Kendyl's Open House

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This is the sum total of sold homes this week in Glendale and Above the 134.  The average escrow is 30 days long, so these are homes that opened escrow toward the end of August.

Before we get started, though, I have a little bidness to take care of.  (Never mind the dangling participle.  It’s not hurting anyone).  I finally updated my Glendale sales numbers to include 3rd quarter.  I was shocked - shocked, I tell you!- to find that the average sales price in Glendale has only dropped by 11%!  The number of homes sold has dropped by nearly 30% and the number of homes available has dropped by 12%.  The LA Times reporter who asked me to do these numbers asked the reasonable question, “why?”.  He was especially incredulous because his Dataquick numbers (this is a data crunching service that looks at the tax assessor records) show a 17% drop in Glendale prices.  Why, indeed?

I think there might be a large number of banks taking homes back from thier owners.  This sort of transfer is not part of the MLS and the tax records would show low transfer values.  If I am right, than this is scary news.  It means there is a whole wave of REO homes about to flood the market.  Anyone have a more hopeful theory?

Ok, back to our regularly scheduled report…

1515 5th Street is a ‘Dozer Special, zoned for multiple units.  This one took an astonishing 411 days to sell.  More than a year!  Of course, they started out at $679k.

844 Grant is the short sale from first quarter.  They finally reduced the price, advertised it as an “approved” short sale, accepted an offer and still took over 3 months to close escrow.  The banks want to know how they got themselves in this pickle?  Complete inability to make business decisions would be my vote.  Sheesh.

2515 E. Glenoaks was a very nice home and I am surpised it took over 2 months to sell it.  However, it is a much smaller home than you would expect.  It is very cute!

5117 Maryland is not the street near downtown.  No, this is up in La Crescenta near New York, above Santa Carlotta.  This clean home sold for $289/sf - that’s a hella hella deal for someone!  This had a house and guest house and a pool.  Main house needed work.  But still….

1421Linden.  This is a gorgeous house, lovely yard, dramatic master suite added by a talented architect.  It seems well priced.  The house is on the market for 10 days.  It sells fo 4% less than asking in this very short marketing time.  Seller must have been really motivated….

1325 Sinaloa is an REO that needs needs needs.  The kitchen remodel belongs in another house and there is very little yard.  The location, however, is fantastic.

This is the week of distressed sales!  4089 Dover Rd. is another ‘Dozer Special, this time in La Canada.  $1.3 million dollar ‘dozer special.  Honestly.  This stuff can only happen in LA!  Anyway, this listing agent gave it her very best - wrestling down the best deal she could for her seller.  I think the new buyer is going to build their dream home and thank their lucky stars that they got in when they did.

Want to know more?  Want pictures, statistics, data?  Ok, click here to view an MLS report of all the properties included on this report.

Sorry for the late morning-ness of this post, gentle readers!  It has already been a very eventful day.

Today is “New and Notable” Thursday and below is the list of the new homes I find interesting.  We had another bumper crop week in Glendale and Above the 134 - with 21 mostly new listings.  I say “mostly” because a few are just re-listed with another agent.

It is interesting that the cheapest home on my list, 307 San Juan, is in La Canada!!! This home is billed as a “major fixer” but I think “bulldozer special” might be more accurate.  However, the location is awesome, the lot is decent and the price is very fair.  Opportunity calls!

1245 Oak Circle is the most coveted street in Sparr Hts.  The spirits of Doris Day, Ozzie and Harriet and the Beaver flit about through the trees, the children playing and the neat and charming houses.  It is a wonderous street to grow up on.  This simple house has diamond paned front windows and looks well maintained.

1447 Norton is my new listing this week.  This is a perfect LOL fixer on a tremendous lot just below Kenneth Rd.  The architectural details are wonderful and there are many bonus spaces in addition to the tax assessed space.  I am holding this home open this Sunday 2-5 PM

152 Val Verde is nearly as well located as Oak Circle.  This is a sophisticated home and very well appointed.

1220 Moncado is a small street in the Rossmoyne flats.  This is a wonderful character home with dramatic Living Room and nice yard.  The owner is very close to needing a short sale, but it isn’t short yet.

1529 Ard Eevin - this 2 story Spanish is on a great lot in a great location, but it deserves a new family to come and give it some love.  Will you be that family?

5169 Redwillow is located off of Crown in La Canada.  This part of the neighborhood features tidy and somwhat uniform long/low ranch style homes and sewer lines that have been connected for quite some time.  One of my favorite things is the caption under the first picture, “Front of the home.  Duh”.  Hilarious!

Last, but absolutely not the least, is 850 Cumberland. Oiy Vey!  This home is so lovely it hurts. Known as the Lombardi House, it is a registered Landmark home and protected under the Mills Act.  This means a whole host of things, but on the money front it means that the property taxes are very low.

I usually do not include a home in escrow on my New and Notable list, but one of my loyal gentle readers lives on this street, so here you go.  416 Audraine is a trust sale and sold in 2 days - I would argue it might have even sold before processing.  The pictures show a lovely remodeled home with a pool and a view.  I expect that the seller got close to their asking with such a short marketing time.

Here is a new feature at Kendyl’s Open House! Click here and you will see an MLS report of all the listings disscussed today.  This way you can see addtional pictures and the agents marketing remarks.  Remember, if you want to see/buy and of these listings, you found it here first.  Call me!  My goal is to earn your business.

