2008 Heritage Homes Sales for Monrovia (part two)

In 2008, square footage of vintage homes sold ranges from a tiny little 528 square foot house on Jasmine Avenue, which was also the lowest priced, to a 4,388 square foot land-marked Craftsman on Mountain Avenue, which sold for $1,200,000. It’s interesting to note that the biggest house was not the most expensive.

Once again we see a decrease in the lot size of these older homes. The smallest house sold was also situated on the smallest lot, which measured a miniscule 1,505 square feet. And while last year’s largest lot size was just under two acres, the largest lot for a vintage home in 2008 was only 16,100 square feet in size. The average lot size of all 50 older homes was 7,719, a typical sized lot in Monrovia.

As I mentioned previously, pricing was driven not only by the lending arena, but also by economic circumstances nationwide. Once again, 66% of the 50 old homes sold in 2008 ended up selling below the list price, with only eight going above the original price and nine selling at list. Pricing and appraising in this kind of market always becomes a challenge because of foreclosures and short sales. Sellers should keep these facts in mind when the time comes to compare their home to what has sold.

To summarize, a total of 50 old homes built between 1890 and 1930 sold in 2008, totaling $26,643,900 in Monrovia real estate. In order to help evaluate all the pertinent information regarding selling an older home, I have included additional data this year so owners of these vintage properties have a view of the big picture. I hope that if you are ready to sell your old house or know someone who wants to purchase a heritage home, you’ll send them my way. As always, I believe that significant homes deserve significant representation.

(Informatin based on MLS 2008 data)