Photo by Michael Chen via Flickr Creative Commons
The giant MLS in the sky has been shining brightly on the City of Roses, revealing an interesting truth about the real estate market in Pasadena.
Just outside of Los Angeles County, where home prices dropped about ten percent from 2010-2011, there's a realm of real estate that's reportedly on the rise.
Offering small-town conveniences and big city cultural outposts, the "charming refuge 20 miles from Beverly Hills" gives city folk a still-commutable "escape from clamor," all without sacrificing unique architecture, The Hollywood Reporter details in a recent magazine piece.
The median price of houses sold in the wealthy 91105 and 91106 Zip codes rose from $888,500 in 2010 to $907,165 in 2011. "Despite the general market decline, here it's remained pretty strong -- if anything, we're lacking in good inventory," says Ted Clark, a broker at Deasy/Penner & Partners.
Pasadena was founded in 1872 by a group of freezing cold friends hoping for a warmer life than what they had in Indianapolis. The city's lure remains constant, though less weather-based. Today's influx includes screenwriters, actors, costume designers and other creatively-minded types deciding to make the freeway migration.