515 S Madison Avenue 2, Pasadena, California 91101, Pasadena, 91101 - 2 bed, 3 bath

515 S Madison Avenue 2, Pasadena, California 91101 home-pic-0
ACTIVE$869,000
515 S Madison Avenue 2, Pasadena, California 91101
2Beds
3Baths
1,373Sqft
13,227Lot
Year Built
1987
Close
-
List price
$869K
Original List price
$889K
Price/Sqft
$633
HOA
$660
Days on market
-
Sold On
-
MLS number
CV25230610
Home ConditionGood
Features
Patio
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $869.0K(63th), sqft - 1373(74th), beds - 2(50th), baths - 3(79th).

Discover timeless charm and modern comfort in this beautifully maintained 3-bedroom, 3-bath Craftsman-style townhouse tucked away on a peaceful street near South Lake Avenue in Pasadena. This move-in ready home features an open-concept floor plan with rich hardwood floors, recessed lighting, and high ceilings that create an inviting, spacious atmosphere. The living room offers a cozy fireplace, patio access, and elegant shutters, seamlessly flowing into the dining area and bright kitchen with stainless steel appliances, range with ventilation, and breakfast bar seating. Upstairs, you’ll find two generous master suites with vaulted ceilings, ceiling fans, and oversized walk-in closets, each with private baths and thoughtful design details. A convenient laundry area sits between the bedrooms for added ease. On the lower level, a versatile bonus room is adjacent to a utility/basement area currently utilized as storage, offering excellent potential to be converted into an extra bathroom. Additional highlights include central A/C, attic storage, and a direct-access oversized 2-car garage. Perfectly situated near the Playhouse District, South Lake, and Old Town Pasadena, this home blends classic craftsmanship, comfort, and convenience in a truly prime Pasadena location you won’t want to miss.

Price History

Date
Event
Price
10/29/25
Price Change
$869,000-2.2%
10/15/25
Listing
$889,000
Condition Rating
Good

The property, built in 1987, presents as move-in ready and well-maintained. The kitchen has been extensively updated with modern white cabinetry, stainless steel appliances, light countertops, and a subway tile backsplash, aligning with current quality standards. The master bathroom also features contemporary updates including a double vanity, modern light fixtures, and a glass-enclosed shower. Hardwood floors and recessed lighting in the main living areas enhance the modern appeal. While some secondary bathrooms retain older fixtures and finishes, they are clean and functional, not requiring immediate renovation. The overall condition suggests significant renovations within the last 5-15 years, ensuring major systems are functional and the property is comfortable without deferred maintenance.
Pros & Cons

Pros

Prime Pasadena Location: Perfectly situated on a peaceful street near South Lake Avenue, offering excellent proximity to Pasadena's vibrant Playhouse District, South Lake, and Old Town.
Move-in Ready & Modernized Interior: A beautifully maintained, move-in ready Craftsman-style townhouse featuring an open-concept floor plan, rich hardwood floors, recessed lighting, high ceilings, and a bright kitchen with stainless steel appliances.
Dual Master Suites & Flexible Space: Features two generous master suites upstairs, each with private baths, vaulted ceilings, and oversized walk-in closets, plus a versatile bonus room on the lower level with potential for an additional bathroom.
Key Amenities & Comforts: Equipped with central air conditioning, a cozy fireplace, patio access, attic storage, and a direct-access oversized 2-car garage, enhancing daily living.
Craftsman Charm & Design: Blends classic Craftsman architectural details with modern comforts, creating a unique and inviting aesthetic that appeals to a broad range of buyers.

Cons

High Association Fee: The monthly association fee of $660 is substantial and adds significantly to the overall cost of homeownership, which may deter some buyers.
Lack of Views: The property explicitly states 'None' for views, which could be a drawback for buyers prioritizing scenic outlooks or natural light.
Recent Price Reduction: A recent price drop from $889,000 to $869,000 could suggest a longer market time or initial overpricing, potentially raising questions about the property's current market value.

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