August was a slow month in Glendale Real Estate sales.  Above the 134 we saw very few buyers and very few listings.  But, we should remember that homes are not just financial vehicles.  Homes are, well, homes and everybody’s gotta live somewhere, right?

1217 Virginia - this REO is located right across the street from the Kepple schoolyard.  The agent used the “price it really low and get multiple offers” strategy and it certainly worked, selling more than 10% over the list price.  My opinion is that $525k is a respectable price for both the buyer and the seller.

2215 E. Glenoaks is at the complete opposite end of that strategy spectrum.  This seller went with “price it high, we can always come down” idea.  Ok - they started out nearly a year ago at $684,000 and stayed at that price for 4.5 months.  Then they listed with a seasoned professional who took the listing at a lower price and when that didn’t work, got them to lower again.  Result?  The seller got 17% below their original ask and they went through over 200 days of strangers traipsing through their home.  What would have happened if they had listed at $569,000 back in October 2007?

3439 Angeles was a probate, no court confirmation needed.  This means the process is pretty much the same as a normal sale.  This seller started at $795,000 and reduced every 30 days until sold.  They reductions were quite significant, too.   It’s been proven that if you reduce your price by 10% you are likely to get a sale.

2975 Santa Rosa is another “normal” sale.  The house was unremarkable, but the location was certainly nice.

And here is your “pretty” for the day.  2157 Patagonia is in the Sagebrush area of La Canada - this is the part of LCF that belongs to the Glendale Unified School district.  This long and low slung rancher is a a huge lot and nicely presented.  It sold in just a few days.

Another busy week of new listings, here in Glendale, “Above the 134″.  Many things are breaking loose from  in our stagnant way of life - interest rates are moving (down), Buyers are moving (and finally making offers) and sellers are moving (up to the next house).  This is all very good.

There are 13 new listings this week, below are the ones I find “notable”.

Now, I am pressed for time, my little chitlins - as I have to get ready for the big Avon Breast Cancer Walk tomorrow!!!! (**gasp**).  So, I’m just going to hit the highlights for you.

Davis is one of those little streets below Glenoaks and just after Grandview.  I find it a little sad that the listing agent (and she is not alone, by any means) feels compelled to tell everyone that this is not a distress sale.  Many buyers (and many agents) will walk into the most gorgeous of homes and the first thing they say is, “is this an REO or short sale?”.  This is so far from reality.  We have 13 homes this week and not one - not a single one!- is short or REO.

1459 El MIradero is my pride and joy listing.  I’ve already gushed quite a bit on that one.  843 Cumberland Rd. is a fantastic value.  Great space, lot and location.  Jack - have you seen this one?  You should.

1159 Highland is my former, personal house.  I love that house - and not just because I had my babies there.  This home has fantastic character and charm, and the floor plan is terrific.  The price?  Not so much.

1321 Virginia has a huge lot and a guest house.  If the 1825 Sf includes the guest house this is an ambitious price, on paper.  However, it is a wickedly cool house from the curb appeal.  Gotta go see.

3416 Las Palmas is in the adorable and desirable Sparr Heights area.  The “in crowd” knows this is the neighborhood just below the Montrose Shopping area.  (See?  Now you are part of the “in crowd”!).  This is typically adorable, quaint and a ton of money per square foot.  The village lifestyle doesn’t come cheap, baby.

That’s all I have time for today.  If I don’t post on Monday I’m probably languishing in bed - recovering from my “walk” (walk 39 miles.  how hard can that be?  it’s not like we’re running or anything, right?)

Toodles!!!!

Today we recap notable solds in the last week - Above the 134.  I say notable, but I’m reporting on EVERYTHING that closed escrow last week because there were only 6.  August was, indeed, very quiet.

833 Grange “sold before processing”.  This means the agent sold it, in this case to the client of an office mate, before offering it to the general pubic.  “Dirty pool!”, you say?  I don’t think so.  There are many seller’s who do not want or need the exposure to the public and want to sell to the one “right buyer”.  Also, if the agent is really good, he/she can ensure that this one “right buyer” truly offers something that serves both parties interests.  It is a high skill to do this well and, like all super powers, this skill should never be used for the Dark Side!

1852 Verdugo Vista is in that quirky and sylvan hideaway area up Verdugo Rd. from the college.  This was a very quirky house, but very charming.  I think this was a really good value.

3019 Los Olivos and 3521 Henrietta are both ideal La Crescenta Ranchers.  One is small and one is decent sized and both are cute.  Both, incidentally, sold lickety split and for more than list price in a quiet market.  Is it any coincidence that both teams of listing agents are seasoned, respected professionals?  Experience - it’s priceless.

In fact, continuing on that theme, 4804 Crown also sold over asking and quickly.  House was clean and shiny and very well priced.  4917 Angeles Crest sold a good bit below asking, but it only took 48 days and this was on a freakin’ highway!  Spectacular house, really.

August was a very slow month - the economic news was tough, we were all on vacation and financing was incredibly difficult.  Still, NONE of these homes were REO or shortsale and half sold over asking.  My take away is that there are a lot of buyers who want, need and can buy.  When a great value shows up, they pounce.