La Canada Real Estate

La Canada Market Activity

We have 7 new listings in La Canada:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6fLZq5W6nDkJXLC7eDsjnv8%3D&KeyRid=1

Parkdale is off of La Granada. Feels more like Montrose with a La Canada address. La Canada Blvd. is on a private drive (difficult to turn the car around) and has a guest suite off of the garage. Grand is a nice 4 bedroom with a small yard. Inverness is a terrific Cliff May with lots of windows and glass. The only drawback is the short sale a few doors away. Richmond was on for 3 months before. Now it is listed with another agent and has been staged. It backs up to commercial. I did not see Angeles Crest. Beresford is magnificent. They have the kind of furniture and accessories that make you want to go home and throw all of your things away.

4 homes went into escrow this week:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6Y4woxtGtpIgj5WBogXIo%2FU%3D&KeyRid=1

Fernside was reduced from $875,000 and sold within a few weeks. The townhouse up on Godbey started at $994,000 8 months ago, then reduced to $979, then to $949, then to $899, and finally sold with multiple offers at $853. It kind of proves the point that the only thing wrong with any property in this market is the price.

No homes closed escrow in La Canada this week. I did see 4377 Commonwealth today. Absolutely perfect in every way, except perhaps price. But I have definitely been wrong before...

La Canada Real Estate Market This Week

We have 104 homes on the market in La Canada this week. 13 of them are new within the last seven days:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6TxYzdI5tMzeN6JsHh2SeN0%3D&KeyRid=1

Parkdale and St. Francis are foreclosures. Hardly the norm for our market, but disturbing none the less. Derwood is high up off of Ocean View. El Camino Corto came on in June '07 at $1,132,500. The listing was reduced over the last 10 months to its current price. I expired a few weeks ago so it shows up as a new listing, though appears to be a victim of the current market. Bel Aire is in good condition, good location. I think it is well priced, though I would tear off the room behind the garage to create more yard. I haven't seen Vista Place yet. Very close to the freeway. Crown just came on. Chevy Chase was on for 6 months last year, starting at $1,295,000, then reducing to $1,249,000 before they took it off for the holidays. It has been freshly painted and staged and looks much better this time around. Hayman is nice with a good-sized yard and pool. Maybe a tad high in price. Lanterman looks lovely, great street but no show until Tuesday. Earl is gorgeous and one of the only early (1926) La Canada homes on the market. One of the other original homes is Flintridge (1924). At one time it fronted Flintridge Avenue with a huge yard. Now it sits in flag position and seems to be languishing on the market. It was on the market in '06 for the current asking price but didn't sell. It came back on in '07 for $6,895,000 before expiring in 1/08. It was listed again at its current price, expired in April and is now back on. It is a beautiful home but it appears its position behind another home is hurting it. Commonwealth is the one causing most of the buzz on the boulevard. I can't wait to see it and my husband and I have our fingers crossed that it will sell near its $931 per square foot price (we live a few doors up the street).

We had 5 homes go into escrow in La Canada this week:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6c84pW1DE93gWmiL4VpxaU0%3D&KeyRid=1

Little Oakwood finally sold with 2 offers. 4932 Oakwood sold as well. It was in excellent condition and no other modern homes are on the market in that price range in La Canada. Starlight Crest sold after being reduced $50,000. Viro was model-perfect and sold in less than a week with 3 offers. Chevy Chase, while it is way out near the Glendale border, is a nice home with a good-sized lot.

4 homes closed escrow in La Canada this week:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6e7pH6DKDJJKOX6LDa21s%2FI%3D&KeyRid=1

My Grand closed after only 21 days in escrow. An incredibly smooth transaction due to my awesome sellers, great buyers and a perfect agent, Sid Karsh. His years of experience shows and he is literally the calm in the storm of local real estate. I feel truly fortunate to have finally worked with him. Haskell sold quickly. Gould had little curb appeal but was beautiful inside. El Vago sold for what I think is a very low price. Even today, most sale prices are somewhat predictable, but more and more I am floored by sale prices that show us how much things have changed. Speaking of which, a listing was reported this week with a sales date of 4/22:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6aWv6b0pdCg0GnPPbpUWGTY%3D&KeyRid=1

I hate seeing a house ride the market down. It was hobbled by being too overpriced to begin with, then it went to the relocation company who hired an out-of-area agent who brought in his own buyer. Not very nice...

