La Canada Real Estate

Open Houses this Sunday

For MLS version click below:

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For Printable version click below:

Download Open Houses 11.29.09.xlsx

La Canada Market Activity This Week

We have 73 active listings in La Canada. 5 of them are new:

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4953 Alminar sits on a great street in the Paradise Canyon area of La Canada. The house last sold in 2002 for $558,000. 742 Galaxy Heights has great views. 4514 Alta Canyada was updated in 2007. 955 Big Briar Way was on earlier in the year for $1,300,000. It is now listed as a short sale. No notice of default has been filed at this time. Drum roll please....1820 Fairmount is listed as a "former celebrity (Kevin Costner) home" at a whopping $1,184.48 per square foot. The celebrity cache would be more marketable at, say...$600 per foot.

With the holiday upon us, sales have slowed with one home going into escrow this week:

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2226 Richey sold in less than a week. It had a large lot and was priced to sell.

One home closed this week:

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2040 Rancho Canyada Place came on in May at $1,099,000. It had 3 reductions before selling. It was a tough location but had great views.

Have a safe and Happy Thanksgiving weekend!

Open Houses this Sunday

For MLS version click below:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=HFDsIaPvYtvwH3EvXf%2Fp1Nc2AqnYAE%2FrfcHCY%2FFJMRY%3D&KeyRid=1&Include_Search_Criteria=

For printable version click below:

Download Open Houses 11.22.09.xlsx

La Canada Market Activity This Week

We have 72 active listings this week. 7 of them are new:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=HFDsIaPvYtvwH3EvXf%2Fp1F4xHV4%2Bg3NEjN15FM18M2o%3D&KeyRid=1&Include_Search_Criteria=on

759 Starlight Heights is a town home that was previously leased. 4536 La Granada is hardly a new listing but worth noting as it is finally on as a REO (real estate owned...by the bank). It last sold in 2005 for $1,090,000 with...you guessed it, 100% financing. It was listed in 2008 for $1,195,000 and was most recently on the market for $850,000 as a short sale. The bank "won" it back for $920,000, wiping out the additional $430,000 worth of debt on the property. Who ever approved the loan that jacked the mortgage up to $1,350,000 is probably jobless now so there is no point on railing on his or her stupidity. But what of the appraiser? That house in that location was never, ever worth that much money! And now, in it's depressed state with the water turned off (ie: brown grass and dead things in the yard) it is almost worthless in my opinion. 4946 Palm last sold in 2004 for $799,000. It is not available for showing until the 24th so I reserve judgment. 5254 Alta Canyada last sold in 2005 for $1,060,000. It was completely remodeled and came back on the market in 2008 for $1,650,000. It has been on ever since a lowered prices. Now it is listed as a short sale. $1,234,000 is owed so this one could go in short sale. 4924 Ocean View last sold in 2003 for $758,000. I really like this house, though based on the prior sale the price seems a bit high. 2226 Richey looks nice and has a huge lot. 797 Greenridge last sold in 2003 for $1,675,000. similar thought to the ones I have for Ocean View on this one. While you cannot make a blanket statement that we are down to 2004 prices as several houses can defy the norm, I find it baffling to see homes (without significant improvement and alteration) listed for 50% higher than the previous sale 5 or 6 years ago. That is of course just my opinion based on my own research...

On a bright note, 5 homes went into escrow this week:

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1640 Orange Tree last sold in 2008 for $600,000. I'm really curious to see where this one closes. 4815 El Camino Corto was listed in March for $849,000. 1622 Leycross is an REO. It last sold in 2005 for $940,000. That was an era where buyers didn't think that a gigantic ballroom/atrium in an otherwise small house was a strange thing and they were willing to pay almost 1 million for it. Today, the story has changed. It has been off and on the market for years at a myriad of prices. That atrium-weird-room in the middle of the house? Buyers actually notice that that is not normal now. Lets see where it closes. 4337 Beulah has multiple offers. I did a bit of research on this one. First of all, it sold in 2005 for $986,000. It came on in 2006 as a short sale and sold for $849,000 (it was listed just under $900,000). I had a client interested in it at the time and was told by the listing agent that it sold for over the asking price to another buyer with another agent. Low and behold! It sold under asking by the same agent. Here's where it gets really weird. It was bought in 2005 by buyer A, who sold it to buyer B in 2006. Buyer B immediatley puts Buyer A back on title. Hmmm...I smell a rat. Anyway, buyers A and B now have a construction loan of $1,605,000 against the unfinished home. There is no way of telling how much of that $1,605,000 they actually owe but I suspect a short sale on this one is going to be a hard sell with the lender. Additionally, a lawsuit was filed and the plaintiff has a lis pendens against the property, meaning it cannot be sold until it is satisfied. Foreclosure would wipe that out. In other words, a long shot. 4344 Hayman, another short sale, has 4 offers on it. No notice of default has been filed at this time.

