La Canada Market Activity This Week

We had 8 listings come on the market this week in La Canada:

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375 Santa Inez way is a cute 3 bedroom home with an office. Good price and location. 1112 Wiladonda is on a nice street near LCE. The house is a bit tired and needs some TLC. 4947 Commonwealth is above the freeway. It just came on and I haven't seen it yet. 5409 Castle Knoll sold in 2006 for $1,260,000. Most recently, it was listed for $1,399,000 for the first 6 months of the year. Buyers are keenly aware that prices are now below 2006 prices and in most cases won't pay more. Mike Kobeissi just joined our office and brought 5710 Ridge and 4338 Commonwealth with him. The 2 listings were canceled with the old broker so they show up as new now. 4337 Beulah has been under construction since the property sold in July of '06 for $849,000. Since the permits were pulled back then, the house was not subject to any of the new setback requirements or second story review. The neighbors are not happy! 3703 Via Serrano sold in 2006 for $2,348,600 (see Castle Knoll's note on buyer perception). Listed in March for $3,349,000, the house is now on with a new broker at a new price.

4 homes opened escrow this week:

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4602 Commonwealth sold in a week. 4453 Bel Aire was listed in March for $998,000 then reduced to $949,000. Recently re-listed with a new broker for $819,000 it sold quickly. Ah, the power of correctly pricing homes for this market! 5814 Briartree sold before processing. It was well-priced at $504 per square foot. 5704 Evening Canyon came on in June for $1,350,000. It reduced to $1,295,000 before selling.

3 homes closed escrow this week:

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307 San Juan Way was gross but well-priced. It sold for more than $30,000 over asking. 4621 Encinas is acute house on a nice lot. It sold with 5 offers, but still under asking. 5063 Gould came on in July for $2,195,000. It seemed well-priced at the time, but the market quickly told a different story. It was reduced twice in September before selling. The fact that the house overlooked the playing fields at PCY hurt the sales price immeasurably.

Look for more listings and price reductions in the coming months!