….but apparently, so does neglect!

Julia Morgan, California’s first licensed woman architect, may be best-known for her design of Hearst Castle in San Simeon, but she also designed the former YWCA building in Pasadena. The 1921 building has been on Pasadena heritage’s Most Endangered list for years, and the city acquired it through eminent domain in 2010.

Now the fun begins! The city made an offer of $6.4 million to the owner, based on their valuation of the property and planned to use money from their city redevelopment funds.

The owner,  businesswoman Angela Chen-Sabella of Trove Investments Corp, had unsuccessfully challenged the city’s eminent domain action, and has rejected the city’s paltry offer of $6,400,000.

I know, I know, it’s not fair for the city to come in and just take the property! After all, the present owner purchased it from the YWCA back in 1996, fair and square. It doesn’t matter that it’s been sitting in disrepair and neglect ever since. It doesn’t matter that it is on Pasadena Heritage’s most endangered list and is the city’s only example of Morgan’s work. And it doesn’t matter that it sits right in the heart of the city’s civic center, where the city has just spent a boatload of cash spiffing up the place.It’s just not fair, right?

So how much does the owner of the property want from the city? Almost twice the amount that they are offering; in the neighborhood of $12 million! And what did this owner pay for the property 15 years ago? Just over $1 million.

So, as a Realtor that sells Pasadena residential housing, let me put this into perspective…

Let’s say you bought a house in 1996 for $200,000. You’ve left the property vacant ever since and haven’t done a thing to it for 15 years.
Let’s say you paid $200,000 for it. The city offers you over $1,200,000 to take it off your hands, since you’re not taking care of it or using it.

Do you say “Thank You”? Nope. You want almost $2.5 million for all your efforts!

So, is this greed or just human nature? Would we do the same thing if presented with a similar opportunity?  In a city like Pasadena, with its strong sense of preservation and love of art and architecture, I guess even lack of preservation pays!

Source: Pasadena Star News

Roland Wilhelm
deasy/penner&partners
200 south los robles avenue
pasadena, california 91101
626.533.8001
rwilhelm@deasypenner.com