4 homes closed escrow this week in La Canada:

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359 Baptiste is a little cottage that sold quickly. 4376 Hayman is a stunner at $490 per square foot. It was in disrepair and needed everything! Shows even in this market a seller can get lucky...4376 Beulah was a charming home with a guest house. Great location. 4343 Chevy Chase last sold in 2003 for $1,700,000. It was listed in February for $2,195,000 and reduced $100,000 in May. It really is a lovely home but see what I mean about not making blanket statements about where prices are compared to where they were?

My sister's wedding was fabulous though I was eating those stuffed dates all week! Better to stick with beef appetizers at a cocktail party...

Open Houses this Sunday

For MLS version click below:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=HFDsIaPvYtvwH3EvXf%2Fp1KPBh5wIL7q4mlAhnOpjbQ8%3D&KeyRid=1&Include_Search_Criteria=

For printable version click below:

Download Open Houses 11.15.09.xlsx

Open Houses this Sunday

For MLS version click below:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=HFDsIaPvYtvwH3EvXf%2Fp1Og7uHsZPh0%2BGGsn6qwr0fg%3D&KeyRid=1&Include_Search_Criteria=

For Printable version click below:

Download Open Houses 11.08.09.xlsx

La Canada Real Estate Activity This Week

We have 69 active listings in La Canada. 5 of them are new:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=HFDsIaPvYtvwH3EvXf%2Fp1IFF6%2B%2BZVZC8KlgWRPk3uEI%3D&KeyRid=1&Include_Search_Criteria=on

Blissfully, no new short sales or foreclosures this week. I hope last week was the exception rather than the rule. 339 Santa Inez is a major fixer, but it has charm and a lovely lot. It has been in the same family for years and years. Worthwhile if you have the stomach for a big project. 4450 Bel Aire sold in 2003 for $678,000 and again in 2006 for $1,175,000 (cha-ching!). Three years, same house...$500,000 gain! 5259 Castle was on in 2005 for $1,390,000 but did not sell. 4045 Forest Hill isn't really new but it was canceled and reduced. It last sold in 2003 for $1,050,000. It has been totally renovated and the pool area is fantastic. It came on in July for $2,895,000 and reduced down to $2,390,000 with no offer in sight. Now it is back on at a respectable (but on the high side) $514 per square foot. 839 Valley Crest has a great lot and location. No show until Tuesday caravan.

3 homes have gone into escrow this week in La Canada:

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4715 Oakwood...whaddya want for $650,000? While it was only 3 doors from the freeway, it was quiet inside and had a nice back yard. There were multiple offers and it sold over asking. It proves how hungry we are for homes under $700,000. 1948 Foothill is a short sale. It came on and was almost immediately reduced $100,000. They have an accepted offer. Let's see if the banks want to play ball (and loose $1,000,000). 334 St. Katherine is a cool mid century with awesome views and proves there is life in that end of the market!

2 homes closed escrow this week:

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4413 Indiana backed up to the power lines and was just above the freeway (ie:locationally challenged). It was an REO. $549,000 was owed by the previous owner (I use the term "owner" lightly). 4714 Daleridge last sold in 2001 for $580,000. It was listed in April for $889,000 and closed very close to that. It proves that for some properties, there is that one buyer out there. While they are not there for all homes, they are there for some of them.

