Stein Valuation, Inc.
Real Estate Appraisals & Consultation
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Following is a typical Appraisal Location description utilized by the Appraiser in analyzing the general area market trends.
South Pasadena Area Description
South Pasadena City had a total population of 24,303, according to the U.S. Census Bureau's results for the year 2000. Out of the total population, 7,304 were enrolled in schools.
Around 5.7% of the city's students were in nursery or preschool; 3.6% were in kindergarten; 37.4% were in elementary school, 19.1% were in high school and 34.3% were in college or universities. Census results also indicate that 93.6% of the city's population aged 25 and above were high school graduates, and 56.1% of the population had a bachelor's degree or higher.
South Pasadena City's labor force totaled 13,475, consisting of residents aged 16 years and above. Out of the total labor force, 12,955 were employed and only 511 were unemployed.
Of the 12,955 employed workers in the city, 6,347 were males and 6,608 were females. Most of the males worked in the professional, scientific, management, administrative, and waste management services or educational, health, and social services industries while most of the females were also in the educational, health, and social services industry. Median earnings for full-time, year-round male employees were $55,336, while median earnings for full-time, year-round female employees were $40,304 in year 1999.
About 72% of the employed populace were working for private companies; 17% worked for the government; and around 11% were self-employed. Most of the workers had management, professional, and related occupations; service occupations; and sales and office occupations.
Census results also show that there were 10,477 households in the city. Only 5.0% of the total number of households had income of at least $200,000; 6.4% had income between $150,000 and $199,999; 12.5% had income between $100,000 and $149,999; 11.1% had income between $75,000 and $99,999; 20.8% had income between $50,000 and $74,999; 15.7% had income between $35,000 and $49,999; 10.0% had income between $25,000 and $34,999; 7.6% had income between $15,000 and $24,999; 3.7% had income between $10,000 and $14,999; and 7.3% had income of less than $10,000. For the year 1999, the median income of South Pasadena City households was $55,728 while mean earnings were $73,023.
There were 6,027 families in the city, according to census results for the year 2000. Only 2.6% of the total number of families had earnings of less than $10,000, but only 8.1% had earnings of at least $200,000. Most of the families had minimum earnings of $35,000 and maximum earnings of $149,999. The median family income was $72,039. The same census results also indicate that 215 families, or 1,466 individuals, were below the poverty level in 1999, of which 174 had children below 18 years of age.
The city's housing units totaled 10,848, of which 46.5% were single-detached units; 5.7% were single-attached units; 0.1% were mobile homes; and the rest were multiple-housing units. Around 34.5% of the housing units were built in 1939 or earlier; and 30.7% were built during 1940 to 1959. Only 6.2% of the total housing units were built from 1980 to 1989; 1.4% were built from 1990 to 1994; 0.4% were built from 1995 to 1998; and only 0.1% were built from 1999 to March 2000.
There were 10,475 occupied housing units in the city and about 180 vacant housing units, based on year 2000 census results. About 80 of the vacant housing units were for sale and 100 were for rent.
Out of the 4,023 owner-occupied units, 3,210 had mortgage while 813 had no mortgage. Majority of the housing units, at 42.5%, had mortgage of at least $2,000. Median mortgage costs were $2,091. About 21% of the owner-occupied units were valued at $200,000 to $299,999; 42.3% were valued at $300,000 to $499,999; and 25.1% were valued at $500,000 to $999,999. Only 1.4% of the units had value of at least $1,000,000. The median value of the owner-occupied units was $383,600.
Out of the 5,853 renter-occupied units, only 0.2% had gross rent of less than $200. About 26% had gross rent between $500 and $749 while 43.5% had gross rent between $750 to $999. Only 5.2% had gross rent of at least $1,500. The median gross rent was $833.
The selling price for the vacant housing units was at least $175,000, but most were for sale at the $300,000-$399,999 or $500,000-$749,999 price ranges. None of the housing units were sold for at least $1,000,000. The median selling price was $373,200.
Rental for the vacant housing units was at least $450, but most were for rent at the $800-$899 range. None of the vacant housing units were for rent above $1,499. The median rental fee was $778, according to the year 2000 census.
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Additional statistical data for the area is presented below: Please note: differences between the above and below values are related to differing sources, though the ranges are considered to be quite reliable.