Anyone for Stocks, Bonds, Real Estate? How About Art?

U.S. Treasury officials met with Federal Reserve and Securities and Exchange officials and the heads of Wall Street’s biggest firms yesterday night for another consecutive weekend seminar on the theme of the year, “How Did Things Get This Bad, and Is There Anything We Can Do About It?” Friday’s topic was Lehman Brothers imminent collapse, as reported on Bloomberg.com, the Washington Post, and the Wall Street Journal. Calculated Risk is host to at least 250 comments on this breaking story.

Stocks have gone up and down dramatically these past few weeks, bonds are tied to interest rates, and real estate prices are falling steadily – I see price reductions on most of my Redfin email updates (and I’ll list a few below).

I don’t give investment advice, but for anyone spooked by all the bad news in most investment sectors, with an appreciation for original art, and looking for something to do this Sunday afternoon, check out the the City of Glendale’s 5th Annual Open Studio Tour, September 14, noon-6 p.m. The opening reception will be held today at Brand Library Art Galleries from 3-5 p.m., and an exhibit with works of all the represented artists will be on display there through September 19. A total of 45 studios and businesses are participating in the tour – a list and the self-guided map is here. This colorful dragonfly photo is not part of the exhibit, but is very artistic – courtesy of ( Krikit ).

PRICE REDUCTIONS – PASADENA:

1939 Navarro Avenue
$485,000 (originally listed at $799,000)
4 bed/3 bath
3,056 sq.ft.
$159 per sq.ft.
On Redfin 213 days
Thursday’s post featured this large home with the lowest price per square foot in its Pasadena neighborhood. It was reduced in price on Friday, as I noted in the comment section, and my Redfin email update shows it reduced again today!

415 Avenue 64
$500,000
2 bed/1 bath
1,111 sq.ft.
$450 per sq.ft.
On Redfin 219 days
I featured this Pasadena 91105 property a few weeks ago. It was a short sale then, and the listing stated that the bank approved its sale at $550,000. The listing says nothing about last week’s $50K price reduction.

363 Montana Street
$574,900
1,971 sq.ft.
$292 per sq.ft.
On Redfin 172 days
This is all new construction, finished and placed on the market in March 2008. Originally listed at $650,000, this week it was reduced in price for the sixth time.

PRICE REDUCTIONS – GLENDALE:

3040 E. Chevy Chase Drive
$770,000
2 bed/1.75 bath
2,053 sq.ft.
$375 per sq.ft.
On Redfin 62 days

758 Omar Street
$569,000
1,810 sq.ft.
$314 per sq.ft.
On Redfin 29 days
After 29 days on the market, the listing price was reduced by $50,000 (originally $619,000).

1214 N. Everett Street
$769,000
1,928 sq.ft.
$399 per sq.ft.
On Redfin 53 days
The asking price was just lowered $60,000. The listing states that the price has been reduced for quick sale. This home is in the lower Rossmoyne area of central Glendale.

Check here for a complete list of Glendale area price reductions, and here for a complete list of Pasadena price reductions.