This is a record breaking Glendale home sale! This 5 bedroom, 7 bath, 9,000 square foot home closed escrow in May of 2013 for $4,900,000. Sited on over an acre, the home boasted privacy and views.
The prior highest Glendale home sale was for $3,500,000. This 5 + 5 view home on Wonderview sited on over ½ acre, boasting 5800 sq ft closed in 2006.
In May, 20 La Canada homes sold (closed escrow), two were short sales and four were purchased with cash. Cash is not always green money, sometimes it is a cashed out credit line, (but still very impressive).
There have only been two REO sales year to date. That doesn’t mean La Canada homes aren’t being foreclosed, they are, but as La Canada real estate values increase, there are fewer underwater homeowners. And there are still investors paying cash at the court house steps at the foreclosure auction. Some of these homes are listed (flipped), others are rented.
Year to date there have been 88 home sales, seven of which were short sales, two foreclosures, and 23 were purchased with cash.
The absorption rate in March was 1.76, April increased to 2.52 and in May 3.05, still a strong sellers market, but less so. Good news for La Canada home buyers? Perhaps, I can’t wait to see next month’s statistics.
I am hoping to get some pool time this weekend. But for those looking for something different to do this Fathers Day weekend, here's the list:
Pasadena Chalk Festival
Saturday and Sunday 10:00 AM - 7:00 PM
View hundreds of colorful chalk murals, live music, food, shopping, and children’s activities at Paseo Colorado.
Glendale, Alex Theater, Saturday
LA’S BEST DANCERS presents its 3rd Annual International Dance Show. The program features professional dancers and a diversity of dance styles.
LA Fathers Day Dinners, Celebrations and gift ideas
LA Outdoor Summer Concerts and Music in the Park
Mark your calendar:
Dwell on design 6/21 – 6/23
Use promo code SD13 for a discount on passes, http://bit.ly/18uJsqE
American Red Cross 7th Annual Wine, Cheese and Chocolate Tasting June 20th
A selection of California and International wines, an assortment of delectable cheeses, fine chocolate, and appetizers by Chin Chin restaurant. The Forest Lawn Museum will exhibit Nathan Sawaya’s “Art of Brick,” spectacular sculptures made entirely out of Lego bricks.
Glendale real estate sales continue their brisk pace. The “average” Glendale home sells and closes escrow in 59 days. Considering that most homes are selling in multiple offer situations and that it takes some time for a buyer to jump through the hoops required for loan approval that’s fairly quick. Only 2% of the Glendale market is comprised of short sale and there were no foreclosures (aka REOS) which closed escrow in May.
Just to show how quickly Glendale home prices are increasing:
In January the average price per sq ft was $327.80, in May $385.19.
In January the average selling price was $645,779 and in May $872,543
Of course, the decline in distress sales plays a part in the increase so let’s look just at standard sales:
In January the average price per sq ft was $357.10, in May $388.84
In January the average selling price was $741,714 and in May $880,524
I thought I would have the Glendale real estate stats, but my husband George closed the computer program without saving. While I am happy to work with my brother-in-law Joe, George has to stay out of my real estate business. George sells industrial sewing machines to the Los Angeles garment industry (the rag business) and they operate completely different.
I write my own blog content. I try to be original and some days are easier than others. In keeping with June, let’s talk father’s day. My father worked for the LA Fire Department and while we all think our father is special; my dad is a bona fide hero. All firemen are heroes, we learned that after 911 but my father was awarded the coveted Medal of Valor for a rescue above and beyond the line of duty.
For those of you fortunate enough to have a father or father figure in your life, here’s a few ideas on how to honor dad:
I think most dads, would just like to spend some one on one time with their kids. Perhaps a hike, Music in the Park, or maybe you taking over the grill. My favorite father’s day gift idea is from the Art of Shaving at the Glendale Americana. My father and husband have both been gifted their luxurious razors and love them.
For those of you wanting quick, easy and quiet, call Cordons in Montrose and preorder your barbecue, it’s delicious. Sounds like too much work, call Zekes in Montrose, more expensive but they deliver.
The outdoor concert and Patina barbecue at Descanso Gardens on Sunday from 11:30 – 2:30 sounds fun. A picnic dinner and an evening at La Canada’s Memorial Park also seems like a nice way to spend some time with dad. This Sunday is smooth jazz.
There’s brunch at La Canada Country Club (and you don’t need to be a member), 10 AM – 2 PM (818) 790-0611.
For those with younger families, Pasadena’s Kidspace has lots of fun Father's Day activities planned. Sunday 10 – 4:30 PM. For the auto buff, the Pasadena Police Classic Car Show, at Paseo on Colorado Sunday 10 AM - 3:00 PM
And for those of you in search of the Perfect Burger check out the Counter in Pasadena, say my dad is BFD and your dad’s standard 1/3 lb burger is free.
Another Los Angeles Weekend with so much to do. Now that summer is here, outdoor concerts and music in the park seem like one of the more popular options.
