Last month July 2022 the most expensive home to sell was 720 S. San Rafael Ave. Pasadena. Â Despite being originally listed for $9,800,000, this gorgeous Arroyo Seco home sold in fifty days for $9,600,000.The home was previously listed in 2004 for $5,700,000, then reduced to $4,940,000 and eventually taken off the market.
Marketing for 720 S. San Rafael Ave. Pasadena read:
An extraordinary real estate offering sited on the East bank of San Rafael Avenue overlooking the Arroyo Seco. This unparalleled gated estate is available for the first time in 40 years and boasts breathtaking views, mid-century design, and dual parcels. The principal residence is situated on over 86,000 square feet of lush grounds. Views encompass the San Gabriel Mountain range, iconic Pasadena landmarks, and the environs beyond.
The property features a gradual drop, maximizing the spectacular vistas and providing a unique, multi-level outdoor space that is nothing short of stunning. Enter the private, lush property past the gated entrance to find a magical wonderland of surprises. Extraordinarily green and inviting, the grounds seem to transport you to a refuge beyond, a hideaway. Verdant lawns and towering trees create an enchanting oasis curated with entertaining areas. Undulated vantage points and meandering paths—always somewhere to explore. Art is immediately part of the home experience, with beautiful exterior installations. This rare single-story compound is situated on a quiet stretch of the South San Rafael district. The residence, offering 5 bedrooms, 7 bathrooms and 6,255 square feet of living space, is as beautiful as functional.
A long, covered patio greets guests, and inside, the home has been meticulously maintained with impeccable, timeless detail and condition. Tile floors lend an adobe feel, and glass walls put the priceless view on full display. The glass-walled living area features an oversized fireplace, offering views of the resort-like pool, spa, and lush gardens, and seamlessly connects to a romantic dining room. A wood-paneled library office with a corner fireplace features tree-top views and is another unique respite. The kitchen is spacious, featuring white cabinetry and stainless steel appliances.
Each bedroom and bathroom showcases exquisite period details. The design stays true to the home’s historic character. Meanwhile, the guest house offers flexibility and charm. It includes a studio bedroom, sitting area, kitchenette, ¾ bathroom, and a private entrance. From here, enjoy scenic views stretching from the Colorado Boulevard Bridge to the La Loma Road Bridge. In addition, an enchanting tree house adds a magical touch. Simply follow the wooden footbridge to reach this hideaway. It features a slide, a porch, and endless inspiration for imagination.
For convenience, the motor court includes a circular driveway. It connects to a two-car detached garage and a carport, making access easy and efficient. Altogether, this property is a private oasis—one that continues to amaze and inspire.Â
At the same time, recent economic shifts have shaped the housing market. Over the past few weeks, inflation and recession concerns have stayed front and center. Following the Fed’s decision to maintain an aggressive stance on rate hikes, weaker-than-expected second-quarter growth added pressure on interest rates. As a result, rates have continued to decline since the latest GDP report.
Most notably, the average 30-year fixed mortgage rate has fallen to its lowest level since mid-April, according to Mortgage News Daily. This dip has slightly improved the lending environment. Combined with increased listing inventory, it may have reopened the door for buyers who had previously paused their search.
Related Post: Pasadena Housing Market Update
Very tricky to time the purchase of a home around the dips and spikes of the rates. Must be so frustrating to buyers and potential buyers