While the stock market seems to be spinning into the abyss, homes are still selling here in La Canada. We had 4 homes come on the market this week:
I have not seen 887 Monarch. A new MLS rule being implemented this November mandates that agents put a photo of their listings in. So hard to get excited about a new listing when there is no visual...4832 Commonwealth is charming, charming, charming. Built in 1911 and updated, when you enter the house you will feel like you are on the east coast. 822 Wiladonda is lovely as well. It features a spacious open kitchen and family room. Both houses are open on Sunday, 2:00-4:00. 5250 Vista Lejana is a very nice home with a guest apartment above the garage and a pool. It is a tough market for that price point, especially well over $600 per square foot.
An indicator of the changes in the market place is featured here:
http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=EKS%2F2aNfo8yX98urRNVVNhOB2MFeEBhWOKBhOmr20Rs%3D&KeyRid=1&Include_Search_Criteria=on
2045 Tondolea came on in August of '07 at $2,190,000 and expired in November. It relisted in August '08 for $1,675,000 and just dropped to $1,600,000 a sale price approved by the lender because this is a short sale, that nasty precursor to the foreclosure. Had the seller acted quickly late last year and reduced to $1,800,000 (they purchased 7/05 for $1,890,000), they perhaps could have saved their credit and a bit of their equity. At $1,600,000 the house is back to the price that it sold for in June of 2004. Yikes! Have we really dropped back to 2004 prices?
We had 3 houses go into escrow this week:
1016 El Vago has been on for 11 weeks and been through 2 reductions. 1240 Lanterman was only on for one week and sold with multiple offers...location, location, location. 3900 Chevy Chase sold quickly as well.
We had 3 homes close escrow this week:
4555 Indiana sold well under asking but at $672 per square foot. 2316 Conle started at $1,050,000 and was reduced to $749 before selling for $789...another short sale. 4821 Vineta closed close to $100,000 below asking. $1,662,375 seems like a low price for a street like Vineta, yet a symptom of the current market.
I'm having a twilight open house at 4601 Hillard on Sunday, 5:00-7:00. It is an opportunity to show the house in a different light...incredible for entertaining as well as every day living! Stop by for wine and cheese.
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