La Canada Real Estate This Week

We have 102 homes listed in La Canada. 6 of them came on this week:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6d7njhkGuUYJ0Em1s%2FP1u%2BQ%3D&KeyRid=1

Rancho Canada Place is just west of the YMCA on the south side of Foothill. The lot is huge, but almost none of it is flat. Conle is in Sagebrush and is just above Foothill. Nice yard and open Sunday 2-5. Del Oro has been off and on for about 6 months. Viro is newer construction built by the same builder as the home on Burgoyne. It is open this Sunday from 2-5. Robin Hill is a lovely contemporary with views and a pool. Oakwood is a great price for the location. Amazing to have 2 homes on the market in the same block of Oakwood. Nancy Marderosian's listing across the street at 4255 Oakwood is priced at $3,850,000. Price per square foot is about the same. I love that location. It seems the quietest of the north/south streets in Flintridge.

We had 2 homes sell in La Canada this week:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6a4OwtLOb6XgNtgBNAUJCVQ%3D&KeyRid=1

Saint Katherine has only been on for 1 month and Inverness was re-listed last week after being on the market for $3,499,000 at the end of last year. It always surprises me when an agent doesn't put photos in the MLS. Doesn't everybody have a digital camera, or know someone who does?

3 homes closed escrow:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6bPTLN2GdNI8XutJ1DIni7g%3D&KeyRid=1

Patagonia is in Sagebrush. Los Amigos was pretty but needed work. Flintridge Oaks was a very nice one story home in Meadowgrove that sold within 2 weeks of listing.

We are expecting sales to continue at the same pace through early June. July and August will be slow. It is getting too hard to predict much further in the future. I'm hoping things really pick up this fall so I'll light some candles, burn some incense and say a little prayer that all of the economic indicators do an about face by September. Keep your fingers crossed!

La Canada Market Activity This Week

This week in La Canada we had 7 new listings come on the market:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6eQZscHL9bPHfS2v%2Fw1rtGA%3D&KeyRid=1

I haven't seen La Granada but for some reason that street is a hard sell. Palm is above the school in a quiet location. Mero was on last year for about 4 months at a higher price. Lovely finishes throughout the house. I haven't see El Vago yet. Jarvis is very well done, but $740 per foot? Apparently the seller has not been reading the Times or the Wall Street Journal. Georgian was previously listed with Steve Davis about $500,000 higher. Now Carol Chua has it and it is getting closer to where the price should be. Great agent, great location. My personal favorite this week is Oakwood. Fabulous location, great floor plan, lovely home. It is a custom home and feels like it.

We've had 4 homes go into escrow in La Canada this week:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6X4z4e1DOPbexbc8YJIs0XA%3D&KeyRid=1

Orange Tree is in a challenged location, hence the days on market and price. Beulah was a nice ranch-style home surrounded by mansions. The epitome of the term "location, location, location." They did get multiple offers and I heard it went a bit over. I didn't see Castle. El Vago is a very emotional home with a gorgeous kitchen. Lovely lot with pool. Priced at $792 per foot, I think it sold for less than asking. Check back in about 5 weeks for the sale price.

