(With the fires burning above La Canada, this information seems a bit trivial) We have 90 active listings in La Canada. 5 of them are new:
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277 Baptiste has been in the same family forever and was most recently leased. It is updated and in a great location for the price. 370 San Juan is well priced for the square footage, but I have not seen it yet so I reserve the right to change my mind. 4376 Hayman is a trust sale. I love the location, but the condition borders on unlivable. 415 Paulette...$673 per square foot! Need I say more? 1338 Verdugo is bank owned. It sold in 2004 for $2,430,000. Someone was asleep at that bank when they made that loan. Now priced at $299 per square foot there are multiple offers. If you are interested, you have until Monday at 3:00 to present your offer.
The summer sales continue at a brisk pace. Finally, the high end is moving! 5 homes went into escrow this week:
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3751 Normandy last sold in 2002 for $1,355,000. It was listed in May for $2,495,000 and had 2 large reductions before selling. Doug Drummond has has a stellar week with 3 of his listings going into escrow including 4257 Woodliegh. It last sold in 2004 for $2,250,000. It was listed this time in March for $3,095,000 and was reduced once before going into escrow. 4449 Commonwealth sold in 2004 for $2,970,000 and again in 2005 for $3,100,000. It was listed in February for $3,495,000, then reduced to $3,195,000. It went into escrow and then fell out. The house was pulled off the market briefly as the sellers relocated and came back on the market for $2,995,000. 4735 Gould was sold in 2005 for land value. At the time it was listed for $1,695,000 but sold for a staggering $1,920,000. Compare that to the similar-sized lot that was recently listed on N Indianola (prime location) for $1,000,000! Anyway...once the house was built it came on the market for $4,197,000 (6/08). By September 2008 it was listed with a new agent (Doug #2) for $3,395,000. It was reduced and is finally in escrow. 4201 Mesa Vista sold in 2003 for $2.1. Those owners completely remodeled it then sold it in 2006 for $5,140,000. It was listed this time around in April (Doug #3) for $4,650,000 and was reduced twice before going into escrow.
A whopping 9 houses closed escrow this week:
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1127 Atlee sold in 2003 for $635,000 and again in 2006 for $830,000. It was listed for $899,000 last year but did not sell. It came back on the market as a pending sale in June and just closed as a short sale. Only 2 bedrooms, but excellent price for the location. 1433 Olive was a fixer originally listed for $749,000 in June. It is a flag lot on the edge of the Edison easement (power lines). 4927 Del Monte was on for about a minute and sold well over asking. 4366 Cobblestone sold in the first week. It needed work but I love that street and location. 4645 Hillard was a short sale originally listed in December for $1,395,000. 2024 Lombardy last sold in 2003 for $765,000. It was completely remodeled and sold with multiple offers. 2050 Lyans last sold in 2004 for $1,110,000. This time around it sold with multiple offers in the first couple of weeks. This house defies what has become the normal declining value of homes, as does the house on Lombardy. Let's say Lyans was worth 25% more in 2006 than in 2004...$1,385,000 perhaps. Therefore, it has only lost about 10% of its value from the height of the market if my numbers are correct. Why other homes have lost 20-20% on average is hard to determine. This is when a crystal ball would come in really handy. 4599 Leir sold within a month for close to its asking price. 4555 Indiana was listed in June for $1,545,000 and needed a 5% reduction before attracting a buyer.
One more time, I am baffled by the market. Late summer is traditionally slow in La Canada, yet we have had amazing sales volume. While prices have not reversed the downward trend, people are finally getting off the fence and buying. How much the fires will effect our market it hard to say. When you consider how many times Malibu has burned and prices are still astronomical there, I am not too worried. On the bright side, if they do manage to knock this fire down with no homes lost, there will be very little brush left to burn when the Santa Anas start blowing in the next month or two. Be safe, and remember to take your pets with you if you evacuate and please don't leave them in the car!
