There are 132 active listings in La Canada. 5 of them are new:
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:
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:
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!)
Gillian, I think the fact that inventory keeps rising faster than sales, even during the Spring selling season makes it pretty clear where the market is going. What happens in October when there are 140-150 homes on the market and ppsqft has continued to slide?
Posted by: Sean | May 29, 2009 at 12:49 PM
Hi Sean-
While I do not have a crystal ball, here is what I think will happen:
Prices will continue to decline, though not at the rate we asw last year. People who do not have to sell will eventually pull their homes off of the market, putting a large dent in inventory. Activity will slow, but those that need to sell or have to buy will still be in the market place. So, I don't think we will see 150 homes on the market, but the ones that remain on the market and eventually sell will reset the average price per square foot.
Posted by: Gillan | May 31, 2009 at 08:03 PM