La Canada Flintridge & La Crescenta Real Estate | Harb & Co.

Pasadena May 2016 Luxury Sales

Last month (May 2016) the most expensive luxury home sale in Pasadena was 485 South Grand Ave.

The sellers purchased the home in 2008 for $4,300,000 and just sold it last month for $4,290,000.

MLS remarks from their purchase read: This stunning Georgian Manor home was designed by well know architect Cyril Bennett and is located on one of Pasadena’s most sought after and desirable streets. Built in 1922 and lovingly restored with character and attention to details within last 5 years. Sitting on almost 1/2 acre it has a great presence. The Main house is measured 4793 sq. Ft. Guest house is measured 556 sq. Ft. In addition under the 3 car detached garage there is a Game Room and well-appointed Wine cellar which holds 1000 bottles of wine and is measured at 734 sq. Ft. The wonderful, private backyard features a slate patio and large barbecue area — great for entertaining.

Photos from this listing:

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This home was then listed in 2010 for six months with an asking price of $4,500,000 and again in 2014 for 9 months at $4,980,000. That listing agent’s MLS remarks read:

Sitting on over half an acre of beautifully landscaped grounds, this stunning Georgian Manor home is situated on one of Pasadena’s most distinguished streets. Built in 1922, this distinctive estate was exquisitely restored with exceptional details and state-of-the-art amenities. The main house features a gracious entry hall, formal dining room, grand living room, light-filled music room, gourmet kitchen, breakfast nook, butler’s pantry and a wet bar; family room has a fireplace and built-ins. Upstairs has an office & 4 bedrooms suites. The master suite has an extra-large dressing room with custom designed dresser and closets and a lavish master bath. Guest house has open beamed ceiling, cooking counter, eat in area & newly remodeled bath. A game room & a temperature controlled wine room located below the 3-car garage. Private back yard features pool & spa, large slate patio, built-in bbq grill and private grassy area. Square Footage includes main house, guest house, game room and wine room.

Photos from this listing:

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The home was relisted with a different agent, who either hired a horrible photographer or took the pictures himself.  This 5 bedroom six bath home sold for $4,290,000 – $610,000 less than the asking price.

MLS remarks read: This stunning Georgian Manor home was designed by famed architect Cyril Bennett  and is located on one of Pasadena’s most sought after and desirable streets. Built in 1922 and lovingly restored with character and attention to details within last year. This home is a stunning blend of the classic with modern touches throughout. Including a new kitchen with La Cornue range and appliances by Miele. Sitting on almost 1/2 acre it has a grand presence with its long driveway up to the Manor. The guest house is measured 556sqft. and includes full kitchen. Under the 3 car detached garage there is a Game Room and well-appointed Wine cellar which holds 1000 bottles of wine and is measured at 734sqft. This sprawling, private backyard and pool area features a slate patio and large barbecue area that’s great for entertaining. This is your chance to see the best of what Pasadena has to offer.

Photos from this listing:

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The market for megamansions and penthouses has cooled significantly in the last year. Prices for homes in the top 5 percent of the real estate market fell 1.1 percent in the first quarter of 2016.  Prices for the rest of the housing market increased 4.7 percent.

Brokers say the very top of the market — consisting of eight- and nine-figure homes — is faring the worst as slowing economies overseas and volatile stock markets have spooked buyers. The supply of homes for the rich exploded as builders aimed at the high end after the financial crisis.

Of the 10 most expensive listings in the world, seven are in the United States and four of these are in Los Angeles. The most expensive listing in the world is the $500 million compound being built in the Bel Air neighborhood of Los Angeles by Nile Niami, a film producer and speculative builder. The property will have a 74,000-square-foot main house, a 30-car garage and a “Monaco-style casino.”

Read the rest here: 

If you have a luxury or architecturally significant home to sell, call us and learn how our marketing arsenal can showcase your home.

 

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