Happy 2015! While the market seems so bleak with itty-bitty inventory, we are level with this time last year. 2014 was not so bad for La Canada Flintridge with 259 sales. At the low end we had 2000 Ahlin, a tiny place near the freeway that sold for $625,000. at 1092 square feet, it closed for $572 per square foot. On the high side, we had 814 Berkshire closing for $7,700,000. At a comfortable 8308 square feet, this one closed for $927 per square foot. So much for my theory that smaller homes sell for a higher price per square foot! At the end of the day, location and lot size reign and weigh heavily on the price per square foot of the structure.
I clearly did not major in economics...yet I do think we will remain in a seller's market in the coming months. Inventory will stay low and it comes down to supply and demand. I think we will see a slow trickle of houses being listed, enough to give the growing buyer pool hope yet not enough love to go around. Stay strong! Your house is out there....roll up your sleeves and be ready to fight for what may be yours. Get pre-approved, as far as you can get without an appraisal and preliminary title report and gather as much cash as you possibly can. Compared with 2006 when a 20% down was strong, buyers are coming in with buckets of money, no loan or appraisal contingency. Yes, the market is inflated and risky but hind sight is 20/20. All of a sudden prices paid at the high of spring 2007 are looking like good deals. If you are in it for the long haul, don't worry so much. I can think of countless homes Greg and I passed on for the same reason. Now we laugh. A house on lower Commonwealth for $670,000? I know I am old when I think like this but it was like...15 years ago. Now what is it worth? Food for thought.
Hope to see you at 4352 Beulah on Sunday from 1:00-4:00. One of my favorite Flintridge houses and one of the last 1930's homes standing in LCF!