Cash buyers looking for a historic house project have a rare opportunity in Pasadena, where 10 pre-World War II-era properties going as far back as the 1890s are on the market.
The asking prices range from $780,000 to $1.45 million.
“These properties are not for the faint of heart,” said Bill Podley of Compass, one of three local brokers marketing the homes for the city on the Multiple Listing Service. “They’re for people who know what they’re doing and are going in with both eyes open.”
Initially seized decades ago by Caltrans for a failed plan to extend the 710 freeway, these homes — representing different architectural styles from early Victorian shingle style, craftsman bungalows and period revivals — are being sold as-is, with bars on the windows and the utilities disconnected.
Their condition makes them accessible only to cash buyers or those who can secure private financing. And then there are the restoration costs, which likely start at a minimum of $50,000 and reach into the hundreds of thousands of dollars, agents and city officials estimate.
The passage of Senate Bill 959 in 2022 allowed the city of Pasadena to purchase 17 properties from Caltrans at the original prices paid by the state agency when they were first seized.
Four of these properties have been set aside, while 10 are currently for sale. Another three are expected to list in the coming weeks.
The homes are mostly original. As landlords, California and Pasadena have made no investments in the properties over the years.
“Oftentimes, investment in property wipes out nice features,” said Michael B. Bell of Sotheby’s International Realty. “Almost all of these properties have all the original windows and layouts and architectural details, woodwork, mantles, and that’s actually a positive.”
But with the positive comes crumbling mortar within rock foundations.
Pasadena Heritage holds preservation easements for 180 and 237 State Street, which have not yet listed.
These legal agreements recorded on the property deed and transferred from owner to owner protect the structure’s historic character, including the facade, windows and even lighting.
“We are working actively with the agent (Bill Podley) to make sure that we are walking the potential buyers through exactly what this means, what parts of the house are protected under this easement,” said Bridget Lawlor, the incoming executive director of Pasadena Heritage. “When they go to make a change, what ends up happening is we come out and do an easement inspection. We’ll go over the different aspects of the house and then make recommendations for how those need to be treated or handled.”
The deadline for submitting an offer is 5 p.m. Monday, Oct. 13. Each offer will be reviewed by the city, which has three weeks to respond to the buyers.
All net proceeds go to funding the construction or purchase of three affordable housing units for every Caltrans home sold, as required by the state.
Information regarding the purchase process for these properties is available at PasadenaCaltransProperties.com.