La Canada Real Estate

Home of the Week

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4343 Chevy Chase is a beautiful Spanish home built in 1935. It last sold in 2003 for $1.7 and has been updated by the current owners. It has a truly stunning living room and a formal dining room. The kitchen has been remodeled and features a breakfast area open to the family room. The master suite is on the main floor. Upstairs are 3 bedrooms, one of which is a suite. There is also an office adjacent to the bedrooms. The 17,000 foot lot features a private back yard accented by a pool, sport court and outdoor fireplace. It is a treat to see and will be open on Sunday from 2:00-4:00.

La Canada Market Activity This Week

We have 102 active listings in La Canada. 9 of them are new:

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4802 Castle is in Sagebrush. Great price for the location and lot size. Not so much for 2256 Cross at a higher price and just down the street from 2202, just reduced to $549,000 and the lowest price in La Canada. 4620 Alta Canyada just came on and I have not seen it. 4638 El Camino Corto is a fixer on a large lot. 5050 Ocean View has a lovely pool in the back yard.1732 Bonita Vista last sold at the end of 2006 for $1,123,000. It has been completely remodeled. I sits behind another house at the end of a gated driveway and is open on Sunday. 4343 Chevy Chase is my home of the week...gorgeous! 4323 Fairlawn last sold in March 2006 for $3.1. It has been professionally decorated and shows very well. Unusual in that it is one story, its main flaw is that the power lines run across the back of the property. 4411 Woodleigh last sold in 2006 for $4,000,000. It is contemporary and shows well. The owners have relocated.

I missed one as this was listed weeks ago but only went on the open market last week:

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4344 Beulah is a gem...a cute 3 bedroom home in a great location (I have lived in 2 homes on Beulah). the lot is where the value is...75 feet of frontage and over 16,000 square feet. If we were not consumed with building units in Montrose we would buy it and build a bigger home there. Timing is everything!

One house went into escrow this week:

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650 Foxwood sold with an incredible 9 offers...proof that their is life in this market! Offers were both well below and well above the asking price, highlighting misconceptions in the market place. While that house needed TONS of work, lot and location reigned supreme.It is important that you work with an agent who doesn't waste your time writing a low offer that would never be accepted or is based on future declines in value (my crystal ball broke long ago so I try not to speculate on the unknown, as I have been wrong many times before).

One house closed escrow this week:

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5248 Palm Drive closed for $975,000. It came on the market in April for $1,295,000. After 4 reductions it went into escrow in January.

Things are very quiet in the Foothills...the spring market is late to pick up in La Canada. Private school acceptance and rejection slips go out over the next few weeks so we should see a bump in activity by late March. It's hard to read the paper or watch the news and think about buying a house...

La Canada Market Activity This Week

We have 89 active listings in La Canada. 4 of them are new:

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2125 Sunnybank has been in the same family for almost 50 years. It will be open on Sunday from 1:00-4:00. 1067 Oxford Way sits below the street. The word on caravan was that it had a very strong odor, so much so that many agents wouldn't even go in. The sale is subject to bankruptcy court approval. 3889 Hampstead has amazing views and an open floor plan. It last sold in 2001 around $1.2. It will be open Sunday 2:00-4:00. 4938 Gould sold quickly in 2005 for $3,000,000. It has a big lot and a guest house.

One house went into escrow this week:

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5616 Ocean View was on the market for 6 months last year, listed for $838,950. It came back on the market at the end of January for $819,950 and sold within 2 weeks.

One house closed escrow this week...a personal favorite:

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4832 Commonwealth was listed in October for $1,279,000. It reduced to $1,249,000 a few weeks later and went into escrow. After 5 weeks, it fell out of escrow and reduced to $1,225,000. More than a month later, it had multiple offers and sold over that price. Proof that patience in this market is a virtue.

