La Canada Real Estate

Something to do in June

Ok...so this may seem like a plug for my brother-in-law (it is), I can't say enough about his absolutely gorgeous beach house in Malibu. We rented it for my husband's birthday weekend. It was fabulous!

 

There is a hot tub on the deck overlooking the beach (I have altered the photo to make Greg and I look smaller than we actually are) and it sleeps 13 comfortable (5 separate bedrooms).

 

The photos really don't do it justice. It is almost like being on a luxury yacht with the waves just outside the windows. It is fully furnished and looks like a cross between a Pottery Barn and West Elm catalog. The location is perfect, just about 10 minutes from the Santa Monica Pier in one direction and Crosscreek in Malibu in the other. It runs $1,000 per night (much less than a nice hotel for you and 13 of your closets friends), but he will make you a deal if you rent for multiple nights. The house is available the months of June and then will be rented from July 1st for a year to a lucky lawyer from the Midwest. Call Jeff Frame at 818-790-8547

La Canada Market Activity This Week

There are 132 active listings in La Canada. 5 of them are new:

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2145 La Canada Crest is a condo behind Joanne's Fabrics. It looks roomy, though I question the $402 per square foot price. I also wonder about a listing when the agent puts a photo of an older cook top. If that is a major selling point, I'm worried. 315 Knight Way is tenant occupied. It last sold in August 2007 for $940,000. It was completely renovated and then put back on the market 4 months later for $1,249,000. It did not sell. From April-July 2008 it was listed for $1,225,000 and then it was leased. Now it is on the market at a more realistic price. 1050 Stratford was last on the market in 2004 for $1,475,000. It did not sell. Now it is aggressively priced. No offers will be reviewed until June 5th and showings begin at the open house on Sunday from 1:00-4:00. 1030 Olive was last on the market in 1999 when it sold for $835,000. It has great curb appeal and a gorgeous backyard. It will be open on Sunday from 2:00-4:00. 4355 Oakwood, originally built in 1926 was expanded and remodeled in the 90's. It has a nice floor plan and is in a great location south of Georgian. It will be open on Sunday from 2:00-4:00. 4938 Gould last sold in 2005 for $3,000,000. It was listed for 3 months earlier this year for $3,075,000, then reduced to $2,750,000. It is now listed with a new agent and is more aggressively priced. No Home of the Week this week. Most of the new listings are worth seeing if you are out and about on Sunday.

4 homes went into escrow this week in La Canada:

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1926 Hilldale was listed in 2007 for $895,000. It did not sell and came back on in 2008 for $595,000. At $418,900 it is now bank owned and finally in escrow. It literally overhangs the hillside to the west of the 2 overlooking the movie theater parking lot. Interesting location. 764 Galaxy Heights started at $1,125,000 in October and had 3 reductions before selling. 3929 Starland was listed in March 2008 for $1,930,000. To agents, it didn't seem that far off the mark at that time but buyers didn't favor the remote location. The the market changed more than anyone expected and the house rode it down with 4 reductions totaling more than 20%. It is finally in escrow after more than a year on the market. 1734 Fairmount is my listing (co-listed with Bob Swanson). It is a charming older home on an amazing lot. we had multiple offers after a few weeks on the market.

3 homes closed escrow this week:

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1919 Parkdale last sold in 2007 for $610,000. If this were the only home sold in La Canada between then and now, it would represent a 35% decline in value. Fortunately, we have had a lot more activity than that and well located homes in good condition have lost about 20%, with more challenging locations/condition/floor plans loosing more like 25%. But, as Parkdale demonstrates, there are exceptions to every rule. 1732 Bonita Vista last sold in 2006 for $1,123,000. It was remodeled and expanded last year and came on the market over 2 months ago for $1,699,000. It was reduced to $1.6 before selling. 690 Wendover is a beautiful private home. It came on the market in October for $3,799,000. They reduced the price 3 times before selling.

No real idea where the market is going, though we are predicting a chill in July and August (ie: great opportunities for buyers!)

