for my clients but when they decline a good fixer its hard for me not to consider taking it on myself. I’m thinking that for an investment, best to buy a property that could be rented and turned around at the right time. If you are a first time buyer, get in there. Prices and interest rates are low and you need a place to live!

Bargain hunting in the Pasadena area is not easy!  There are quite a few of us and we are all competing for the same under-priced properties, often hoping to be the lucky recipient of a bank owned or short-sale property.  I have been involved in bidding wars with up to 30 other people for a bank owned property in this current market.

My plan is to bring you along with me, hoping that you will enjoy my journey and maybe even be tempted to enter the market. Please share your comments. It is a great time to buy and what better investment than Pasadena area Real Estate!

Happy hunting!