La Canada Sees an Amazing Upmarket

In the last two weeks, sixteen La Canada properties have gone into escrow and/or became pending.    There are only 81 listings in La Canada.  Not a math genius but that’s nineteen percent.  Truly amazing.  Some of these properties have been on the market a loooong time.  One, listed for $7,950,000 on Commonwealth has been on the market for 387 days.  Also on the high end of things, a property on Domal, listed at $2,495,000, has been listed for 287 days.  They’re selling. 

Rumor has it there are some buyers coming down in a group  from Canada with all cash.  Some have made offers, and others are still looking.  But that doesn’t explain why everything is selling.  Usually we see a spurt right after the Pasadena private schools sound out their acceptances.  But those letters haven’t gone out yet. 

We are seeing properties newly on the market being snatched up, often with multiple offers.  Cheap houses, expensive houses, fixers or turnkey properties.  The high, the low and the in-between.  One agent in our office made an offer on a start-up house in Pasadena.  Along with 25 other buyers’ agents.

Interest rates are still low, but they have been for months.  I don’t get it, but I’ll definitely take it.  If you were thinking of listing, please hurry up.  There is still a large pool of buyers out there, many with all-cash.  Ready, willing and able.

In Escrow since February 1*:

1900 Parkdale Place        $499,994

5320 Palm Drive              $549,000

1932 Hilldale Drive           $550,000

4607 Castle Road           $645,000

4531 Hillard Ave             $675,000

4617 Palm Drive             $699,000

5325 La Forest Drive       $730,000

4942 Hillard Ave          $1,365,000

1243 Flanders Rd       $1,375,000

4275 Mesa Vista Dr    $1,449,000

1814 Earlmont Ave     $1,749,000

4420 Woodleigh Ln    $1,895,000

4158 Commonwealth  $7,950,000**

Pending since February 1*:

4228 Lenzgrove Lane     $585,000

4855 Ocean View Blvd   $649,000

4848 Hampton Rd         $720,000

3820 Domal Lane      $2,495,000

Statistics for those of you mathematically inclined:

Average list price $1,039,375

Average square footage 2288

Average list price per square foot $436

Average days on the market/Cumulative days on the market 49/80*


*all info per MLS

** this one actually entered escrow 1/25/12, but hey, it’s impressive so I included it.  Blog owner’s priority.   Go ahead, shoot me.   I excluded it from the averages.      


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