La Canada Real Estate

La Canada Market Activity This Week

We have a whopping 128 listings on the market in La Canada. 9 of them are new:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=kkCRGoURoVMaBUBB7VDXYiQgiy5LwVBMMsd5PV0ej0k%3D&KeyRid=1&Include_Search_Criteria=on

1919 Parkdale last sold in 2007 for $610,000. With no yard and an extremely close proximity to the freeway, it still sold for $690 per square foot. It was handed back to the bank and is now on for $399,500, yet in that location I have a hard time with it at $452 per square foot. 1617 Orange Tree sold 1 year ago for $590,000. How it is priced today boggles my mind. I don't know of any house worth more today that it was a year ago. Perhaps this will be the first...4603 Encinas sold 10/2003 for $542,000 and then again 6 months later for $625,000. That was such a fun time in the market when houses were appreciating and everyone liked how agents priced their homes. 1214 Pequena sold in 2007 for $850,000 and then again in 2007 for $992,000. It is a hair under that price now and has been updated. 3983 Robin Hill is open on Sunday from 2:00-4:00. 5224 Bubbling Well is a charming Ranch on a big lot and is also open Sunday from 2:00-4:00. 750 Wendover is a view property and has not been on the market in ages. 4436 Chevy Chase was my listing at the end of 2006. I had it listed for $2,195,000 and it soldwith multiple offers for $2,450,000. 180 degrees later, it is on the market for $2,195,000 again. We will wait and see another glaring example of market change when this closes. It is also available for lease at $4950 per month. If my calculations are correct, you would need$1,695,000 down to get a mortgage, tax and insurance payment that looks anything like what they are offering to lease it for. It is almost worth passing on the tax benefits of home ownership. 5036 Walmar was purchased for land value in 2003 ($880,000) and a new home was constructed on the property. I have not yet seen it.

2 homes went into escrow this week:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=kkCRGoURoVMaBUBB7VDXYuXq4irPV1SdZNaIFYnmbXA%3D&KeyRid=1&Include_Search_Criteria=on

1811 Earlmont had at least 4 offers. It was hard to pass up the price per square foot and the location. 5025 Jarvis was on for less that one month.

1 home closed escrow this week:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=kkCRGoURoVMaBUBB7VDXYqiZ8swkrCi8Q5XoQQ1kDEI%3D&KeyRid=1&Include_Search_Criteria=on

4344 Beulah sold for $1,000 over asking with multiple offers. Great location and lot. The new owners are going to lease it while they draw their plans for a much larger home.

I have to apologize for no Home of the Week posts lately. The good news is that I have been incredibly busy and have not had time to see everything on caravan. I will get back to that within the next few weeks, as well as posting about the never ending project. We have grass in the front of our house, so yes Virginia, there is a Santa Claus! I see the tiniest little light at the end of the tunnel. More on that later...

La Canada Market Activity This Week

We have 125 active listings in La Canada. 7 of them are new:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=kkCRGoURoVMaBUBB7VDXYv7QK%2F1unwNcKTGfbPSCizY%3D&KeyRid=1&Include_Search_Criteria=on

1959 Lamp Post Lane, Bank-owned (ie: foreclosure) sold in 2005 for $849,000 and again in 2006 for $1,070,000. It has been leased ever since for $3700 per month, I'm guessing a fraction of the carrying costs. There are multiple offers on this property and it is expected to go over asking, though no where near what is owed.  787 Starlight Crest last sold in 2005 for $822,000. It was on the market in 2008 for the same price it is on for today...hmmmm. 5110 Crown was last on the market in 2006 for $1,799,000. It did not sell then. If our market is down at least 20% from 2006 and they are priced at about 11% from where they didn't sell then, one has to wonder if this home is priced to sell or sit on the market. I like to think of myself as a realist rather than a cynic. 1238 Homewood is in an excellent location near Descanso Gardens. Needs a bit of fluffing, but otherwise nice. The house will be open on Sunday from 2:00-5:00. 4357 Encinas has been leased for last few years. Very nice renovated Craftsman, excellent location. Ditto for 4435 Encinas in terms of location. The home is owned by a professional stager, so it shows very well. 887 Flintridge Avenue is our poster child for what has happened to the market in recent years. It was on from 9/05-9/06 for $5,975,000. The septic was overhauled and the kitchen was finished and it came back on in 2007 for 6 months at $6,895,000. It was lowered at the beginning of 2008 to $5,900,000, then raised to $6,400,000. The original listing agent has the listing back now at $5,750,000. It is a gorgeous character home, surely anoriginal from the early days of Flintridge, but it needs a ton of work.