Things to do this weekend in La Canada

There's lots to at Memorial Park this weekend. For starters, there is a community breakfast Saturday from 8:00-11:30. Later in the day is the Korean Cultural Celebration with a complimentary Korean barbecue (5:00) followed by a screening at 8:00 pm of "Beverly Hills Chihuahua." I'm going with the kids, friends and a picnic. Truly, fun for the whole family...

On Sunday is the family bbq, music and fireworks show starting at 6:00. On Monday is the fun run starting at Descanso Gardens (7:30) followed by the parade down Foothill starting at 10:30. We are marching with St. George's preschool, where my son goes to school. It is exhausting thinking about all of it, but we don't want to miss anything either!

Home of the Week

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1330 El Vago is a lovely 4 bedroom home with treetop views from every room. It is like being in a tree house. The house sits on a private lot on the corner of Journey's end. The kitchen has been completely remodeled and opens to the family room. The master suite has an awesome closet, fireplace and bathroom. Both the family room and the master bedroom open to private decks. The home overlooks the canyon and mature oak trees. I will be there on Sunday from 2:00-4:00 with cookies from Kristen's Bakery. Please stop by!

La Canada Market Activity This Week

We have 131 active listings in La Canada. 9 are new or "nearly new:"

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4619 Ocean View is a house with a guest unit with its own entrance. 4465 Alta Canyada sits between the freeway and Foothill. No photo so use your imagination. 745 Starlight Heights was on the market for 6 months last year at $917,000. It sold in 2003 for $495,000 and again in 2006 for $739,000. That was back in the days when we all had money trees blooming in the back yard. It has been updated since and is now on the market for $825,000. There is no property history on 404 Canon de Paraiso and I have not seen it yet. 5164 Redwillow was on at the beginning of the year for $919,000. 1418 El Vago has been off and on since the end of 2006. It was originally listed for $2,190,000. 1330 El Vago is my Home of the Week (my listing!). 1051 Oxford way last sold in 2005 for $1,770,000. From 2007-2008 it was on the market for $2,000,000. Reality has set in and the sellers are bracing for a loss. 750 Forest Green is one of those houses where all I can say is some things are better left unsaid.

It was a busy week with 9 homes going into escrow (or going back into escrow):

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753 Galaxy Heights is in escrow. 2264 Laughlin, a short sale is in escrow after only a couple of weeks. The wild card is if and when it closes. 5612 Barambelwood came on in early January, reduced $100,000 and is now in escrow. 1943 Lyans went into escrow, fell out over an unnamed issue and is now back in escrow with thesame buyers. 3726 Berwick went into escrow, fell out and then sold to someone else 3 days later. There seems to be a trend here...1004 Vista del Valle has been on the market for a year (starting at $1,875,000), went into escrow in early May, fell out and is now in escrow with yet another buyer. 4335 Oakwood original buyer is now officially back in escrow. 4343 Commonwealth last sold in 2003 for $2,895,000. 732 Forest Green also last sold in 2003. Back then the price was $3,000,000. It is hard to gage how the market has effected both of these homes.

4 homes closed escrow last week:

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My 4741 Orange Knoll was a heart breaker. It sold in 2004 for $1.6, then to my clients 10 months later for $1,585,000. $200,000 later, it has sold again. 317 San Juan was off and on the market since 2007 when it was listed for $2,495,000. I would not call this an example of the market going down, rather how overpricing in any market is not in the best interest of the seller. Had it been listed then for $1,895,000 it could have sold quickly. In today's dollars, it sold for $1,695,000. 4812 Ocean View last sold in 2005 for $775,000. It was completely updated. 2273 Cross St. sold in 2007 for $875,000 then was completely remodeled and expanded. Originally listed for $1,589,000, it finally closed. The buyers, who had a contingent offer, moved in before closing. When their old house fell out of escrow, the sellers of Cross were stuck and had to sit in an extended escrow. Learn from their mistake...don't let your buyers move in before the close!

Have a safe and happy holiday weekend!

