60% of Pasadena’s Luxury home sales were purchased with cash. Last month, (February 2015), there were five Pasadena luxury home sales, three of which were purchased by cash buyers:
1137 Parkview Ave. in Pasadena’s Linda Vista neighborhood sold for $6,950,000. The buyer of this 8600+ square foot home paid cash. Lot size is over one acre, 5 bedrooms, 10 baths – hope they have a couple of cleaning ladies! The prior sale was in 1993 for $805,000.
345 E. Colorado Blvd. #504 in Pasadena’s Montana building sold with cash for $3,250,000. The three-bedroom, five-bath condominium is over 4,000 square feet. Homeowners’ dues are $2300 monthly.
1305 Wentworth Ave. in Pasadena’s Langham (formerly Ritz-Carlton neighborhood) sold for $3,960,000. Sited on ½ acre, this three-bedroom, five-bath home is 3700 square feet. The prior sale was in 2005 for $3,210,000.
1570 Lombardy Rd., Pasadena sold for $4,773,000. Five bedrooms, seven baths, nearly 6,000 square feet on ½ acre. Prior sale in 1992 for $1,950,000.
1458 Hillcrest Ave. in Pasadena’s Langham (formerly Ritz-Carlton neighborhood) sold to another cash buyer for $6,300,000.
60% of Pasadena’s Luxury home sales were purchased with cash. How should buyers who need a loan compete? First, consider removing loan and appraisal contingencies to strengthen your offer. If that’s not feasible, aggressively increase your offer price. Additionally, work with a skilled realtor to craft a compelling proposal. Next, secure pre-approval for a loan to show sellers your commitment. Finally, act quickly to submit offers in this fast-paced market.