We had 3 closings this week in La Canada:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6fjXDlsWGoRgRdAqOE8zx1Y%3D&KeyRid=1

Castle Knoll had more than 1 offer and sold $1,000 over asking, a rare happening in today's real estate market. Berkshire was on the market for 4 months last year and came back on in early spring. Beulah has basically been on the market since March 2004! It was listed then at $2,795,000, expired in '05, was re-listed in early '06 for $3,995,000 (we lived across the street at the time so it worked for us!), expired in '07, immediately re-listed for $3,695,000, expired a year later, re-listed in 8/07 as a lease for $12,500 per month, re-listed 3/08 again at $3,995,000 and finally sold this week for $3,260,000. I think you have to give points to the Seller and the agent for riding the roller coaster for so long!

I've put a call into the city regarding the Foothill construction. Someone asked me how much of the cost is covered by the Town Center Development and how much is coming from the taxpayers. I'll blog as soon as someone from Public Works calls me back...

Market activity this week

We had 7 new listings in La Canada this week:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6Sh1FI7srC%2BOVmE5EV%2FNm1Y%3D&KeyRid=1

Ocean View is Sagebrush, a large lot with a fixer on it. Hilldale is freeway close, remodeled in the late 90's by my husband. He worked on 3 houses on the little cul-de-sac. We lived in 2 of them. It is true what they say...you get used to the drone of the freeway and you can almost tune it out. Oakwood is a stunning Mid-Century, showings start Saturday. La Canada Blvd. was on the market for about 7 months at a much higher price. It is now listed with a new agent. It is very close to the school. I haven't seen Viro. Starlight Crest has great mountain views and a nice yard. Inverness looks beautiful and is open for the first time Sunday, 2-5.

It was a great week for sales in La Canada:
http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6Xx%2BOnpSQ3EYzHkKG43Jdho%3D&KeyRid=1

Indiana is a tiny little thing that was in escrow earlier this year and fell out. It is across from commercial and a stone's throw from the freeway (near Magpie). Daleridge is a small home south of Baptiste. It came on at a higher price but was reduced and eventually sold. Ditto for Commonwealth, though it sold immediately after the reduction from $989. Mellow was so well priced it sold with multiple offers, unusual in this market. St. Katherine has only been on a few weeks. It was listed at a low $372 per square foot. Alta Canyada has finally sold after 5 months on the market, a major fixer. My listing on Grand sold! A true testament to the hard work and creativity my clients put into it...Angeles Crest is also in escrow, though I am curious at what price. It is a charming, rustic house that at one time must have been fabulous. Now it has what is best described as a marginal house in front of it and the Crest is getting busier.

We've had 2 closings this week, compared to 5 in the same week last year:
http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6UipdA1vTqJfzgXjep0sv5Q%3D&KeyRid=1

La Canada Blvd. was on for months after being purchased as a flip and then rehabbed. Nice lot, but it shared a driveway and backed up to the power lines. And Beulah, closing at a low $2,065. Such a deal for that Buyer! I am sure people that passed on that home will look back and regret it.

On that note, I was asked this week by Realty Times (I think they really just wanted me to purchase and ad package) to say something positive about the market today. Given that the market seems to continue in the decidedly wrong direction, it was a struggle to come up with something honest without sounding like a doomsdayer or Pollyanna. What I realized was this: When my husband and I started buying properties in 93-94 (market felt much like it does today) and had just held onto them, those homes would be worth about 150% more today, even in the current market. Given that we had put only about 10% of our own money down, it would have been an incredible rate of return. Plus we would have been in a nice home, enjoying tax benefits and the security of homeownership. Take that, LA Times!

A Look at This Week's Sales and Activity

It has been a big week for listings in La Canada real estate, typical of this time of year. We have had 12 new listings:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6aW%2FFrBYIuWNHTibHDXQC5E%3D&KeyRid=1

