La Canada Real Estate

OPEN HOUSES THIS SUNDAY JULY 5TH 2009

Click on this link for Open Houses this weekend. 

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Click on this link for printable list of Open Houses this weekend.

Download Open Houses 7:5:09

Things to do This Weekend

If you are in town for the weekend, CV High School has a fireworks show. There is also America Fest at the Rose Bowl. Tickets are $13, children under 7 are free. The food court opens at 2:00, the stadium at 6:00 with fireworks beginning at 9:05.

If you feel like driving, there are fireworks in Marina del Rey

http://www.visitmarinadelrey.com/sg/july_4/index.html

the jazz and blues festival in Leimert Park

www.culturela.org

and for kids there is a night of fun at the Aquarium of the Pacific:

www.aquariumofpacific.org

Enjoy!

La Canada Market Activity This Week

For several weeks now I have been talking about the inevitable summer slow down in La Canada, but this week is proof that I make mistakes. Inventory is slowly going down and sales volume is up. Exciting stuff for the beginning of July!

We have 112 active listings in La Canada. 6 of them are new:

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747 Galaxy Heights sold in 2004 for $650,000 and again in 2007 for $885,000. It was leased in 2008 for $3600. Another symptom that our market still has room to go down is that it is still cheaper to rent most homes than to buy them. At the current asking price, taxes and insurance are about $900 per month. For the remaining $2700 per month, a qualified borrower would be able to borrow about $475,000, meaning they would also have to have a 50% down payment. I don't mean ot be a downer...it really has been a good week for La Canada real estate! 2024 Lombardy looks very nice. It last sold in 2003 for $765,000. It has been remodeled and expanded. Showing begin on caravan Tuesday. 1122 Atlee last sold in 2004 for $949,000. It was leased and then listed again in 2006 for $1,399,000. It was listed last October as a short sale for $975,000. If I remember correctly they did get an accepted offer but either the bank or the buyer did not finish the deal. Now it is in foreclosure at a bit less than what is owed. At $524 per square foot, it is listed on the high side. 4555 Indiana last sold in October for $695,000. At the time it was a tiny little fixer. It is now a new home with a nice floor plan and a spacious kitchen and family room. 455 Richmond needs work and is freeway close. 940 Monarch is up on the hill with views, a pool and a media room.

The absolutely fantastic news is that 9 homes went into escrow this week:

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350 Santa Inez was the very cool but dilapidated post and beam foreclosure. It sold right away. 1119 Atlee did sell with 26 offers way over asking. I think it is prudent in this market to price aggressively, but there is a line where the agent is just creating too much work for themselves and the seller. It also gives buyers false hope, even in this market. 1117 Sheraton was on the market for the first time in 47 years and sold quickly. 4544 Palm came on in March for $1,295,000 and had two reductions before selling. 549 Paulette is gorgeous and sold within a few weeks of listing. 4926 Palm, another beauty, sold quickly. 2052 Lyans last sold at the end of 2007 for $1,995,000. It was listed in May for $1,825,000 and had a small reduction before selling. 4161 Forrest Hill last sold in 2002 for $995,000. The current owner completely renovated the house. It was listed in 2007 for $2,399,000, then reduced to $2,199,000 before expiring. It listed again this year, reduced to $1,895,000 and is finally in escrow (note: it is better to under price than to over price). 1427 Sugar Loaf has been on for over 4 months. The seller offered to carry back at 4% and the house is in escrow.

7 homes closed escrow this week in La Canada:

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2202 Cross was listed in December for $595,000 and had one reduction. It is a small house in the Sagebrush area of La Canada. 753 Galaxy Heights has been leased prior to coming on the market. 1432 Olive Lane is a fixer on a large lot. 1943 Lyans was listed in November for $1,225,000. It has finally closed 7 months later at 12% below the original price (see note above). 5227 Crown listed in January for $1,349,000 and had one reduction. 1217 El Vago last sold in 2004 for $1,800,000. It sold off market this time around. 4363 Oakwood was originally listed for $5,995,000 and has 2 significant reductions. It sold within a week of being reduced to $4,995,000.

3 cheers to La Canada for passing Measure LC!!!! While it won't solve all of the school district's problems, Measure LC keeps us solvent while the school board works on the short fall.

Have a safe and happy 4th of July!