Ok...there are only 37 active listing on the market today (I will provide a year-over-year overview at the end of this post). 5 of them are new:
5260 Castle was last listed in 2008 for $1,649,000. Lovely California Ranch with a pool in Sagebrush. 1734 Fairmount last sold in 2009 for $1,450,000. At the time it was my listing. We were in the armpit of the market. This is far from a perfect house yet has loads of potential due to lot size, location and the original footprint of the house. The living room and sun porch could be fantastic! 324 Meadow Grove last sold in 2005 for $1,730,000. It was then leased for $6100 per month. The house was listed again in 2012 for $1,799,000. It did not sell. Since then the sound walls have come to Meadowgrove and perhaps prices will rise as the noise from the freeway falls. 4834 Commonwealth sits north of Foothill and the freeway in the section of Commonwealth that does not allow parking. This home is brand new and has ample off-street parking. There are lots to the south (corner of Craig and Commonwealth) that are slated for development. Temporary construction noise will be an issue but will overall improve values in the neighborhood. 4110 Woodleigh last sold in 2004 for $5,750,000 when the home was 6351 square feet. The home has since gone through an extensive renovation and expansion to its current 11,296 square feet. The property remains amazing in one of the most coveted locations in Flintridge.
The sales market remains robust with 10 pending properties worth mentioning:
4264 Lasheart had loads of offers...a near original house close to LCE. 4118 Lanterman is finally in escrow after a few reductions. 1000 White Deer had multiple offers. Great location on the cul-de-sac! 2215 San Gorgonio in Sagebrush is loaded with potential. 1120 Green last sold in 2003 at 1716 square feet for $600,000. They have added more than 800 square feet yet not tested the market. The house went into the MLS (and sign then went up) as pending at the asking at $1,490,000. Stay tuned for what the closing price is. 1102 Olive last sold in 2011 for #1,550,000. It was listed last month for $1,750,000 then reduced to $1,695,000 before selling this week. 1323 Green last sold in 2005 for $1.085,000 when it was 1892 square feet. It has since been expanded. 1746 Earlmont last sold in 2005 for $2,037,500. It came back on the market in 2012 for $2,195,000 and has since ridden a rocky road of pricing with different agents. The most recent offering has yielded results and the current listing agent will close the sale. 2117 Sunnybank is also in escrow after a short time on the market. 4801 La Canada Blvd. is also in escrow. The land last sold for $1,060,000. The house was completely re-imagined with a nod to Las Vegas hotels. Very high price for that location.
4 recent closings are also of interest:
4307 Bel Aire last sold in April off market. The septic tank clean-out was located in the family room. Hmmm...could be an issue. The house sold again regardless of the odd placement of the septic tank. I would not want to be in that house on pumping day! 2015 Lombardy sold with more than 20 offers. The sale price was close to $300k over the asking price. 484 Berkshire was a conundrum. Originally a bit overpriced but then it fell flat, reduced, then sold and now up for a 6-month lease. 5347 Vist Lejana sold quickly then seemed stuck in escrow. It has finally closed at list price.
So...there are rumblings that the market is slowing. I get it. It does feel that way in brief moments. But then I look at the facts: Sales are down, yet so is inventory...in LCF alone we have a mere 37 actives compared to 62 at the same time last year. Less to buy=fewer sales. The economy is getting stronger and lots of qualified buyers are still in the market. Real estate is calmer than it was 6 months ago and the current market, while not quite as frothy seems sustainable.