La Canada Real Estate

La Canada Real Estate This Week

First of all, I want to apologize for not having this post up last night. My step daughter graduated from college yesterday and we had a big party for her at our house. We had a fantastic caterer, The Spot in Pasadena http://www.thespotpasadena.com/. Incredible food and excellent service. On to real estate...

We had 4 new listings come on the market in La Canada:

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It is traditionally a slow week for new listings because of the 3-day weekend. Lasheart is a cute little house around the corner from LCE. The small lot limits expansion possibilities. There is an enclosed patio that is being used as a den and takes up most of the yard. Godbey is a town home that has been leased for the last several years. I haven't seen Paulette but on paper it seems a bit high. 4227 Beulah is lovely. It has incredible frontage and is in good condition. Price per foot looks high but what you are paying for is the lot size and the location. It will be open Sunday from 1:00-4:00.

It has been a brisk week for sales in La Canada, with 6 homes going into escrow:

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El Camino Corto has been on the market for 1 year so I am curious to see what the sales price is. La Canada Blvd. sold after being on the market for 3 weeks. Milmada has been on for 1 year as well, but has been in and out of escrow. The house is all right, but it's location on the corner of Angeles Crest is tough in a Buyer's market. Oakwood sold again after coming back on the market last week. Dover finally sold after almost 5 months on the market. 4575 Viro is again featured because it is now in escrow for the fourth time!

4 homes closed escrow this week in La Canada:

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Saint Francis was a foreclosure. Ocean View is in Sagebrush. It sold over asking for land value. Hayman sold low after only 2 weeks on the market. It had a quick escrow, I assume to offset the price. Palm sold a bit below asking...a symptom of the market and a sign that some Sellers are accepting that what is happening in the overall market actually applies to their house as well.

A late addition that was posted this week but actually closed in April:

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The home shows that it sold for a remarkably low 68% of the asking price. However, the home is approximately 4000 square feet = $600 per foot. At the asking price it was $948 per square foot, unheard of even in last years housing dollars. Just like reading past the headlines in the papers today, it is important to look at the bottom line. Did this house sell for a rock-bottom pre-foreclosure price or was the asking price just way out of line? I vote for the later.

Things to do in La Canada

This spring my kids went to Melody Makers with Melanie Ballard. Wednesdays at 2:00 preschoolers and Kindergartners learn different songs, movement and music-making from this really dynamic woman (also my husband's cousin).Held in her home, you can drop off or stay and enjoy this wonderful experience with your kids. The new class starts in September and runs with the La Canada Unified calendar. For more information  call Melanie at 790-4713 or send me an email and I will email you the registration form.

La Canada Real Estate Activity This Week

We've had 8 new listings in La Canada this week:

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To be truthful, we have 5 new listings and 3 that have come back on after a respite from the market. La Taza is on a small street off of Hillard-I haven't seen it yet. Lasheart was actually built by my brother-in-law Jeff many years ago. Very cute with 3 bedrooms,a small office and a room above the garage. Oakwood was on May-Sept '07, starting at $1595 and expiring at $1499. The price seems right now as the house has been updated and the lot is large (but not flat). Mellow has 4 bedrooms and shows well. San Juan is another re-tread, having been on the market from 9/07-4/08, starting at a whopping $2495 and ending at $2195. Price is better now, but the lot is small. Hayman sold in '06 for $2050. When it sells, it will give us a realistic measure of how much the market has changed. Palm is new construction very near Palm Crest. It is well done with and interesting floor plan. School traffic could be hard on that listing. Domal is very nice with a lovely back yard and pool, but with gas a $4 per gallon, it is a long way from the boulevard. Chevy Chase was on briefly in April from $2.7 and is now re-listed at the higher price with another agent. Nice location and property. The house is a tad overdone for my taste.

We had 4 homes go into escrow this week in La Canada:

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Starlight Heights is a town home that has been on for almost a year. Hilldale is cute and priced for its location. Viro is in escrow again after falling out again. Its a great house so let's hope the third time is the charm. Palm was on earlier this year for $2595. The owners took it off of the market and did some light remodeling, lowered the price and now it is in escrow.