There are several agents advertising the fact that we have low inventory so now would be a good time to list your property because the buyers are out there. I agree, but pricing is absolutely critical. Presentation runs a close second so fill your garage with all of those personal belongings that don't match other people's furniture, consider painting in neutral tones and if necessary, stage. Put your best foot forward because this is not a market that you want to be sitting there, stagnant. Homes priced right that show well sell quickly, as they do in any market. But homes that are overpriced and do not show well (because the price has set buyer's expectations) sit longer in this market because while buyers want to buy, they are not desperate.

My sister is getting married on Saturday and I, secretly hoping to become Ina Garten have volunteered to host a cocktail party tomorrow night. As much as I have maligned Home Goods, my kitchen is now filled with martini glasses and dessert plates from said store and I have been doing important things like roasting tenderloin (for canapes) and stuffing medjol dates with goat cheese. Once I get through the Jog-a-Thon at LCE tomorrow, I will be skewering shrimp and wrapping brie. Maybe I went into the wrong business...

La Canada Market Activity This Week

We have 71 active listings in La Canada. 6 of them are new listings but I am seeing a disturbing trend: 4 of the 6 are short sales (some are really short):

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4715 Oakwood is a cute starter home up from the library. Close to the freeway but quiet inside and a great price! 1246 El Vago...OK, come on! $899,000? It was previously listed for over $5,000,000! $2,466,000 is owed. It will be a cold day you-know-where before the lenders all roll over and eat more than $1,500,000 in debt! While it will go over the asking price as the "short sale," buyers need cash to purchase and there aren't many out there with that much cash, plus the $800,000 needed to complete the project. Ditto for 4337 Beulah. I can't find any notice of default on that, so perhaps the owner is current on the loans. $1,600,000 is owed so I have a hard time believing the lenders are going to settle on a short sale. The house is ugly from the street but actually nice inside with a lot of potential. If it could be purchased for under $1,000,000, a buyer would only need about $200,000 to finish it and have loads of equity upon completion. 1948 Foothill is another tribute to the gross lending practices of yesteryear. A whopping $1,900,000 is owed and the trustee sale is scheduled for the 12th of this month. 1243 Flanders, refreshingly not a short sale, last sold in 2006 for $1,525,000. I will see it this weekend, but I remember it being a nice home just up the street from LCE. Another downer...4035 Dover last sold in 2006 for $2,000,000. $1,750,000 is owed and the notice of default was originally filed in December 2008. The trustee sale has been postponed twice and is currently scheduled for the 16th. 5060 Hook Tree is at the end of the cul-de-sac. It needs a bit of fluffing but has a nice floor plan and I like the location. Very private and quiet.

3 homes went into escrow this week in La Canada:

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5164 Redwillow has been listed since January when it started at $979,000. 1925 Lamp Post last sold in 1999 for $538,000. 4905 Alta Canyada last sold in 2000 for $950,000. The home has been updated and expanded. It was listed in July for $1,725,000 and had a large reduction before selling.

We had 8 homes close escrow this week as a result of robust sales in September:

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4763 Rosebank (heavy sigh), another short sale sold in 2001 for $455,000 and then in 2004 for $799,000. The owners were allowed to borrow a total of $1,079,800 against the property so almost $400,000 was left on the table with this short sale. 1892 Foothill last sold in 2004 for $651,000. It was off and on the market since 2008, beginning at $999,000. 640 Knight Way sold quickly. Great property! 4710 Viro last sold in 2005 for $1,070,000. It came on the market last September for $1,375,000. I think there were offers early on but the seller did not take them. They ended up selling for much less. 654 Starlight Crest sold in the first week with multiple offers. 4128 Pembury last sold in 2002 for $800,000. It was expanded and updated before coming on the market in the late summer. 1338 Verdugo sold in 2001 for $1,275,000 and again in 2005 for $2,420,000. It was foreclosed and the bank sold it to the highest bidder.

I tend to think the tide of foreclosures is now washing over La Canada, but we must purge all of them before we can see any kind of recovery. I realize I sound negative, but I am just trying to be realistic. It also does not help that I am sitting at my office at 10:45 pm because our absolutely fabulous Charter service went out at our house. I'm in my pajamas. Very nice, very professional....