We have 82 active listings in La Canada. One is new:
4645 Hillard last sold in July 2006 for $1,370,000. Prior to that it sold in December 2003 for $908,000. Ah, the good old days. Actually, I read a report that showed how most markets in the US, especially in California had appreciated over the last 60 months. So my friends, all is not lost. When this house sells it will stand as an example of how much our property values have gone up averaged over the last 5 years (I'm guessing at least 30%).
It was a big week for sales. 5 properties went into escrow:
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4474 Indiana...a rock-bottom price for La Canada. 1125 Lavender sold prior to coming on the market. The agent is related to the seller so it could have been a "pocket listing." 5131 Crown was a foreclosure. A friend of mine held it open and put an "REO" sign rider on the day of the open house. She said it was like bees to honey. Actually, she compared it to crack but I'm trying not to be so crass at holiday time. Many buyers think REO (real estate owned) means the house is at the rock bottom price so they come in droves and can end up bidding against each other and netting the bank a higher price than it expected or was willing to sell it for. 1032 Wiladonda is beautiful new construction, as is 951 Descanso. Both are spec houses and the sellers were motivated. Many of the homes sitting on the market in La Canada do not have to be sold. The sellers dig in and hope for a high price (I've heard this referred to as "homallucination"- the current market does not apply to your house or neighborhood). But homes like Wiladonda and Descanso, the ones that do have to be sold, will redefine prices in the coming year.
But let's not end on a down note. Statewide sales have increased significantly. October sales reached the highest level since late 2005. La Canada had 15 sales in October of 2005 and 13 sales during the same month this year. Not too shabby...
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