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South Pasadena Caltrans homes sell for thousands above asking
One of the former Caltrans homes in South Pasadena; all sold for over $1 million.
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Makenna Sievertson
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LAist
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The five Caltrans homes in South Pasadena have all sold for thousands above asking price — with the costliest going for nearly half a million dollars more.
Each of the homes was on the market for about $1 million or higher. But with boarded up windows, damaged floors and peeling paint, some certainly showed their age.
Thousands of people toured the properties on Fairview, Fremont and Meridian avenues in October after they sat empty for years because of the failed 710 Freeway extension project.
The roughly $6.8 million in proceeds from the home sales have been put into a new special fund exclusively for affordable housing production, according to Alison Becker, the acting director of the South Pasadena Community Development Department.
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How much the South Pasadena properties sold for
A three-unit property at 726 Meridian Ave. was the priciest on the market out of the five, with a nearly $1.25 million asking price.
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The sale was finalized late last year for $1.72 million, Becker told LAist, which is nearly half a million over asking.
The three-unit property at 726 Meridian Ave. sold last year.
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Makenna Sievertson
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LAist
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All of the Caltrans properties sold well over the asking prices.
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Makenna Sievertson
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LAist
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The Caltrans properties were in need of renovations.
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Makenna Sievertson
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LAist
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The former Caltrans property sold late last year for over $1.7 million.
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Makenna Sievertson
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LAist
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For comparison, a duplex down the street on Diamond Avenue sold for $1.87 million in July. And a four bed, two bath home on Ramona Avenue went for $1.57 million a few weeks ago.
A three bed, three bathroom Caltrans home at 217 Fremont Ave. — which the realtors previously told LAist “needs a lot of love, but offers a lot of opportunity” — sold for $1.45 million. That’s a quarter of a million dollars more than the nearly $1.2 million asking price.
The home at 217 Fremont Ave. needed "a lot of love," according to a real estate agent.
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Makenna Sievertson
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LAist
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The three-bedroom, three-bath home sold for $1.45 million.
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Makenna Sievertson
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LAist
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In the yard on Fremont Avenue.
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Makenna Sievertson
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LAist
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Buyers were apparently undeterred by the state of the Caltrans homes.
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Makenna Sievertson
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LAist
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A short walk away, the 216 Fairview Ave. home was going for $1.076 million — the second cheapest option — attracting hundreds of potential buyers.
The three bed, one bathroom property ended up selling for $1.274 million, which is about $200,000 over asking.
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With three bedrooms, one bathroom and a large porch, 216 Fairview Ave. sold for over $1.2 million.
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Makenna Sievertson
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LAist
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The home will still need work.
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Makenna Sievertson
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LAist
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A tan single-story at 225 Fremont Ave. was on the market for close to $1.2 million.
The four bedroom, two bathroom open floor plan home sold for $1.377 million, according to Becker, which is more than $175,000 above asking price.
An open floor plan was a selling point at 225 Fremont Ave.
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Makenna Sievertson
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LAist
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The home sold for more than $175,000 over asking.
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Makenna Sievertson
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LAist
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A quaint two bedroom, at 1707 Meridian Ave., went on the market for $949,000. It was the cheapest of the five, and also appeared to be in the best shape when LAist visited.
It ended up selling for $1,007,000.
A two-bedroom at 1707 Meridian Ave. was listed for $949,000.
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Makenna Sievertson
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LAist
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The home appeared to be in the best shape of the former Caltrans homes.
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Makenna Sievertson
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LAist
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The property at 1707 Meridian Ave. sold for just over $1 million.
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Makenna Sievertson
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LAist
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Proceeds from the sale of the Caltrans home will fund affordable housing in South Pasadena.
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Makenna Sievertson
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LAist
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The proceeds from the five Caltrans home sales have been placed into South Pasadena’s Affordable Housing Trust Fund to create 15 new units, according to Becker.
“This isn’t something we've done before, so it’s a big step for a small town,” she previously told LAist.
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Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive before year-end will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
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