La Canada Market Activity This Week

We have 130 active listings in La Canada. 9 of them are new:

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4557 Alveo is a small cottage near the high school. 2264 Laughlin is in Sagebrush and a short sale. It last sold in 2002 for $711,000 then was listed for $1,599,000 in 2008. It rode the market down to $1,399,000 before falling off the market and negotiating with the bank. Being allowed to go from $711,000 to a short sale at $999,000 is helping drive our market down. 4606 Palm is not a new listing but somehow it was inputted as such. It was originally listed late last year for $1,495,000 then reduced to $1,399,000. It was pulled from the MLS and put back in at the new price. It is a nice updated home for the price. 140 Inverness was last sold in 1974. The caveat is that the master bedroom sitting area may have been added without permit. It will be open Sunday 1:00-4:00. 2052 Lyans was completely renovated and expanded in 1999, then sold by the architect/owner in the $900's. It sold to the current owners in late 2007 for $1,975,000 (not a bad profit for those sellers!). It has a gorgeous pool and is located on a lovely private drive. It will be open on Sunday from 2:00-4:00. 4735 Alta Canyada was sold off market when it was brandnew in 1999. It has a great floor plan and a wonderful bonus room and guest suite that open to the back yard. It will be open on Sunday from 2:00-4:00. 3647 Hampstead last changed hands in 1984. 3751 Normandy is listed at $389 per square foot and will be open Sunday 2:00-4:00. 345 Corona sold in 2004 and was torn down. Now it is a very nice view home listed on the high side at over $700 per foot.

4 homes went into escrow in La Canada this week:

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2202 Cross was listed in June 2008 for $695,000. After 2 reductions, it has finally found its buyer. 2085 Ahlin will be open on Saturday from 2:00-4:00. 1432 Olive listed a month ago for $995. One reduction later is in escrow. It features a great lot, though just 2 doors from the power lines. 5227 Crown last sold in 2003 for $939,000. It was updated before coming on the market early this year for $1,349,000. It reduced once before selling.

It was a good week for closings with 5 houses trading hands:

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308 San Juan Way sold with multiple offers over asking. 1860 Foothill last sold in 2003 for $625,000. It listed over 3 months ago for $799 and reduced once before closing. 2125 Sunnybank listed for $1,080,000, reduced once and sold. 4826 Alminar sold in 2007 for $875,000. It was completely remodeled and expanded and came back on the market in July 2008 for $1,395,000. It reduced twice and has now sold for $1,249,000. 650 Foxwood is a market anomaly as it had 9 offers and closed for 125% of its asking price ($505,000 over). Multiple buyers were taken with that location.

As the spring market hums along the dead zone of the market appears to be the $2,000,000-$3,000,000 range. Most of La Canada's move-up market is gone. The days of selling your house for $500,000 more than you paid for it and then buying up are over and the impact is felt in our mid-level market. Aggressive pricing is necessary in the price range if you want to compete.

Off for the weekend to my brother-in-laws house in Malibu. It is available for rent through July 1. I'll post more information about that on my next blog. I'll be open on 4815 Daleridge Sunday from 2:00-5:00. Please stop by!

Home of the Week

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619 Meadow Grove is an absolutely stunning Spanish Revival. The house is single level with most rooms opening to the outside. It is an exquisite example of Myron Hunt's work in the 20's. The drawback, if you will, is the freeway. Seeing homes like this makes me wonder what Flintridge was like before the freeway came through and pray for soundwalls!

