La Canada Real Estate: July 8, 2012

We have 69 active listings in La Canada. 10 of them are new as of June 28:

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4344 La Granada sold in January for $550,000. The current owner renovated the house and now has decided to go into a retirement home. 2072 Lyans is on the private drive...Glendale schools. 383 Santa Inez last sold in 2008 for $850,000, then was listed in 2010 for $898,880. It did not sell and was leased for $3,300 per month. There are several large oaks on this property. 5233 Bubbling Well is on a private drive near Palm Crest. 2321 Conle is in Sagebrush. It last sold in 2006 for $1,035,000. It has been "completely remodeled" since. 4721 Gould was on at the end of last year for $1,049,000 and did not sell. So, the higher listing price now....? 5029 Indianola last sold in 2007 for $1,565,000. The house could use updating. Incredible location on the cul-de-sac north of Knight Way. 735 St. Katherine last sold in 2008 for $1,065,000. No square footage has been added but the house has been updated and updated. Why does this not matter to the market? I just sold a house on Hampstead...my clients bought it for $1,250,000, then spent more than $150,000 updating the house yet it did not make the house worth $1,400,000. The plain fact is that buyers look at what you paid for the house if you bought after 2004 and want additional square footage, not just mere updating (worth incredible amounts of money). I have a pocket listing right now worth the listing price yet the sellers are hobbled by what they paid for it in 2009. Never mind the circumstances under which they bought it or the money they have put into it. We are in an odd market driven not by true value but by the perception of what the increase or decrease in value is based on when you purchased the property. Yikes! Of course my perspective is skewed by my somewhat narrow vision as a salesperson in real estate!4545 La Granda Way last sold in March 2011 for $1,430,000. 66 Normandy is an REO. The lender took it back in March for $1,921,915. It appears to be one of those sad stories where the former owner maxed out the value when we were all allowed to do that then fell apart.

11 homes went into escrow in the last 2 weeks in La Canada:

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1910 Glenhaven was listed for $569,000 then reduced to $519,000. It sold within days. 2220 Los Amigos in Sagebrush was on for a month before selling. 5702 Catherwood sold within days. Great price! 2110 Chimneysmoke (on a street no one in LCF has heard of) sold in a few weeks. 1012 Wiladonda sold with multiple offers. This is a great cul-de-sac street west of Angeles Crest that most do not even realize is there. Wonderful location for kids. 4958 Alta Canyada is a good value per square foot, yet close to the Edison easement. 4619 Alta Canyada sold quickly despite the slight Deliverance feel of the property. 2 homes on the large lot made it appealing for several buyers. 5211 Harter is a great house priced for the location close to Angeles Crest. 4434 Chevy Chase went into escrow for the second time. Lots of square footage for the price. 4859 Oakwood is in escrow after less than 2 weeks on the market. Beautiful piece of property. 1018 Wiladona (same location as 1012) was listed in November for 2,049,000 and had 2 large reduction before selling.

3 homes closed escrow in the last 2 weeks in La Canada:

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4113 Lanterman was a short sale. It last sold in 2005 for $1,075,000. 4357 Encinas is a nice home in a great location. 812 Valley Crest was priced to sell quickly and it did...over the asking price yet $549,119 below the 2006 selling price.

That is all for this week in La Canada Real Estate. Look for a push to get into LCUSD within the next 4 weeks. Enjoy the summer!