Hilldale is a good condo alternative. Mellow is a great price for a 3 bedroom on a quiet street. It has good living areas and an open kitchen. I've heard that they had multiple offers by caravan Tuesday. Beulah is not available for showings until Sunday so I have not seen it, but I LOVE the location and think it is a great price. Susie Goddard will have that open on Sunday from 2-5. Knight Way is re-listed by MacGregor for $24,000 less than the old Re/Max asking price. We'll have to see what the market will bare. 4855 Grand is my listing and my unbiased opinion is that it is a fabulous home. Truly turn-key in that everything has been redone or replaced. I'll be there Sunday 2:00-5:00 with the Mocha Kiss iced coffee bar. I have not seen Alcorn as it has not caravaned yet. Chehelem is a re-list with the same agent. I haven't seen Harter either so I cannot comment. Hill street is in front of Doug Drummond's listing and that is all I can say about it. Berkshire is also Doug's and is an incredible property. I have not been inside the house but it is clearly a land sale for someone who desires to build an estate. Flintridge is one of those properties that comes along every decade...a beautiful remodeled classic home on and acre and half. The guest house is charming and the grounds are amazing.

We had no homes go into escrow this week. Leads me to believe that we will have several next week because I know of a few that are in negotiations and this is the prime buying season, even in this market.

We did have 4 La Canada home close escrow:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6djgRe4CBrNy4cTk12Elv0Y%3D&KeyRid=1

The most notable was Alveo. Darling home on a great street. It needed a bit of cosmetic upgrades but the house was in overall good condition.

As I write my 4 year-old son is in his room crying for me. It's way past his bedtime (9:51) and he sounds like a slowly leaking balloon, hanging on but loosing steam. It is a battle fought nightly, as he is convinced he needs less and less sleep than the average preschooler. I, on the other hand, need more sleep than the average mother of a preschooler so we have reached an impasse. "I wan youmama...I waaannnyouuuu..."is what I can hear right now. I suppose I deserve this, given that I gave in last night and let him watch the Disney Princess Cake Food Network Challenge with me at 9:15. But he is slowing down. I can hear the last gasps of alertness. No words are emanating from under his door now. He is reduced to moaning. I'm holding my breath..."Mooooommmmy!" Nevermind. I'm going in. Please call me if you have any questions about real estate.

La Canada market activity this week

The last 7 days have hardly proved to be brisk sales days in the La Canada real estate market. We've had 6 new listings:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6QQOLSQti4FsuOZMktQ%2Ftkw%3D&KeyRid=1

The most notable is Doug Drummond's listing at 5024 Hill Street. This sold last year and was then at best a rabbit warren of rooms and a floor plan that made no sense. The current seller has done a complete "before and after" that would make HGTV proud. Definitely worth checking out if you had the opportunity to see it last year.

We had one sale in La Canada this past week:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6WuiorlloksMQ%2BL92JbdMmg%3D&KeyRid=1

This house had come on over $1 million about 7 months ago and then reduced. The original listing expired and the Seller re-listed with a new agent at $879,000. This time around it sold very quickly. I was at a seminar yesterday and the speaker said, "The main thing that sells houses is the price." Alminar is one case that proves his point.

2 houses closed this week. El Camino Corto is just north of Foothill. Not my favorite location but for $484 per square foot, it was a very good buy. La Forest is a terrific mid-century. Originally listed for $1,160,000 almost 3 months ago, it was reduced $50,000 and sold for $1,090,000.

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6UQGPFui88tUqfMaPLdkfjg%3D&KeyRid=1

In a follow-up to last week's posting, I did call the City of La Canada regarding the street construction. The street light, sidewalk and crosswalk improvement is set to begin again by April 1. The work on the Chevy Chase sidewalk is already underway.

This Week in La Canada Real Estate

We have some new listings this week:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6dekYq1FZA5sF6xFcsKWeCU%3D&KeyRid=1

Alta Canyada is a price reduction. It expired and came back on as new. We have 92 listings in La Canada, including condos and all of Sagebrush. The average time on market has been 3 months, with many at 4-6 months. In a nutshell, the bulk of the La Canada listings are held by sellers who don't have to sell but are holding out for their price. For the same reason, we have not been inundated with new listings this spring. We are fortunate to live in an area that is not only blessed with a great geographic location and excellent schools, but very few homeowners in La Canada will have to sell. Therefore, La Canada real estate inventory will stay low and keep our home values from free-falling.