We've had 6 homes close escrow in La Canada this week:

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Alminar was previously listed at a higher price but finally sold when it was lowered under $900. $800 is a low sales price for such a great neighborhood, though its corner location meant school traffic on Baptiste. Godbey is a town home with a view and did finally sell with multiple offers. Starlane was on the market for a very long time. Alta Canyada was a major fixer on a good lot. The 2 homes on St. Katherine closed within 2 days of each other. No big surprises on the sales front.

I am adding another link to the weekly solds. Since the market is forever changing, some homes that are selling are coming back on the market:

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I reported the Conle sale last week and Oakwood about 3 weeks ago. Oakwood has been reduced as well. Buyers seem to be suffering from cold feet lately so it is hardly uncommon. Watch for open houses on both of these properties.

A Look at This Week's Sales

There are 100 listings on the market in La Canada this week. 7 of them are new listings:

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Hilldale is above Billy's in Montrose, the second to the last house on the street before you head down hill towards the movie theaters. Alta Canyada is a very nice house, but has power lines just east of the property line. Parkman sold in 4/07 for $1,067,000 after being listed for $995,000. The owners redid the kitchen and in did cosmetic work, hoping to add $300,000 in value. This is a very tough market on listings like that one. Descanso is another re-do. Very nice kitchen but small bedrooms. Louise sold in '05 for $1,575,000 and came back on the market in 7/07 for $1,995,000. It has been off and on the market since then and is now priced at $1,895,000. Richmond sits on a nice 19,000 foot lot and has a guest house (included in the total square footage of 3300). Hill was on a month ago with another agent at the same price. In my opinion it is really overpriced. I'm guessing my opinion was shared by the first agent so the Seller moved on to another agent who told him what he wanted to hear. Not really the most effective way to sell a house in this market.

We've had 7 homes go into escrow in La Canada this week:

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Wiladonda had 2 price reductions before selling. Conle is in Sagebrush but sold in less than a month. Inverness, the short sale, sold in '02 for $899, then again in '05 for $1.4 (great year to sell!). It came on 9/07 for $1,895,000 and has ridden the market down on its way back to the bank. It is now in escrow, subject to approval from the bank. Lanterman sold in a week-no surprise there. Viro is in escrow again after falling out last week. Beulah is finally in escrow after 8 months and one price reduction($100,000). Flintridge Avenue is in escrow. The buyers are a La Canada family moving up from a smaller home in Flintridge (theirs will be on at the beginning of June).

We had 4 home close escrow:

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Orange Tree, a tiny house near the freeway. Daleridge closed after 6 months on the market. Mellow is one of the few that has closed over asking. It was listed for $959 and sold with multiple offers. Mariners View also sold quickly.

Today I met with clients who brought along a "business associate." Without introducing himself, he approaches me and asks if I know that La Canada has fallen in value more than any other place in the nation (my clients are looking to buy in La Canada). The hair on the back of my neck stood up. I was beyond angry and felt as if he had insulted one of my children. This is where I live and work and raise my children. And I refuse to negotiate with misinformation, ingnorance and arrogance.

I paused before responding, then asked him where he got his information. After much debate he finally admitted that he had gotten the information from "his people." OK. So...some of his people read one statistic that puts La Canada prices at 30% below where they were in the same month last year and that brands us the lowest in the nation. Never mind that even in the high times, prices were skewed up or down 20% by one sale. The same is true today, but I realize how perception is king and reality isn't very important. When buyers want to buy, they haul out whatever statistic justifies their rock bottom price. In areas like La Canada, sellers rarely have to sell so many transactions never get past the first counter offer. I'm not trying to be a Pollyanna. Our market has definitely gone down and will probably continue to go down for a couple of years. However, the investment fundamentals of La Canada remain unchanged. The City remains a wonderful place to live with excellent schools and a high quality of life. If he is lucky, my new friend will someday figure that out.

