There are 68 active listings in La Canada. 9 of them are new or back on the market after a holiday hiatus:
5401 Palm is north of the school on a fantastic lot. It has sort of a cool 50's feel with a nice living room overlooking the property. The master bedroom is on the top (living) level and another bedroom and lounge-like room with an empty spa are on the lower level with a decidedly Greg Brady-vibe. 1500 Descanso last sold in 2006 for $1,329,000 when it was listedfor $1,175,000. It sold again in 2008 for $1,150,000. Both buyers were planning to develop the property but were unable to, perhaps because construction loans were drying up. It is nice inside (small, just under 1700) and has a gorgeous backyard that borders Descanso Gardens. 227 Starlane last sold in 2003 for $725,500. It was listed in 2005 for $1,350,000 but did not sell. 1226 Olive last sold in 2003 for $905,000. It has loads of charm, a gorgeous lot and a new roof, HVAC and electrical panel. 4397 El Camino Corto sold in 2004 for $1,070,000 (listed for $999,000) and then again a year later for $1,320,000. While I know we should only look forward, it is hard to look at returns like that and not get a little teary about the boom years. 4882 Commonwealth last sold in 2006 for $2,400,000. It is on a little cul-de-sac north of the freeway. 4735 Vineta shows well but there is a bit of freeway noise. I haven't seen 792 Starlight Heights, a town home near the Country Club. And then there is 4337 Beulah...most recently on at the end of 2009 as a short sale for $899,000. I called the agent to ask if this new number is an approved short sale, but she hasn't called me back. I must admit to being a bit of a skeptic, but I really examined the history of this property and here is what I've come up with: in 2005 it sold as a tear-down for $986,000 to buyer #1. In 2006 it sold as a short sale to buyer #2 (looks like the Notice of Default was filed in January that year, it sold in July). Later in July 2006, title transfered back to buyer #1. In 2007 buyer #2 obtained a $1,600,000 construction loan against the property. In 2009, the Notice of Default was filed against buyer #2. I assume at some point buyer #1 quit-claimed back to buyer #2. Confused? I hate to use the F-word here (fraud). You decide.
2 homes went into escrow this week:
1728 La Barranca was previously leased, then came on the market last year for $799,000 but did not sell. $700,000 is owed and it is now in escrow as a short sale. 4642 Alveo came on in October for $1,249,000 then reduced in November. It is a nice home, but all it is ever going to be. Curious to see where it closes.
3 homes closed escrow this week in La Canada:
1622 Leycross last sold in 2005 for $940,000 and has basically been on the market since then at a myriad of different prices. This time, it listed for $924,000 in January 2009 and a year later it is closed. 5138 Redwillow last sold in 2006 for $880,000, proof that the 20-25% decline does not apply to all homes. 274 Baptiste listed in September for $1,149,000 and reduced in November. It last sold in 2002 for $780,000.
Be safe and drive slowly in this rain!
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