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