Information on the Proposed Parcel Tax

I attended the workshop on Tuesday night hosted by the School Board. We reviewed a power point presentation by True North Research that basically presumed that while La Canadans would be on board for a $150 parcel tax for up to 4 years (a total of $600), the proposed $295 per year may not pass. One particularly disturbing factoid was that while San Marino already pays $295 per parcel and is looking at increasing the amount by $795 for 6 years, we don't really care what our neighbors are doing. There is this great skit on Saturday Night Live Weekend Update called "Oh Really?" that I thought of throughout this meeting. So to the fact that we don't care what our neighbors are doing..."oh really?" The fact that La Canada schools got edged out of the top 3 districts in the state doesn't bother us. Oh really? San Marino inventory remains historically low at only 32 active listings, while La Canada has 93 active listings. But that doesn't bother us. Oh really? San Marino sales prices have seen only a 10% drop, while La Canada is down an average of 20%. But lets not compare...oh really?

Instead of looking at the differences, lets look at the similarities. Both cities are beautiful with a  strong sense of community and a high quality of life. Both have excellent school districts, yet San Marino High is number 1 in the state. We need to realize that our greatest asset in La Canada is our school district. Whether you have school-age children (yes, I do) or not, the schools are what keep housing values up in the city. If we neglect the schools and trip over a dollar to save a dime, we will all pay with the equity in our homes. As an example: we purchased in 2006. A recent appraisal came in $500,000 lower, so would we pay $295 per year slow down the decline? I need about 1 second to think that over. In a nutshell, even if you don't utilize the schools here, you need them.

The most recent rumors are that the state is going to cut over $8 billion in educational spending from the budget. That could be catastrophic to La Canada schools and as a community, we need to come together and support the higher parcel tax. Oh really? Yes!

La Canada Market Activity This Week

We have 93 active listings in La Canada this week. 5 of them are new:

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4730 Oakwood last sold in 2004 for $900,000. The house has been cosmetically redone. 5024 Hill street last sold in 2004 for $1,450,000. It was a funky house with an odd floor plan and dorm-like rooms upstairs. The new owner renovated, solved manyof the floor plan issues and then put it back on the market in March 2008 for a whopping $2,795,000. By May it was on with a different agent for $2,495,000, then back to the original listing agent in August for $2,100,000. Sadly, the market for that house at that price was long gone and it has now been listed with a third agent for what looks to be an attainable price.The house is on a flag lot with a pool. 600 Hillcrest exemplifies the 3 rules of real estate: location, location, location. It has views but no yard. We'll see if it's prime spot brings it to $670 per square foot. 4449 Commonwealth sold in 2004 for $2,970,000 and in 2005 for $3,100,000. It has been professionally staged by Jamie Dietrich (impeccable taste) so we will see if they can get their price. The house will be open on Sunday from 1:00-4:00. 4132 Chevy Chase is a (YIKES!) foreclosure. It sold in 2005 for $4,350,000. By 2007, nearly $4,000,000 was owed on the property. Apparently that was before underwriters actually had the nerve to ask for verification of employment and income and asset verification.

2 homes went into escrow this week:

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4818 La Canada Blvd. came on the market in November for $880,000 and had 3 reductions before selling. 4917 Burgoyne sold as a major fixer in 2006 for $850,000 (who was it that used to sing "Those Were the Days...."?). It was completely renovated and expanded to what stands on the lot today, basically a brand new house. It came on the market in February 2008 for $1,795,000 and was reduced over the summer to $1,695,000. In September, it was at $1,575,000 then reduced again in January. So, one year and $320,000 in reductions, it is finally in escrow.

We had one house close escrow this week:

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5306 La Forest defied market trends and sold within 2 weeks over the asking price. It is a gorgeous Craftsman with a beautiful yard.

On a somber note, no Home of the Week this week. That needs no explanation...

I'll be at 4336 Chevy Chase on Sunday from 1:00-4:00. Please stop by!

State Budget Shortfalls and How They Effect LCUSD and Our Community

I have a son entering Kindergarten in the fall so I attended the PTA meeting this morning. They are open to the public and very informative. What I left with was the knowledge of how lucky I am to live in a community with such a strong school system. Many schools in the state are already seeing the direct impact of the budget crisis while LCUSD is still on solid ground, in part because of our strong community and the Educational Foundation. That being said, we are facing unprecedented budget cuts that could impact our schools beginning in the 2009-2010 school year. 

