We have 89 listings on the market in La Canada. 2 of them are new this week:
300 Corona is in a nice Flintridge location. It last sold in July of "06 for $1.1 million, the same price it is listed at today. I read a great article about how sellers estimate the value of their home based on past worth, not present value. We'll watch this one. It is also available for lease or lease option. 434 Noren St. last sold in 2002 for $710,000. We will see where this market puts the value.
One home went into escrow this week:
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Last sold in 2007 for $2,000,000, 3778 Hampstead listed in June of this year for $2,200,000 and had several reductions before landing at $1,650,000. On paper, we can see the seller has already lost $350,000 in one year. Whatever the sales price is plus sales costs will add to that number. While it is an extreme case of price erosion by La Canada standards (17%), it clearly states the direction the market is heading in the short term.
2 homes closed escrow this week:
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4627 Viro was a short sale. Originally listed for $919,000, it closed at $438 per foot. 4273 Hampstead was listed from May-August at $1,995,000. It relisted in September for $1,750,000 and just sold $100,000 under that. Great location, but the house was a bit tired and the lot went up the hill.
I'll be holding 4336 Chevy Chase Drive open this Sunday from 1-4. We've had a price reduction and are now listed for $3,600,000. Stop by!
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