1423 Olive Lane, at time of posting, is not listed in the MLS but will be open on Saturday and Sunday. 2100 square feet on a large lot.

2 houses went into escrow this week: 

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=kkCRGoURoVMaBUBB7VDXYigj8jf3W%2BkeBdc%2F7RVJuvU%3D&KeyRid=1&Include_Search_Criteria=on

1732 Bonita Vista last sold in 2006 for $1,123,000. It was rented for $3500 for 2 years and then completely remodeled and expanded. It came on the market about 2 months ago at $1,699,000. I am curious to see where it closes. 510 Knight Way, listed in the wrong city so it did not stand a chance, last sold in 2004 for $1,100,000. They tried to sell it in 2008 for $1.4 to no avail. Now it is a short sale and is finally in escrow.

Only 1 house closed escrow in La Canada this week:


http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=kkCRGoURoVMaBUBB7VDXYqpiAlbBLtqKSr8egxpFp5g%3D&KeyRid=1&Include_Search_Criteria=on

4802 Castle Road sold with multiple offers over asking. The lot was over 11,000 square feet.

Not too much to report this week as we are all rolling our sleeves up after Spring Break. I will be open on 4815 Daleridge on Sunday from 2:00-4:00. Please stop by!

La Canada Market Activity This Week

We have 117 active listings in La Canada. 7 are new or back on the market:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=kkCRGoURoVMaBUBB7VDXYnnAhXkSKpfRzN%2BhHcsMGcU%3D&KeyRid=1&Include_Search_Criteria=on

1640 Orange Tree is in that island between Alta Canyada (between Foothill and Verdugo) and the freeway. It last sold in early 2008 for $600,000 and has been "updated." At $729,000, apparently the sellers did not get the memo about the economy. 753 Galaxy Heights is a town home near the Country Club. 4714 Daleridge is on the east side of the street. The back yard is sloped downhill. The pool sits about midway down. 1811 Earlmont is a terrific location for the price ($288 per square foot....OMG!). 621 Georgian Road is a nice Ranch that has been remodeled, but prices in the high end are taking a hit (see Beresford under 'solds") so we will see where this ends up. 954 Flintridge is another example of the aforementioned high-end slump. It was originally listed in February 2008 for $4,295,000. It was reduced to $3,995,000 six months later. Then in October, an agent change and a new price of $3,595,000. They took the house off the market in January. Now it is on at a spiffy new price of $3,049,000. Great location for the price. 4201 Mesa Vista last sold in 2006 for $5,140,000. It will be on caravan Tuesday...lovely home on a gorgeous piece of property.

It was a busy week for sales in La Canada with 5 homes going into escrow:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=kkCRGoURoVMaBUBB7VDXYoX4RFaT0nV8WizmKoVJLHc%3D&KeyRid=1&Include_Search_Criteria=on

310 Canon de Paraiso sold in 19 days. 4826 Alminar was listed in July for $1,395,000. It has had 3 significant reductions and is now in escrow. 4741 Orange Knoll was listed in February for $1,485,000. It was reduced to $1,399,000 and went into escrow within one week. 4825 Matley was on the market for 2 weeks before selling. 544 Castle Knoll listed January 21 for $1,675,000 and was reduced in March.

