Summer Doldrums? Not So Much!


 

 

Here’s a brief interruption from our regularly scheduled programming to bring you an episode from the real estate Twilight Zone:  consider LA CANADA REAL ESTATE in the last thirty days.

PROPERTIES NOW IN ESCROW LOOKING FOR BACKUP  7/15-8/15/11

Address                   Bed    Bth    SQFt    LotSz    $/SqFt    DOM    ORIG PR    LIST PR

4642 Rockland Pl*    3          2       2215    8250        293.00    76          649000      649000

1428 Olive Ln            3          2      1956    21600      332.31    135         650000      650000

4207 Lenzgrove        3          2      1350    11470      488.15    106         679000      659000

4935 Revlon              3         2       1276    9020         587.75    35         749970      749970

5223 Crown              3         3        1750  20540        448.57    13          785000     785000

5186 La Canada       3         2        2101 15250         392.67    44          825000     825000

970 Regent Park      4         3        2275 12960          394.73    85          898000    898000

5237 Escalante        2        2         2469 15250          364.12    104        949000    899000

2025 Lombardy        2        3         2717   9920          358.85    24          975000    975000

1344 Verdugo*         3        3          2453  28431         407.26    53          999000    999000

4803 Alminar           3        3          2196  8450           500.46    80         1149000  1099000

5230 Pizzo Ranch  3        4          2784  29500         394.76    133       1199000  1099000

4832 Del Monte      4        3           2430  7800           479.42    89         1177000   1165000

4532 Belita              4        3          2353   9450          530.81    87         1295000   1249000  

1418 El Vago           6       5          4120  15480         337.38     80         1290000   1390000 

1037 Lavender         5      4          4200  18460         330.95    165        1690000   1390000

526 Paulette             5     4           2898   9425          500         223       1449000    1449000

4947 Commonwealth4     4          2810  10800         529.89     46        1489000    1489000

4366 Chevy Chase    4    3           3296    20030       485.44   340        1800000    1600000

5152 Castle*              7    8           8555    39030       466.39    103        4290000    3990000

AVERAGES                                  2930                  431.62     100         1,301,713  1,255,141
*Not in La Canada Schools

 

PROPERTIES NOW IN ESCROW PENDING  7/15-8/15/11

4452 La Granada     4    2   1794    8400    350.89    175     629500       629500

727 Craig                 3    2    1256    11645    581.21    49    730000       730000

336 Baptiste             5    3    3029    9285    346.32       7    1049000    1049000

1122 Atlee                4    3    2272    9750    505.72     60    1149000    1149000

AVERAGES                        2088                 446.04     73     889,375      889,375

Wow! Some if these properties which have just entered escrow have been on the market for six months to a year (check out the DOM — or days on market — column).  Why are they selling now? 

There are probably multiple reasons for this inordinate amount of summer activity at a time when traditionally everyone is on vacation in La Canada. For one thing, on October 1 the maximum loan amount for conforming loans is going to drop from $729,750 to $625,500.  So anyone who has been fence sitting should be jumping off.  And for another, interest rates have continued to come down and are at their lowest in some thirty years.  Right now you can get a super jumbo loan up to $2,000,000 at 5.125% fixed for 30 years with 20% down. 

Still, according to today’s LA Times, the median price in Southern California continues to drop, falling 4% from last year.  Sales prices in the more-expensive-homes category fared even worse.  So why the massive movement in La Canada?  Maybe we’re in Rod Serling territory?

Just asking.

 In light of the economy, it is pretty amazing to see the movement of real estate in the past month in La Canada.  And best of all there is not a single foreclosure or short sale in the past 60 days.  Wow indeed.

And now back to our regular scheduled programming.  Stay tuned.

    

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