We had 7 new listings in La Canada this week:
Ocean View is Sagebrush, a large lot with a fixer on it. Hilldale is freeway close, remodeled in the late 90's by my husband. He worked on 3 houses on the little cul-de-sac. We lived in 2 of them. It is true what they say...you get used to the drone of the freeway and you can almost tune it out. Oakwood is a stunning Mid-Century, showings start Saturday. La Canada Blvd. was on the market for about 7 months at a much higher price. It is now listed with a new agent. It is very close to the school. I haven't seen Viro. Starlight Crest has great mountain views and a nice yard. Inverness looks beautiful and is open for the first time Sunday, 2-5.
It was a great week for sales in La Canada:
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Indiana is a tiny little thing that was in escrow earlier this year and fell out. It is across from commercial and a stone's throw from the freeway (near Magpie). Daleridge is a small home south of Baptiste. It came on at a higher price but was reduced and eventually sold. Ditto for Commonwealth, though it sold immediately after the reduction from $989. Mellow was so well priced it sold with multiple offers, unusual in this market. St. Katherine has only been on a few weeks. It was listed at a low $372 per square foot. Alta Canyada has finally sold after 5 months on the market, a major fixer. My listing on Grand sold! A true testament to the hard work and creativity my clients put into it...Angeles Crest is also in escrow, though I am curious at what price. It is a charming, rustic house that at one time must have been fabulous. Now it has what is best described as a marginal house in front of it and the Crest is getting busier.
We've had 2 closings this week, compared to 5 in the same week last year:
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La Canada Blvd. was on for months after being purchased as a flip and then rehabbed. Nice lot, but it shared a driveway and backed up to the power lines. And Beulah, closing at a low $2,065. Such a deal for that Buyer! I am sure people that passed on that home will look back and regret it.
On that note, I was asked this week by Realty Times (I think they really just wanted me to purchase and ad package) to say something positive about the market today. Given that the market seems to continue in the decidedly wrong direction, it was a struggle to come up with something honest without sounding like a doomsdayer or Pollyanna. What I realized was this: When my husband and I started buying properties in 93-94 (market felt much like it does today) and had just held onto them, those homes would be worth about 150% more today, even in the current market. Given that we had put only about 10% of our own money down, it would have been an incredible rate of return. Plus we would have been in a nice home, enjoying tax benefits and the security of homeownership. Take that, LA Times!
Good point about the early '90's market! Wish I had held on to what I bought then.
Posted by: Barbara | May 01, 2008 at 09:27 PM
Good point about the early '90's market! Wish I had held on to what I bought then.
Posted by: Barbara | May 01, 2008 at 09:27 PM