La Canada Market Activity This Week

We have 126 listings in La Canada. 9 of them are new:

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4615 Castle Road last sold in 2006 for $696,000. It was listed in 2007 for $749,000 and didn't sell, then came on again in 2008 for $559,000 with no takers. At some point it was given back to the bank and now it is on at a higher price. It is almost as if some banks enjoy holding onto properties. 2085 Ahlin last sold in 2003 for $697,000. It was listed in 2007 for $1,074,000 and did not sell.  2040 Rancho Canada Pl. is located on the hill near the YMCA. 1734 Fairmount has been in the same family for more than 40 years. It has a beautiful living room that overlooks a huge screened-in porch. It needs work, but is priced for location, lot size and square footage. It will be open on Sunday from 2:00-4:00. 5333 Jessen was a custom built home for the family that sold to the current owners. At that time (2001) it sold for $1.4 million. 619 Meadow Grove, in spite of its location, is my home of the week. 1517 Olive was built by the current owners. It is a large home with a fantastic yard. 742 Greenridge last sold for $4,550,000 in 2006. And now it is listed for a higher price...3627 Karen Sue has been on the market since last June. It was listed with the former agent at $7.5 million.

5 homes went into escrow last week:

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4603 Encinas last sold in 2004 for $625. This time around it went into escrow after 2 1/2 weeks on the market. 787 Starlight Heights was on the market in 2008 for the same price and did not sell. The spring market is definitely bringing more buyers in than last year. Volume is up, but prices are not. 5224 Bubbling Well sold with multiple offers. 3726 Berwick, which last sold in 2003 for $920,000, has been remodeled and sold quickly. 1067 Oxford is subject to bankruptcy court approval. 5 bedroom, 4 bath, bankruptcy! It is one of those houses with a very bad vibe. It will be interesting to see if and what is closes for.

4 houses closed this week in La Canada:

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940 DeLinda sold in 2004 for $811,000 and 2007 for $1,000,000. At the end of 2007 it came back on the market for $1,075,000 but the ride up was over. It has been listed off and onsince then with 2 different agents and closed for about 8 1/2% higher than it did in 2004. 5755 Summit Crest sold with multiple offers. 4458 Chevy Chase was last listed in 2005 for $2,395,000. The sellers pulled it off the market and did a huge renovation. They enjoyed it for a few years and now have sold it. $426 per square foot seems low for a house with that amenity, but because of its proximity to Foothill, the sellers did not do that badly. And now for the elephant in the room....4132 Chevy Chase last sold in 2005 for $4,350,000. The buyer was allowed to purchase with a very small downpayment and it was handed back to the bank last year. Now it has sold for $1,000,000 less.

Have a wonderful Mother's Day!

La Canada Market Activity This Week

I apologize for the late posting as I came home from Mammoth with a horrible cold and a mountain of work. The following is the report up to April 30.

We have 129 (Yikes!!!) active listings in La Canada. 4 of them are new:

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4639 Lasheart has been in the same family since 1997. It is now a short sale which leads one to believe that the owners refinanced a few too many times. Not a happy situation. 4344 Hayman last sold in 2004 for $1,089,000. It was leased for a few years and then the owners moved into it and now have it on the market for $1,299,000. Great location but needs work. 3726 Berwick last sold in 2003 for $920,000. It has been updated and shows well, but they will loose some buyers because of the steep grade of the driveway. 5209 Harter last sold in 2003 for $1,900,000. It was listed in 2008 for $2,680,000. The sellers drank some reality juice and are now listed at the right number.

4 homes went into escrow this week:

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207 Starlane was listed in June for $1,159,000. It has been off and on the market since and has finally found its buyer. 1943 Lyans came on in November for $1,225,000. I'm curious to see where it closes. 690 Wendover came on the market in October and has had 3 reductions. 4363 Oakwood was listed in January for $5,995,000 and had 2 substantial reductions. Rumor has it that they had multiple offers and went close to the new asking price. Beautiful home, not so beautiful market.

3 homes closed escrow this week:

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1738 La Barranca listed in January for $719,000. It reduced to $699 and sold 10% below that. 4816 Castle sold for land value in the golden era of 2006 for $740,000. A new home was built and it came on the market in August of 2007 for $1,799,000. It had 6 reductions over almost a year and a half. At some point along the way, it became a short sale and the persistent buyer ended up with a great price. 4019 Hampstead sold with multiple offers over the asking price. The price was driven by emotion and how unique the house and property are.

More on Thursday!

 

 

 

 

 

La Canada Real Estate

Gone skiing this weekend - I will post Sunday night (May 3rd).