We had no closings this week but 2 homes went into escrow:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6Q0rYc4L70WBCKhsev2MQrY%3D&KeyRid=1

Los Amigos sold within 2 weeks. Berkshire was on the market late last year for 2 months and was pulled doff prior to the holidays. It sold within a month of re-listing in '08.

In a past I blogged about the construction schedule on Foothill.  As much as I am enjoying cruising up the Boulevard, I realize that my Source at the City of La Canada was decidedly off-schedule when he/she told me that the crosswalk/sidewalk improvement would begin as soon as the utility work was completed. I will check back with my source and get back to you...

A Look at This Week's Sales

OK! Things have picked up a bit in La Canada since last week. I know it is to be expected given the time of year, but it almost comes as a relief given the current real estate market. Here's the low-down on the new listings:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6Z%2F1SP%2BMGX4V3Qccn1UQOx8%3D&KeyRid=1

Fernside is small but cute. Alminar and Tondolea were on at the end of '07 and are now listed with new agents at lower prices. Commonwealth keeps popping up as new but has actually been off and on the market for over a year. It was originally a 3 bedroom, but walls were added and now it is a 5 bedroom...more marketable in that price range. Saint Katherine is a (yikes!) short sale.

We did have 3 homes go into escrow this past week:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6ViziZvB3mJmjZu6T63Jk8o%3D&KeyRid=1

4358 Beulah, hands down the best deal on the market, sold for less than the asking price of $2,199,000. I think it was the combination of the declining market coupled with putting it on the market in December. In the past few years, December has been a great month for sales, but this year things really changed. I know I may be biased (my husband built the house), but I think that for many reasons the Buyer got an incredible deal. The home on Haskell sold right away, and like Castle Knoll last week was in what perhaps is the sweet spot of the market ($1.2-$1.4). The little house on Oakwood, down a private drive (okay, a flag lot!) had been reduced to $699 and sold quickly. A year ago, who would have thought anything on upper Oakwood would have sold in that price range?

We had 2 closings this week:

http://Itch.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6aquuAVSrDXx0qlFsSFzbjk%3D&KeyRid=1

La Porte, in the shadow of the new Town Center, sold for $431 per foot. Hampton, originally listed for $1,199,000, was reduced to $1,099,750 before it sold. As we head further into spring, activity will pick up and (hopefully) we will see a leveling of prices.

If anyone is looking for big properties, Nancy Marderosian has a phenomenal listing coming on in Flintridge...6000 square feet on about 1/2 an acre in a prime location. Doug Drummond has an 80,000 square foot lot with a ranch house on Berkshire. Call one of us for more information! Tune in next Friday morning for next week's update.

This Week's Listings and Sales

Closings in La Canada picked up a bit this week, which means that even with tighter standards, banks are lending!

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6THeC2AZphz99fNPQiIl9hE%3D&KeyRid=1

4 houses sold this week:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6WC7W3X03uPJfskCFPG8BqE%3D&KeyRid=1

Castle Knoll sold in less than a week, indicating that there are Buyers out there just waiting for the right house to come along.

We had 10 new listings come on the market, bringing our inventory up to 85. Actually, 9 new listings and one that was relisted after expiring: 4358 Beulah, my personal favorite. I understand they are getting a lot of activity since the recent price reduction.

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=uWiOuDoY0oHPhb87nosN6W8%2BvyDWFdx5KqkXCL%2FK6gs%3D&KeyRid=1

Back to our inventory. With 85 active listings, if they sell at the current pace, it will take 8 1/2 months to unload all of the properties on the market in La Canada. In 2006, it would have taken 1 month. On a positive note, I think sales will pick up for the next few months and fewer people than expected are listing their homes. Those two factors will bode well for our local market, and since preception seems to be everything these days, things are really looking up!