Prices Are Moving (Down) Again

There was a bit of stillness in August, few new listings, no movement in prices, but after Labor Day it picked up again.

699 E Ladera St Pasadena, CA 91104 (MLS#: 22113837)

Beds: 3
Baths: 2
Sq. Ft.: 990
$/Sq. Ft.: $364
Lot Size: 4,997 Sq. Ft.

I'm curious how you can squeeze in 3 bedrooms and 2 baths in a 990 Sq. Ft house.

Listing Price History
Jul 30, 2008 $450,950
Sep 02, 2008 $359,950

That's a $91,000 drop in one month, a good 20%. Somebody is starting to get the message, though I think they are still a touch high, considering that it is quite a small house and nothing special. From the Google map image it looks like the only ugly house on a street of cute bungalows.

There is this other house just down the street:

810 E Ladera St Pasadena, CA 91104 (MLS#: Y805230)

No picture, though it's been on the market for 36 days already.
Price: $365,000
Beds: 2
Baths: 1
Sq. Ft.: 872
$/Sq. Ft.: $419
Lot Size: 5,000 Sq. Ft.

Listing Price History
Jul 29, 2008 $515,000
Aug 26, 2008 $365,000

That's a whopping $150,000 or 29% drop in barely over a month. I guess that's the bank getting desperate. Still, $419 $/Sq. Ft for a tiny house in "as is" condition? That's more than the previous house, which at least looks decent.