Last month the most expensive home sold, 312 S Grand Ave Pasadena. This luxury home was initially listed for $4,995,000 and sold in ten days for $4,850,000. Situated on a large lot of 28,719 square feet, this estate is located in a desirable location just around the corner from the Wrigley Mansion, which is the home of the Pasadena Tournament of Roses.
Marketing for 312 S Grand Ave Pasadena:
This beautiful Italian Period Revival home showcases 118 years of evolution. It began in 1904 as a simple two-story frame house, built “on spec.” Over time, the home transformed. From 1904 to 1930, it underwent several additions and redesigns. Notably, the renowned architectural firm Johnson, Kaufmann, and Coate led this transformation. As a result, the house took on the elegant Italian Revival style we see today. Furthermore, the property continued to evolve. The lot to the south, along Grand Avenue, was eventually razed. In its place, builders created a spectacular Italian garden and a stunning pool. Altogether, this home tells a rich story of architectural vision and timeless design.
Wondering what to expect regarding real estate and interest rates? This excerpt is from a newsletter written by my colleague Floyd Walters owner of BWA Mortgage:
Inflation was expected to dip. It didn’t. What’s next?
Inflation still won’t budge, despite the Fed’s ongoing rate hikes. As a result, the Fed plans to raise short-term rates again when it meets next month. Meanwhile, the mortgage market remains uncertain. It’s still deciding whether to follow the Fed’s lead. With that in mind, here’s a quick look at what may come next. Enjoy! I know—you’re probably tired of hearing me talk about inflation. Honestly, I hoped to skip it this week or, at the very least, share some good news. Unfortunately, I’m just the messenger. And once again, inflation remains the most significant reason mortgage rates continue climbing.
Earlier this week, the Producer Price Index (PPI) came out. That’s the measure of what manufacturers and producers pay for goods. It showed an 8.5% increase from last year. The Consumer Price Index (CPI)—which reflects what you and I pay—was released shortly after. That rose by 8.2% year over year.
So, despite the Fed’s efforts, inflation still leads the conversation. And because of that, mortgage rates may stay elevated for a while longer.
The hope was that both of these figures would be on a downward trend, but that hasn’t happened so far despite the Fed’s rate increases, so the assumption is that the Fed will raise short-term rates another .75% next month when they meet.
Now, here is where it gets interesting. Mortgage rates are trying to decide if we’ve “topped out”; that is, they are trying to figure out if we’ve seen the peak and, if so, whether inflation will start its downward trend next month.
Think about it from a very personal level. Have you found yourself putting back the name-brand product at the market and picking up the less expensive “store brand”? Have you thought twice about booking a flight or a hotel room due to the higher prices? Has the dip in stock prices made you rethink buying something you want but don’t necessarily need?
All this and more is in play, and while I don’t have any definitive answers as to where we go next, I do know that we’ll be here to help you and anyone you know navigate the room.
Related Post: Pasadena Housing Market September 2022
