Five former Caltrans homes in South Pasadena, California, recently sold for significantly above asking price, generating over $6.8 million in revenue. The funds will be dedicated to creating 15 new affordable housing units within the city.
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. The roughly $6.8 million in proceeds have been put into a special fund exclusively for affordable housing production, according to Alison Becker, the acting director of the Community Development Department for South Pasadena .
The homes, located on Fairview, Fremont, and Meridian avenues, were sold last October after they sat empty for years due to the failed 710 Freeway extension project. 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.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. The sale was finalized late last year for $1.72 million, Becker told LAist, which is nearly half a million over asking. 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. 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. 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. 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.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.
Real Estate CALTRANS HOMES SOUTH PASADENA AFFORDABLE HOUSING REAL ESTATE HOME SALES
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