The housing market in Los Angeles and especially in South Pasadena is experiencing shortages of homes for sale. This has created unprecedented competition for well-priced properties. I recently had the privilege of helping my client, Mike K. to navigate this real estate landscape and purchase 1016 Orange Grove Avenue in South Pasadena.
My client had tried unsuccessfully to purchase two other homes for sale in South Pasadena. The highly competitive nature of the bidding process pushed the sales prices out of his value range. While obviously disappointing, losing out in a bidding war can hone your sense of the current real estate market and inform offers on the next properties.
In the case of 1016 Orange Grove, my client knew it was in a good location and had all the attributes he was searching for. These included a good value for the price, potential for equity appreciation, and scale in both the living space and the lot. Based on his previous experience in getting outbid, he chose to make a fast offer at the asking price. He also threw in a few “extras” to make his offer enticing to the seller. His speed of execution coupled with the strong offer with fewer contingencies won the day – and his offer was accepted.
1016 Orange Grove is a 5 bedroom, 4 bath home of approximately 2,400 square feet on an oversized 10,078 square foot lot. My client performed careful due diligence and brought in experts to weigh in on the condition of the home and also the possibility for expanding the interior space.
One key to my client’s offer was the expedited timeframe. The entire transaction took just 17 days from the acceptance of the offer to the close of escrow.
The location of 1016 Orange Grove Avenue makes it absolutely convenient to quickly make a short walk to Orange Grove Park, the South Pasadena Metro Gold Line station, Trader Joe’s and many of South Pasadena’s best shops and restaurants.
Here’s what Mike K. had to say about working together with me on his home purchase in South Pasadena, “Three great things about Derek are (1) he is very knowledgeable about every block in South Pasadena, (2) he is very responsive, always reachable by text or phone, and (3) his support goes far beyond getting a contract – he helped with completing inspections, coordinating with the title company, and finding contractors for repairs. Closing was on an accelerated timeline, and Derek made the process as smooth as it could have been under the circumstances, from touring the home all the way through doing repairs after moving in.”
My client also tented the home for termites after purchase as a preventative measure. Click this link to learn more about tenting your home for termites.
I’m quite certain that my new neighbor Mike K. will enjoy the convenience and appreciation of his new home purchase for years to come. Looking forward to seeing Mike often in the neighborhood!
Feel free to contact me anytime if you or your friends need help navigating the competitive South Pasadena real estate market.
Your Real Estate Friend,