[schema type="organization" orgtype="LocalBusiness" url="http://4salebydonna.com" name="Real Estate Agent Donna Baker" description="Real Estate Agent showing homes for sale and available real estate in Monrovia, Pasadena, Arcadia the San Gabriel Valley in Southern California." city="Monrovia" state="Ca" postalcode="91016" email="donna@4salebydonna.com " phone="(626) 408-7766 "]

2008 Heritage Homes Sales for Monrovia (part one)

2008 was certainly an interesting year – in real estate, politics, and the economy. Many of us, myself included, experienced the recent drastic change in real estate for the first time since the market started heating up back in 2001. Ironically, home sales in California for 2008 increased by 12% from the previous year, and the California Association of Realtors projects another increase of 12.5% for 2009. However, the median sales price of existing single family homes for the Los Angeles area decreased to $402,100 in 2008.

This is the fifth year I’ve published statistics on vintage home sales in Monrovia, and I’m always amazed at what I discover. In 2008, sales of heritage homes increased by 32% for a total of 50 sales vs. 38 sales in 2007. Unlike last year, however, older homes sales prices were consistent with the national averages, with prices declining in 2008. This drop in prices was certainly affected by the lender debacle that began in 2007. My statistics show that fourteen vintage properties that were sold in Monrovia last year were either short sales or Real Estate Owned. The average sales price for a heritage home in Monrovia for 2008 was $543,376, down 18% from last year.

Over the years, I have met many people interested in these older homes, both in Monrovia and the surrounding communities. When you couple the craftsmanship of these homes with the aesthetic appeal, along with the potential of significant tax savings through Monrovia’s land-marking program, it’s no wonder why these homes continue to sell.

Last year, the two oldest homes sold were both built in 1890, but the differences between the two are like night and day. The smaller home is a 1,264 square foot bungalow on Walnut Avenue, which sold for $350,000. The other home was a Victorian mansion that ended up breaking records for not only being the oldest house sold in 2008, but was the highest priced and experienced the most days on the market. As you probably guessed, the house known as “Mills View” sold for $1,275,000 after being listed by me for 408 days. I think it will be a long time before that happens again! I should note that another land-marked home on Highland Place also sold for the same price. Once again, the highest price paid went down year over year, this time by an amazing $145,000, or -15% as compared to the most expensive home in 2007.

Overall, the twenties were still the most popular years for older homes that sold in Monrovia, with the most popular year being 1923. The most likely reason for this consistency is due to the fact that the majority of older homes were built in Monrovia during this time period.   CONTINUED….