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