We have 43 active listings in La Canada Flintridge this week:
Lots of new actives. The standout is 4110 Woodleigh:
While not a home I can picture my family living in, the house is gorgeous and the property is amazing. Currently listed as 11,296 square feet including finished basement area, the home has both large gracious rooms and cozy private spaces. It last sold in its original condition in 2004 for $5,750,000. At the time it measured at 6351.
Lots of market activity, little time to blog. Saturday is the LCE Halloween Haunt from 10:00-4:00. Come join the fun!
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.
So not much has happened this week except for a few price reductions:
San Gorgonio is a new listing. Great ranch loaded with potential in Sagebrush.
Overall the market is stabilizing as homes sit for a few seconds longer and buyers ponder the few choices that they feel they suddenly have. CAR posts the following analysis:
Home-price rises to slow in California in 2015
It may get easier to find the home of your dreams.
A 2015 California housing market forecast out Tuesday points to more homes on sale and fewer investors competing with families. It also has some good news regarding home prices, at least for those looking to purchase.
“Next year, home price gains will slow, allowing would-be buyers who have been saving for a down payment to be in a better financial position to make a home purchase,” said Kevin Brown, president of the California Assn. of Realtors, which released the forecast.
The report follows a continued trend in the California housing market. After robust price gains in 2012 and 2013, prices increases tapered off this year. Even though more homes came on the market, sales dropped as would-be buyers struggled to afford a house.
But next year an improving economy and still-low interest rates will make affordability less of a problem, said Leslie Appleton-Young, chief economist for the Realtors group.
The trade organization predicts sales of previously owned single-family homes will rise 5.8% next year after an 8.2% projected decline in 2014.
The state median home price will rise 5.2%, the Realtors group projects for 2015. That would be the smallest increase in four years and would follow an estimated 11.8% increase for 2014.
(Reported October 2014, California Association of Realtor)
It is important to read these reports. While I hardly have rose-colored glasses on (the end of this up market is somewhere in the future), I do think it is important to read reports correctly:
A projected sales decline in volume does not alway equate to a decline in prices. It just means that fewer units are sold.
The market is still robust, and unlike the wild 2006-2007 market, buyers are truly qualified for the loans they are obtaining, in many cases are putting more than 30% down. Interest rates are lower and loans more affordable. In short, it is still a great time to buy a home.
We have 51 active listings in La Canada Flintridge. Only one of them is new:
2117 Sunnybank is a freshly remodeled house in Sagebrush. Really a gorgeous home! I love the floors...sort of a French limed oak.
The market in the high end seems very sluggish....16 of our 51 listings are priced at over $3,000,000. Average days on market in that price range is 84. The low end continues to move quickly. 4624 Lasheart is negotiating multiple offers at this time. It is a true fixer, yet the offering price of $869,000 brought in loads of buyers.
I will be holding my lsiting at 1247 Journeys End open Sunday 2:00-4:00. Great new price! Please stop by...
Join the Pasadena Humane Society's Wiggle Waggle Walk this Sunday September 28. Registration begins at 7:30 AM at Brookside Park (just south of the Rose Bowl near Kidspace and Rose Bowl Aquatics). The Walk begins at 9:00 and is followed by the Wiggle Waggle Walk Pet Expo with dozens of booths featuring pet products, training and more. This is really a fun event for the whole family!
We have 50 active listings in La Canada Flintridge. 3 of them are new:
4624 Lasheart last sold in 1973 for $37,500. Hard to believe you could buy a house and the land its sits on for that price in La Canada...ever. Is it possible that in 40 years we will all look back and wish we had bought several houses for a mere $1,000,000? It is a fixer in a wonderful location near LCE. Great lot and expansion potential. 1000 White Deer is a one-owner home...it was brand new in 1967 when the current owner moved in. The house has a good floor plan and is a nice spot at the end of the cul-de-sac. Another one-owner home came on this week: 2021 Orchard. The house is Brady-esque in need of a makeover yet could be very cool. The guest house is gutted yet with drywall and fixtures is perfect for inlaws or a home office suite.
Safe to say the market has cooled a bit with some houses gathering dust. Serious sellers are reducing to attract offers before the holidays. Starting to feel a bit like a buyer's market...
We have 47 active listings in La Canada this week. 4 of them are new:
5527 Burning Tree last sold in 2012 for $1,295,000. The market has appreciated since then and the house looks the same. 840 Milmada has been in the same family for years. It has a pool and with a few cosmetic updates will be a great home. 4315 Commonwealth last sold in 1997 for $740,000. Yes, $740,000. Hard to believe anything on that size lot ever sold for that amount but it did. But then again gas was $1.30-$1.50. That house was torn down and now it is a two-story structure covered in faux-brick. 1313 Descanso last sold in 2007 for $2,700,000 when it was just over 3000 square feet. It has been completely expanded and updated.
The market is slowing...heat and a shift in buyer perception due to days on market of some current listings. Here is to cooler weather...fall perhaps?
Yay! The petition worked and the landlord has stopped the eviction! Hamlet and staff will be there loyally renting movies to all of us until October 31.
We have 49 active listings in La Canada Flintridge. 5 of them are new:
4826 Daleridge is in a great location in the cul-de-sac. The old garage was converted to a master suite so there is only a carport. And a driveway shared with the neighbor to the south making parking an issue. 4611 Alta Canyada last sold in 2004 for $950,000. It has been off and on the market since 2007. In 2008 a Notice of Default was filed. Since there have been 6 Notices of Trustee's Sale. Somehow the seller has managed to stay in the property in spite of the growing debt, last posted at $1,433,000. I find it interesting that the house cannot be shown on the weekends. Almost as if the seller does not really want to sell. 1102 Olive sold in 2005 for $1,425,000 and again in 2011 for $1,550,000. It is a lovely traditional, one story except for a downstairs room and laundry. 860 Flintridge was most recently leased for $12,000 per month. It is in a fantastic location.
A notable recent sale is 4235 Woodleigh. Listed in May for $3,100,000, it fell out of escrow once, reduced to $2,990,000 and has closed for $2,675,000. Woodleigh is a very popular street these days with just about every house newly built, renovated or under construction. I am sure that this is the next project yet may be a while given that there is a Blue Line stream running through the rear of the property.