While George was at the Super Bowl, I had a quiet weekend.  For those of you who participated in my survey: How did this Realtor spend Monday afternoon I surprised most of you.  I actually had a location company to my home to see if it could be used in film or commercials.  We’ll see if that ever turns into a paycheck – wouldn’t that be sweet!  Now time to get back to those real estate statistics.


Of the 7 January, La Canada home sales, 1 (14%) was a short sale,  2 (29%) were REO’s (real estate owned aka foreclosures), and 4 (57%) were traditional sales. 

It is no surprise that the days on market (DOM)  is longer for short sales which require lender’s approval of the final selling price and shorter for REO’s as the banks want to get the homes sold, closed and off the books. 

Seven La Canada homes sold in January 2010, but nine sold in January 2009.

Related Posts:

Pasadena’s Housing Statistics 2010

2009 stats: How much are homes selling for in La Canada  

COE is a real estate acronym for close of escrow.  COE + 3 translates to:  

Possession to the buyer is three days after escrow closes.   If escrow closes on Tuesday, Tuesday is day one, Wednesday day two and the third day (possession is Thursday). 



Much of what is indicated in the residential purchase contract is negotiable.  Certain items such as allocation of escrow and title fees are customary in certain neighborhoods.  Possession to the buyer is typically negotiable and often runs the gamut from possession at closing to seller rent backs.   In Multiple Offer situations, allowing the seller longer to remain in the home can be a powerful negotiating tool.

Related Posts:

Los Angeles Home Buyers do you have the secret weapon?
Multiple Offers

Although, being successful Realtor requires that I or one of my team members is available seven days a week, it can be easy to schedule a morning or afternoon off.  There was something that I really wanted to do and just hadn’t gotten around to it.

“Figures don't lie, but liars figure”. - Samuel Clemens (alias Mark Twain)

Of the 44 January, Pasadena home sales, 5 (11%) were short sales, 11 (25%) were REO’s (real estate owned aka foreclosures), and 28 (64%) were traditional sales. 



It is not surprising that the days on market (DOM)  is longer for short sales which require lender’s approval of the final selling price  and shorter for REO’s as the banks want to get the homes sold, closed and off the books. 

Short sales are selling @ 102.68% of list price, REO’s, 100.83% and traditional sales at 97%.  But keep in mind many of the short sales aren’t selling, and are going to foreclosure.

Typically short sales and REO’s are hardship sales and there is more deferred maintenance, therefore it makes sense that average price per square foot of short sales and REO’s are both under $300, while traditional sales are on average selling for $408 per foot. 

The good news is that 44 Pasadena homes sold in January 2010,  versus the 31 sold in 2009; compare Pasadena’s 2009 ytd housing stats

In 2004, I met an interesting gentlemen who contacted me because he had inherited an Eagle Rock adjacent property.  After inheriting he proceeded to renovate it: new plumbing, roof, electrical, drywall, gutted kitchen and baths.  He purchased luxury cabinets which you might find in a multi million dollar home and then never hung them.  The nearly finished renovation stopped. 

In 2004, I prepared a market assessment for him, but nothing much happened.  He would contact me from time to time or when he received a random offer, but nothing ever happened and he listed the property with another Realtor.

When I met him in 2004, I suggested a price in the mid 400’s; his most recent listing which just expired was nearly $100,000 less than my recommendation but unfortunately his incomplete project with the unhung cabinets is currently worth less than $300,000. The market has changed and it is more difficult to obtain financing.



He inherited the property almost 20 years ago; the renovations such as his new roof are now 20 years old. Condition, is relevant to price and the unfinished project obviously does not command the price he desires.  The property has been vacant and boarded, there is no income coming in and property taxes must be paid each year. 

I provide my clients a complementary consultation with a home stager.  She assists them with assessing which repairs and renovations will pay off.  Over improving (such as his high end cabinets) is always a mistake when selling. In this instance the owner would have been better off, selling AS IS and allowing a contractor or professional flipper to rehab the property because twenty years later it still sits vacant.

I saw my first one last year in a La Canada home for sale.   A walk-in bathtub allows the bather to walk into the tub, rather than climbing over or stepping in.  Considering the slip and fall risk in bathtubs, it’s an interesting concept and the tubs can be combined with a shower feature as well.



Although, they may have a limited appeal for resale, it may be a good solution for someone you know.

Once you purchase your new home or condo, you will find that decorating and furnishing can take a big bite out of your budget.  My friend, Irene recently told me about Villa Firenze in Studio city.  For nearly 30 years they supplied home textiles to stores such as Expo, The Great Indoors, Z Gallerie, and Anthropologie. 

I went to the store and the warehouse and recommend the warehouse only if you are looking for window coverings. Bargain items are primarily pillows and window coverings, but they have an assortment of gift items and baubles.  It is certainly worth the drive.

RED IS OUT! GO GREEN THIS VALENTINE’S DAY!!


Here are some great Valentine's Day gift ideas with the planet in mind:

-Instead of buying a paper card this year, consider sending an e-card. If you must buy a paper card then buy a card made from recycled or tree-free paper (this will be indicated on the card)

-Buy Fair Trade and/or organic chocolate. Most health food and organic markets carry organic chocolate

-Buy organic and/or locally grown flowers

-Arrange dinner at a local restaurant which specializes in organic or locally grown food. Or, think about cooking an intimate meal at home

-Buy a gift certificate for a service, like a massage, holistic facial or health spa

-If you wish to give jewelry, consider pre-owned or purchasing from jewelers who use conflict-free diamonds, like Brilliant Earth

-Skip the perfume or cologne this year and give natural perfumes and fragrances or natural essential oils

-Buy a used book or movie on  Half.com or Ebay.com

-Make a donation to an environmental organization on behalf of the loved one

-Book a retreat in a wildlife reserve, park or natural area

According to Wikipedia, “A trophy property is a real estate term sometimes used to describe the top 2% of properties within a given subcategory, although the term is typically used in reference to residences, architecturally or historically preserved properties..”



Every community has a handful.  Today, I am closing one of La Crescenta’s trophy properties: The Howe Residence, an incredible example of 1920’s Spanish Colonial architecture.  Congratulations to this fortunate home buyer. 

You're number one! 

But I was proud to be included in Dickson Podley’s top ten luncheon (for our six offices) yesterday at the Derby in Arcadia.



The Derby is popular with Santa Anita Race Track fans, jockeys and staff, and I haven’t been in over a decade.  Both the lunch and the company were great and I was delighted to be included.