La Canada Real Estate

OPEN HOUSES THIS SUNDAY IN LA CANADA

Click on this link for photos and details on all the homes open this Sunday:

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Click on this link for a printable list of all the homes open this Sunday:

Download Open Houses July 12th

La Canada Market Activity This Week

It appears that I offended some people with my comments last week regarding the sales process of 1119 Atlee. For the record, I use this blog to express my opinions and if you don't like them perhaps you should read other Realtor's blogs. There is definitely more than one way to sell and conduct business in the world of real estate. In suggesting that I would have handled that listing differently I did not mean to infer that it was handled improperly. Just that I would have done it differently...

Onto the business at hand: We have 118 active listings in La Canada. 6 of them are new:

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5363 Godbey last sold in 2004 for $670,500. It has been remodeled and features beautiful views. 1728 La Barranca was leased for $2900 until recently. It is located on a cul-de-sac close to the freeway. I have not seen 405 Knight Way. It is 3 doors from Paradise Canyon Elementary, a great location if you have school-age children. 5123 Jarvis could be fabulous fixed up. I am a fan of post and beam...412 Meadowview last sold at the end of 2006 for $1,575,000. It has been updated and features the same views that it did in 2006 when the market was higher than it is now (see the charts on the Calculated Risk link).

4 homes went into escrow in La Canada this week:

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4621 Rockland Place was listed in February for $725,000. It reduced a few times before selling. 2056 Lyans was listed last September for $1,389,000. It sits on the private drive in Sagebrush across the street from homes in the LCF school district. The home went into escrow last December but fell out. The price was lowered in February and it is now under contract. 4735 Alta Canyada was listed in May for $2,425,000. It was reduced before selling. 4277 Chula Senda is one of my favorites. The house is a fantastic old Ranch, but I hear it is going to be torn down. The property is amazing as is the location.

Woo-hoo! 9 closings this week in La Canada! Proof that the credit market is still up and running:

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4733 Oakwood was listed in February for $835,000. It reduced twice before selling. 172 Lamour last sold in 2005 for $1,195,000. The sale price today defies the trend of sale prices at or below 2005 prices. It is a fickle market and it is impossible to price all homes according to any one rule. A similar situation on 3726 Berwick, though since its last sale in 2003 ($920,000) it has been extensively remodeled. The house sold quickly, fell out of escrow and went to the second buyer within a week. On the other end of the spectrum and proof of how hard it is to price a home: 3929 Starland was listed in March 2008 for $1,930,000. It has had several reductions and just closed $530,000 under the original asking price. 1004 Vista Del Valle was listed last June for $1,895,000. It reduced 5 times before going into escrow for the first time in May. It fell out and the second buyers got it for a great price (by great I mean the right price, as the market sets the price). 2101 Highrim was listed in February for $2,794,000. The property saw 3 large reductions before selling. Another casualty of the market (or overpricing) is 791 Saint Katherine. Originally listed in September 2008 for $2,450,000, it just closed $750,000 under that price. 4343 Commonwealth bucks the trend. It last sold in 2003 for $2,895,000. It listed for $1,000,000 over that price and sold within $300,000 of that number.

One other sale slipped through my radar:

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5077 Walmar closed in less than 2 months. It is a cute house on a great street. Walmar is one of those off-the-radar streets in PCY. Great location close to everything but also a cul-de-sac.

A friend turned me onto another blog:

http://www.calculatedriskblog.com/2009/02/house-prices-real-prices-price-to-rent.html

Look at the price-to-income ratio in 2006! It is a snapshot of what went wrong in the mortgage and real estate industry and should have served as a glaring signal of what the future would bring. The writers indicate that while we have not bottomed out, perhaps we are close. While each micro-market is different, I look at this as positive information.

I hope you are having a wonderful summer!