Burbank Castaways Restaurant, Luau Saturday 5 PM – 9 PM
Flavia Bullet Quartet Jazz Band on the patio each Sunday in June, (818) 848-6691
Glendale Center Theatre Snow White though June 30th
La Canada, Chez Cherie The Thrill of the Grill Improve your grilling skills - focusing on meat and sides. Light meal included. Great way to spend the day with dad – early Father’s Day Gift idea.
La Canada, Music in the Park - Sunday
Misplaced Priorities (Classic Rock) and classic car show prior to concert. Join family, friends, and neighbors at Memorial Park. Don't forget to bring a picnic basket, blankets, and lawn chairs. 6 PM – 8 PM
Los Angeles Taste of the Nation, Culver City
Sunday. Taste over 50 different yummy tidbits from the best Chefs in town. Meet chefs, eat and have fun while helping end childhood hunger in America. Proceeds benefit local charities
Los Angeles, LA WineFest Saturday 2 PM -6 PM & Sunday noon -5 PM
Over 500 Wines, Spirits & Brews, Lifestyle Exhibitors, Seminars, Cooking demos with Celebrity Chefs Eric Greenspan and Chang Sivilay. Gourmet Food Trucks & Restaurants, Live Music.
Mount Washington Community Gardens
Join UCLA students and SCIC/American Indian Family Partnership staff Saturday mornings and learn about gardening and healthy living. The Mount Washington campus is located at 234 Museum Drive, Los Angeles, CA 90065. It is easily accessible via the Metro Gold Line, Southwest Museum stop.
Pasadena Dive in Movie Night
Escape the heat and attend the FREE Dive-In Movie Night. Doors open at 7:45 PM and the PG movie starts at 8:15 PM (sunset.) Bring towels, blankets and chairs. Food will be available for purchase. Come early and participate in Family Swim, starting at 6:30 PM, admission is $2 for adults, $1 for children (17 and under).
Related Post: LA Outdoor Summer Concerts and Music in the Park
Mark your calendar:
La Canada, Anthonys 2nd Wednesday of each month
International Wine Specialist Jeff Champion will be pouring French wines while sharing from his wealth of knowledge on each.
Every now and again a Realtor will find themselves in a transaction with a stellar escrow officer, a great lender, and a seasoned real estate agent on the other side. Mix in an honest seller and a courteous buyer and unless the appraiser messes up, we have a recipe for a seamless transaction. But, alas, that is not the norm and that is why experienced real estate agents, such as the Harb & Co Team have job security. If selling a home and closing escrow were so simple, home buyers and seller wouldn’t need us.
The real estate market is cyclical. When it is a seller’s market, the seller and their Listing agent, typically select services (escrow and title). Unless a bargain basement title company is selected, that choice is not critical. But the seller’s choice of escrow officer is very important. A seasoned hard working escrow professional such as Kristen Hartwick @ Glenoaks Escrow can smooth the way in the most difficult transactions.
The buyer’s choice of lender is also crucial. In addition to properly evaluating the buyer’s information up front, (which avoids the non-stop drama of one more additional piece of paper), an experienced lender can be a life saver when it comes time for the appraisal. In addition an experienced lender can accurately gauge a closing date (typically moving vans need to be scheduled and an accurate assessment of the closing timeline is critical).
The other real estate agent… what can I say that I haven’t said before? Real estate agents come in all different sizes and personalities; I typically have the good fortune of working with top notch real estate agents. Every now and again, I will work with a slacker but my least favorite is the control freak.
Everything needs to be done their way and it’s often wrong. At least the slacker stays out of the way; the control freak is often the one to make an escrow more difficult and complicated than need be.
So the tale of two recent escrows (coincidentally both condos and all of the extra work that entailed).
Glendale opened escrow on 4/16/13 closed escrow, 6/3
Montrose opened escrow 5/6 and was ready to close 6/5 – we had to slow it down because of seller’s slacker lender. .
*A new bubble forecasted in key real estate markets: Consequently, recent home price gains could stall or even reverse the housing recovery, Fitch suggested. "In many markets, fundamentals are improving as unemployment rates continue declining, while low prices and low interest rates have affordability high," analysts for the credit rating agency explained.
"However, especially in cities that never fully unwound the mid-2000s bubble, rapidly increasing price levels are a potential cause for concern." Not surprisingly, many of these areas are in California, which has seen price increases of 13% in the past year.
In Los Angeles, prices are up more than 10% in the past year despite a stubborn unemployment rate that is well above 10%. Not to mention, real estate incomes have declined over the course of the past two years. Read more
*Millennials Say They Don't Want a Home Like Their Parents': The millennial generation is showing differing housing tastes than their parents’ generation. For example, millennials say they prefer smaller, functional homes than sprawling "McMansions," and they’re not interested in “cookie cutter” homes that look like everything else on the block. Instead, this generation of do-it-yourselfers wants to put their individual stamp on their home and make sure it reflects them and their tech-driven lifestyle.
Millennials are the next big demographic of home buyers emerging in real estate. Read more
*12 Cities Leading the Way in Sustainability – You will be amazed who made the list!
*June Homeowner’s Newsletter