2 homes closed escrow this week:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=kkCRGoURoVMaBUBB7VDXYkdR3ELgAE5g9968SmMg2Qk%3D&KeyRid=1&Include_Search_Criteria=on

5220 Castle was listed in October for $1,079,950. The price was never reduced and it just closed for $925,000. One could speculate that had the home been priced more realistically (say, $999,000) it would have sold faster for more money. When houses sit, buyers get empowered. 4200 Beresford, a Paul Williams in Flintridge, listed last May for $3,595,000. It has been off and on the market since. When it reduced to $2,595,000, it sold immediately.

No open houses this Sunday. Happy Easter!

Home of the Week

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=kkCRGoURoVMaBUBB7VDXYrlABXp4xVsdmUJZzXpqlMA%3D&KeyRid=1&Include_Search_Criteria=on

4277 Chula Senda is an incredible piece of property in the heart of Flintridge. Over and acre and a half, it is almost impossible to replicate. The house will be open on Sunday from 1:00-4:00.

La Canada AMrket Activity This Week

There are 118 active listings on the market in La Canada. 9 of them are new to the market:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=kkCRGoURoVMaBUBB7VDXYmw33au%2FvmF%2BO1Dqse4ucFc%3D&KeyRid=1&Include_Search_Criteria=on

A single family house in La Canada for under $500,000! You too can bid on this 700 square foot gem...308 San Juan Way is very cute, but small. While the $479,000 price tag seems too good to be true, it is still $684 per square foot. 5055 Westslope is a nice home with 3 bedrooms and 2 baths. It will be open on Saturday and Sunday from 1:00-4:00. 1238 Olive Lane is on a flag lot. It has a large lot but much of the square footage is in the driveway. The house will be open on Sunday from 2:00-4:00. 4835 Oakwood is a 4 bedroom home. It looks as if it was remodeled in the 70's or 80's and needs updating. It will be open on Sunday from 2:00-5:00. 5239 Harter Lane was built in 1995. It shows well, though the yard is smaller than expected. Harter feels like a private drive and runs off of Angeles Crest. It will be open on Sunday from 2:00-5:00. 4608 El Camino Corto last sold for land value in 2003 for $755,000. A year later, this home was built. 555 Meadow Grove Street was last sold in 2004 for $2,475,000. It came on the market last July for $2,795,000. The listing expires in February. It is now listed with a new agent. It has been beautifully staged and shows very well. 4413 Shepherds Lane was completed in 2003 and sold in October of that year for $2,350,000. In 2007 it sold again for $3,296,000 (put that in the good ol' days category). They will be open on Saturday and Sunday from 2:00-4:00. Finally, 4277 Chula Senda is my Home of the Week.

4 homes went into escrow this week:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=kkCRGoURoVMaBUBB7VDXYhzvA%2Fk%2B5Ac81pvuRXxshoY%3D&KeyRid=1&Include_Search_Criteria=on

1860 Foothill is on a private drive behind the Mormon Church on Foothill. It last sold in 2003 for $625,000. It has been on the market for 3 months and started at $799,000. 2125 Sunnybank has been on the market for 45 days and has had one reduction from its original $1,080,000. 2114 Cross has been on the market for over 2 months. It was originally priced at $1,799,000. 2101 Highrim started in February at a whopping $2,794,950 and was reduced over $800,000 before going into escrow. It is not a location for everybody...

One house closed escrow this week...

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=kkCRGoURoVMaBUBB7VDXYphRLTG%2BN2Yp0ixDvv%2FNY0Y%3D&KeyRid=1&Include_Search_Criteria=on

5637 Burning Tree was listed in September 2007 for $2,300,000 and has been on the market almost continuously since then. A classic example of overpricing and riding the market down.

The accident on Angeles Crest and Foothill last night has been on everyone's mind and put the housing market in perspective, at least for this moment in time.