We had 5 listings come on the market this week in La Canada:
4602 Commonwealth is a charming 2 bedroom, 1 bath. Comparable to 4555 Indiana that closed two weeks ago for $695,000 but in a less desirable location on a smaller lot. 4130 Lanterman is a 60's ranch very close to all of the action at Verdugo Hills Hospital. I haven't seen 5220 Castle but it is in a desirable section of Sagebrush and it has a large lot. 417 Richmond sold in June of '05 for $1,835,000. It looks like the sellers are just trying to cover their sales costs with their price. 777 Georgian sold in August of '07 for $4,250,000. It came on in February of '07 (arguably a better market than today) for $4,995,000 and had a $500,000 reduction before selling 6 months later. Now, after painting and refurbishing for the last year the seller assumes it is worth more than 1.5 million more. Hmmm. It caravans on Tuesday and I can't wait to see it!
2 homes opened escrow this week:
http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=EKS%2F2aNfo8yX98urRNVVNgHIkE%2Fg16JdjO%2FCZNb0Wiw%3D&KeyRid=1&Include_Search_Criteria=on
2120 Countryman is in Sagebrush. 1830 Earlmont is a gorgeous ranch in the Deodar section.
1 house closed escrow:
2028 Lombardy is on the cul-de-sac. In another era (12 months ago) it would have sold higher because of the location.
The change in our market is more glaring to agents, though anyone in the market right now feels it. My husband and I are buying a duplex in Montrose. As a buyer, I feel it almost more acutely than I do as an agent. Yesteryear, we were buying properties and easily getting million dollar loans with only 20% down...the whole process took about 15 minutes. We have good credit and have never had a late mortgage payment. I thought we were strong buyers until we applied for this conforming loan. Not only do I have to provide 2 years of tax statements (personal, corporate and LLC), ownership documentation of the corporation and LLC, verification of every single penny in all of our accounts including the rapidly diminishing stock portfolio but I need to pre-lease the units we are buying and provide said lease agreements. Soon, they will be asking for the children.
My point is, selling the house is only the first hurdle. Getting your buyer through the firing squad at the bank has become the big maybe. Toto, we are definitely not in Kansas anymore!
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