We have 88 active listings in La Canada. One of them is new:
5131 Crown is a bank-owned (ie: foreclosure) gem. Originally listed in July of '07 for $1,349,000, it ended up leasing for $4600 per month in August of '07. It came on again in March for $1,285,000 but felt no love in the market place. Now, at $377 per foot, it should find a new owner.
We had one home go into escrow this week:
2045 Tondolea, the infamous price-fluctuating short sale. It could be months before it closes and the sales price goes public.
Finally, some good news! We had 5 closings this week:
5495 Burning Tree came on in May '07 for $2,195,000 (!). It expired and was back on in January with a big reduction to $1,995,000. 3 reductions later, it sold for $1,580,000. 2057 Hilldale was listed in March for $725,000 and reduced in June to $689,000 before selling for $650,000 early this week. It last sold in May '04 for $600,000. 2120 Countryman, in a refreshing turn of events, sold quickly for about 97% of its original asking price. 3900 Chevy Chase sold well under its $1,350,000 asking price. Nice lot...5704 Evening Canyon listed in June for $1,350,000 and reduced to $1,295,000 before selling. It had a large lot but much of it was hillside overlooking Angeles Crest.
I check the hot sheet daily for North Glendale through La Crescenta and La Canada, east through Pasadena and down to San Marino and South Pasadena. Yesterday there was a combined total of 898 active listings. In the previous 36 hour period, only 7 homes went into escrow and 3 homes previously in escrow came back on the market. In conclusion...if you are thinking of putting your home on the market, price it below market or wait until February when sales volume will pick up.
In an effort to distract myself from reading the LA Times and Internet articles about how bad our economy is, I am continuing with my series of home renovation projects. My latest is featured in the following Before and After.
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