One solution the School Board is looking at is a parcel tax. San Marino currently has a parcel tax of approximately $300. Their school board is looking at increasing that to almost $800. The LCUSD School Board has commissioned a survey to help determine if this is feasible in La Canada. There will be a workshop on Tuesday Feb. 10 at 5:30 at 4490 Cornishon to cover the information. It gives community members a great opportunity to educate themselves about the parcel tax and what it means to them, the schools and our city. The workshop will be followed by the School Board meeting that will decide whether to put parcel tax on the ballot.

There is an article by Jim Stratton (LCUSD Superintendent) in yesterday's Outlook if you want more information on the proposed budget cuts. The next PTA meetings are scheduled for March 6 and May 8 at 9:30 am. The public is encouraged to attend.

Home of the Week

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Yes, it does seem a bit obvious that my listing is the home of the week, but I really do love this house. It maintains and old-world charm while featuring the things we look for in newer homes today: open kitchen with center island, spacious family room and a gorgeous master suite. There is a guest house that could be an optional 4th bedroom with a closet and 3/4 bath. The pool and spa are adjacent to the family room and is accessed through French doors. If you are looking for character, this is it. I'll be hosting an open house on Sunday from 1:00-4:00. Please stop by!

La canada Market Activity This Week

There are 91 active listings in La Canada. 8 of them are new or retread:

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4621 Rockland place is north of Big Lots in the Sagebrush area. It last sold in December of 2002 for $349,000. It has been updated since. The guest house may not be permitted, and that accounts for some of the square footage. Tough sell. 5616 Ocean View is a retread, on in December for $839,000 and then taken off for the holidays. 4733 Oakwood just came on so I have not seen it yet. Showings start tomorrow. It is north of the freeway. 748 Galaxy Heights last sold in January 2006 for $890,000. While it has been updated, it is hard to justify the roughly 10% hike in the price given that the market has gone in the other direction. 5164 Redwillow has a shared driveway and a small yard. Much of the 21174 square foot lot is hillside. 4741 Orange Knoll is my listing and is my obvious pick for home of the week. 650 Foxwood is a fixer in an incredible location in Flintridge. Large, gently sloping lot with mature trees. It is open on Sunday from 2:00-4:00. And finally, 4336 Chevy Chase. It is my listing and is featured on one of the blog's photo albums. We were on the market from August to December, starting at $3,775,000 and reducing to $3.6 before th holidays. Now we are back on at $3.4. This is a lovely, maintained home with loads of square footage. I love the location because it is close to everything. Kathy Suelemazian from my office will be hosting an open house on Sunday from 2:00-4:00. I will be there next Sunday in the same time period.

Here is a listing that I missed a couple of weeks ago. It was inputted on January 18 with a list date of Dec. 18 so it slipped under my MLS weekly search radar:

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This is a 9000 square foot new construction that has yet to be completed. I have not toured it yet. Billed as a great opportunity for a buyer to select finishes. Hmmm. And then you look at the price. I don't know about you, but 5.990 doesn't exactly scream golden opportunity. Might be lovely, but last year in all of La Canada only one home sold near that price (700 Flintridge Ave. on 1 1/2 acres for $6,175,000). This is definately a wait and see.

3 homes went into escrow this week:

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4318 Bel Aire sold in 2003 for $1,140,860 and again in August  2005 for $1,500,000. Major inflation during that time period that has since deflated. It came on the market in September for $1595 and had 3 reductions before going into escrow on Feb. 3. 2045 Tondolea is that beleaguered short sale. It was in escrow in November but fell out. Now it claims to have a bank-approved sale price of $1,550,000. We will see how long this takes to close. It's been a busy week on Tondolea as 2021 is finally in escrow. Definitely one of my favorites, it had multiple offers.

One house closed escrow this week:

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434 Noren came on in late October for $1,295,000 and reduced to $1,195,000. with no takers, they then did a major reduction to $995,000 and had a sealed-bid auction, driving the price back up a bit. This was not a foreclosure sale, but rather a creative way to generate a lot of interest and a fast sale, albeit at a lower price.

Loads more coming on the market! Stay tuned...