Five homes in South Pasadena that were intended to be cleared for the now-defunct 710 Freeway extension project will go on sale soon for the first time since Caltrans bought them more than six decades ago.
Gov. Gavin Newsom officially abandoned the extension project in 2019, which would have impacted about 500 homes in El Sereno, South Pasadena, Pasadena, and Alhambra in an attempt to complete the last leg of the 710 Freeway.
In 2021, the governor signed legislation permitting the city of South Pasadena to buy and sell vacant homes, which now could fetch more than 1 million dollars each.
Local real estate professional Alma Lam told KNX News' Nataly Tavidian that the homes are a great deal for the right buyer but come with some significant considerations.
According to Lam, the pros are that inventory in South Pasadena is at a record low, and prices are at a record high. It's a great school district and one of the most desirable neighborhoods. Plus, the homes are essentially time capsules, which could be a unique opportunity for some.
Lam looked up comparable prices in the area, and they show the value could be anywhere from $2 to $3 million after rehab! But she says don't let the big numbers fool you because "[It's] very hard to compare to a property that's been vacant for 60 years."
Because the homes will need a lot of work, Lam said, "I believe the best buyers will be investors and or flippers because they tend to be all cash and have additional resources to fix these homes."
The homes set to go on sale include a multifamily lot with three bungalows. Their styles range from mid-century modern craftsman bungalows to Spanish revival.
The real estate agency listing the properties says in-person viewing is restricted, but virtual tours of each home will be available.
South Pasadena Caltrans Properties List:
217 Fremont Ave.
1707 Meridian Ave.
225 Fremont Ave.
216 Fairview Ave.
726 Meridian Ave.
KCAL contributed to this article.
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