550 E. Glenarm St, Pasadena was... not particularly well-priced.

Well… In March 2009, listed at $1,549,000, 550 E. Glenarm Street in Pasadena was not exactly gobbled up by the Buyers who were in the market at that time. True, in real estate, location is important, but so is price. In fact, the price was reduced to $1,495,000 in late April 2009, and this very nice home SOLD in July for $1,350,000. Yes, the purchase price was 87% of the original purchase price, and this property spent a total of 126 days on the market.

I know... 550 E. Glenarm SOLD in January 2006 for $1,800,000, and selling in July 2009 for $1,350,000 translates into a 25% loss in value in 3 1/2 years. Ouch.

Isn't this interesting and fun? (OK, not for the homeowners of 550 E. Glenarm.) In the days ahead, we'll look at other homes that have been listed in the Pasadena, San Marino, Altadena, South Pasadena, Sierra Madre area, and you can again guess if they were well-priced... or not!