Memorial Day Parade

Good news!Our yearly Memorial day parade is scheduled despite the construction on Foothill. According to Public Works, after several meetings with the Chamber it has been decided that the parade will travel down the south side of Foothill. Because the entire width of Foothill cannot be utilized, the parade will be leaner and therefore longer than in previous years. Perhaps some of the trees in the new traffic islands will provide welcomed shade for parade watchers. For more information, call City of La Canada Public Works 818-790-8882.

La Canada Market Activity

We have 7 new listings in La Canada:

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Parkdale is off of La Granada. Feels more like Montrose with a La Canada address. La Canada Blvd. is on a private drive (difficult to turn the car around) and has a guest suite off of the garage. Grand is a nice 4 bedroom with a small yard. Inverness is a terrific Cliff May with lots of windows and glass. The only drawback is the short sale a few doors away. Richmond was on for 3 months before. Now it is listed with another agent and has been staged. It backs up to commercial. I did not see Angeles Crest. Beresford is magnificent. They have the kind of furniture and accessories that make you want to go home and throw all of your things away.

4 homes went into escrow this week:

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Fernside was reduced from $875,000 and sold within a few weeks. The townhouse up on Godbey started at $994,000 8 months ago, then reduced to $979, then to $949, then to $899, and finally sold with multiple offers at $853. It kind of proves the point that the only thing wrong with any property in this market is the price.

No homes closed escrow in La Canada this week. I did see 4377 Commonwealth today. Absolutely perfect in every way, except perhaps price. But I have definitely been wrong before...

La Canada Real Estate Market This Week

We have 104 homes on the market in La Canada this week. 13 of them are new within the last seven days:

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Parkdale and St. Francis are foreclosures. Hardly the norm for our market, but disturbing none the less. Derwood is high up off of Ocean View. El Camino Corto came on in June '07 at $1,132,500. The listing was reduced over the last 10 months to its current price. I expired a few weeks ago so it shows up as a new listing, though appears to be a victim of the current market. Bel Aire is in good condition, good location. I think it is well priced, though I would tear off the room behind the garage to create more yard. I haven't seen Vista Place yet. Very close to the freeway. Crown just came on. Chevy Chase was on for 6 months last year, starting at $1,295,000, then reducing to $1,249,000 before they took it off for the holidays. It has been freshly painted and staged and looks much better this time around. Hayman is nice with a good-sized yard and pool. Maybe a tad high in price. Lanterman looks lovely, great street but no show until Tuesday. Earl is gorgeous and one of the only early (1926) La Canada homes on the market. One of the other original homes is Flintridge (1924). At one time it fronted Flintridge Avenue with a huge yard. Now it sits in flag position and seems to be languishing on the market. It was on the market in '06 for the current asking price but didn't sell. It came back on in '07 for $6,895,000 before expiring in 1/08. It was listed again at its current price, expired in April and is now back on. It is a beautiful home but it appears its position behind another home is hurting it. Commonwealth is the one causing most of the buzz on the boulevard. I can't wait to see it and my husband and I have our fingers crossed that it will sell near its $931 per square foot price (we live a few doors up the street).

We had 5 homes go into escrow in La Canada this week:

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Little Oakwood finally sold with 2 offers. 4932 Oakwood sold as well. It was in excellent condition and no other modern homes are on the market in that price range in La Canada. Starlight Crest sold after being reduced $50,000. Viro was model-perfect and sold in less than a week with 3 offers. Chevy Chase, while it is way out near the Glendale border, is a nice home with a good-sized lot.

4 homes closed escrow in La Canada this week:

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My Grand closed after only 21 days in escrow. An incredibly smooth transaction due to my awesome sellers, great buyers and a perfect agent, Sid Karsh. His years of experience shows and he is literally the calm in the storm of local real estate. I feel truly fortunate to have finally worked with him. Haskell sold quickly. Gould had little curb appeal but was beautiful inside. El Vago sold for what I think is a very low price. Even today, most sale prices are somewhat predictable, but more and more I am floored by sale prices that show us how much things have changed. Speaking of which, a listing was reported this week with a sales date of 4/22:

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I hate seeing a house ride the market down. It was hobbled by being too overpriced to begin with, then it went to the relocation company who hired an out-of-area agent who brought in his own buyer. Not very nice...