Verdugo Woodlands in Glendale, Ca is often called a “storybook” neighborhood because of it’s charming character homes, and the tree lined,winding rural feel to the streets and lanes. The area located to the west of Canada Blvd, just above Verdugo Park is exactly like that. However, Verdugo Woodlands also extends across the wash to Verdugo Rd. and up the hill all the way to the freeway.
The Least Expensive Sale in 2008
1833 Kirkby Rd. has got to be the quirkiest home sold this year. The sale closed in May for $215,000 and tax records has it at 1433 Sf of living space on a 6300 sf lot. The listing agent declined to list the size of the home.
Agents Comments: UNIQUE PROPERTY – NEEDS A LOT OF REPAIR OR REBUILD. SOLD AS-IS. GARAGE ON STREET LEVEL – FLAT HOUSE PAD ABOVE. RURAL SETTING. OWNER WILL CARRY FIRST TRUST DEED – SUBMIT TERMS.
My Comments: Again, with the caps! Oiy! I know my little chitlin’s would never shout across the net with all caps like this, right? It is rude and uncalled for (although, in this case, it’s just ignorance *sigh*). Anyway, it looks like the agent was selling it for land value. This was not a distressed sale and the seller probably owned it outright.
The Most Expensive Sale in 2008
3075 San Gabriel Ave. also sold in May for $1,795,000. It has 5 bed and 4 baths in 3480 sf of living space on a 16,000 sf flat lot.
Agents Remarks: Nestled behind a majestic hedge and beautifully landscaped grounds in Glendale’s prestigious Oakmont Country Club neighborhood, this exceptional Spanish estate has been meticulously restored. With exceptional attention to detail, quality construction and use of the finest materials, this lovingly maintained home boasts spacious rooms with an outstanding floor plan. Originally built in 1929, this magnificent residence captures the charm, romance and character of the 1920’s, while coupled with luxurious and updated amenities for today’s lifestyle.
My Remarks: This is one of my favorite sold homes this year. It is an exquisite restoration and everything was done with an incredible amount of taste. This home “sold before processing”, meaning it was not marketed to the MLS membership. When done correctly, this technique can be a win/win for everyone. Unfortunately, there are very few agents who can do it right. Boldly, I think I am one of them.
2008 Real Estate Review
Boy I wish I were a true numbers jockey. Then I could explain to you why the average of all sales fell 13% but when I break it down by size the average price fell by a whole lot more. But I can’t. Greg, if you’re out there, do you wanna chime in on this subject in the comments?
I can tell you that the Woodlands, like Northwest Glendale, really took it in the shorts 4th quarter of 2008. The funny thing is that there were relatively few foreclosure sales in this area. The factor at play, here, are the quirky, small yard homes that line the wash and a few funky chickens in the hills just above the college. I can’t remember the last time so many of these odd ducks sold in a concentrated time period.
If we took out these sales I think we would see an adjusted price drop of closer to 11%.
Other Neighborhood Reviews:
Northwest Glendale
Chevy Chase Canyon
Glenoaks Canyon
Rossmoyne
Kendyl Young
{ 3 comments… read them below or add one }
Data shows homes above 1500SF on average were still more expensive to buy in 2008 than homes below 1500SF were in 2007 despite an average price drop of 17%. One must conclude than that the overall price drop of only 13% must be due to a shift in the numbers sold towards larger homes in 2008 compared to 2007.
Thanks, Jack! So glad to see you’re still reading!
There may be a couple of explanations for the difference in the percentage:
1) Were medians used to compute the average sales price and the prices above or below 15%? Was there a combination of the mean average and the median average? If there was a combination of methods, then that would be problematic
2) The other reason may be the distribution of prices around the average (google histogram, and you’ll see what I mean). What was the number of houses sold above and below 1500 square feet?