Archive for the ‘San Fernando, Santa Clarita’ Category
September 25, 2008
One of my favorite resources for what’s going on in the market (beside Redfin) is DataQuick. It’s where I go to see the monthly reports on how many properties sold in a month, for how much, and whether the market is up or down from last year.
So now, the results for August are in. So I thought it would be a good time to look at how the various markets in the Valley were doing overall. Here’s the snapshot of single-family homes that sold.
Calabasas home prices are down 28.8% year-over-year for the month of August. Seven homes sold with a median price of $1,155,000. The median price per square foot came out to be $320.
In Encino, there’s a huge disparity between the 91316 and the 91436 zip codes. In the 91316 zip code, where the homes tend to be north of the Boulevard, 21 homes sold with a median price of $627,000. Prices dropped 7.5% from last year, bringing the median price per square foot to $394. The pricier 91436 zip code came down 16% from last year with a median price of $1,050,000. There were 14 homes that sold with a median price per square foot of $372.
Moving east in the Valley, we get to Sherman Oaks. The 91403 zip code, which lies mostly just east of the 405, dropped 23.8% from 2007. There were 11 homes that sold at a median price of $738,000 and a median of $470 a square foot. Moving still further east to the 91423 zip code, the median price goes up to $968,000. And the year-over-year actually went up 8.2% while the median cost per square foot was $385.
Studio City budged very slightly from last year. The median price moved up .5% to $1,025,000. There were 20 homes that sold at a median cost per square foot of $473.
Want a little more value for your dollar? Then head back west over to Woodland Hills. The overall price difference between zip codes north and south of the Boulevard have become less so. Interestingly enough, there were 20 homes that sold in the 91364 zip code (south of the Boulevard) and the median price ended up at $593,000. August prices dropped 23.4% from last year with a median price per square foot of $324. The 91367 zip code (north of the Boulevard) dropped 21.4% to a median price of $570,000. There were 23 homes that sold with a median price per square foot of $302.
September 22, 2008
Back on September 11th, I wrote about a fixer property that sold on Callicott in Woodland Hills. Well, it looks as though that fixer that was off the market is now back on the market. And at more than a $10,000 reduction. What happened? It appears as if the deal fell through.
According to my real estate source, the buyers wanted a $12,000 credit to upgrade the plumbing. The folks who put down the offer apparently felt it was a buyer’s market and that they should have been able to get what they wanted. The seller did offer up some cash, but ultimately, it appeared that the buyers were still going to haggle over more repairs on the house. In the end, the deal went kaput. Well, that’s the way it goes every once in a while in real estate.
If you’re in the market for fixers in nearby West Hills, here’s a few around the Callicott home you might want to consider.
7410 Sale Ave./3bd, 2bth/1,153 sq. ft./$370,000
23740 Welby Way/3bd, 2bth/1,570 sq. ft./$450,000
8031 Jason Ave./4bd, 3bth/2,450 sq. ft./$515,000
The one on Sale Ave. is a short sale. Although short sales can be a bargain, more often than not, the wait to hear back on an offer can be pretty long. And that’s if you even get an accepted offer. Anyone who has dealt with a short sale want to share? Good experiences or bad?
September 18, 2008
While I was browsing through the Redfin Web pages, one forum thread caught my eye – “Gangs/Crime in the West Valley“. The amount of crime in an area is something I think that a number of those shopping for a new home might be concerned about.
I personally like checking the LAPD Crime Map to assess information about how safe a neighborhood is. It gives a snapshot of everything from burglaries to homicides that may (or hopefully may not) have occurred in the area where you’re looking for a new home.
But I found another useful site that readers might be interested in checking out. The Daily News has a San Fernando Valley Crime Map. On their site, you can search for specific crimes, such as gang activity, hate crimes, or attempted carjackings. You can even narrow down the search to weapons – B B guns, crowbars, and handguns. (Gosh, this topic is really uplifting, no?)
Just for the heck of it, let’s try to find out what the crime is like around this recently sold house in Reseda. The address is 18342 Elkwood St. It’s a four-bedroom, three-bath single-family residence with 2,272 square feet of space. It sold for $605,000 in June of this year.
1. I start by inputting the city of “Reseda” and “Yes” for gang related.
2. I find out there were two gang-related shootings; one occurred on 06/27 and the other on 09/12. (See map below.)
3. I zoom in on the map and see that one of the shootings is close enough to the area I’m considering to think twice about my search in the area.
4. I try Tarzana. I see no gang-related crime in the area and I continue my search.
Click to enlarge.
September 17, 2008
I saw a little snippet in the Warner Center News the other day. There was a photo of Hidden Hills way back in the 1950’s. In the photo (above), a sign along the 101 advertised a 3 to 4 bedroom home on a one acre site for $27,500 to $47,500. For a five acre parcel of land, you could have paid about $12,500. Gee, times have certainly changed, haven’t they?
For those of you who aren’t familiar, the city of Hidden Hills is located in the western part of the San Fernando Valley. It’s kind of like living in the country except that you’re a hop, skip, and jump away from the freeway (101) to the rest of LA County. It’s also a very pricey community to live in. And while I’m sure it’s a lovely place to reside, I’ll admit, one of the bylaws did scare me a bit:
However, when you buy in Hidden Hills you give up some of the freedoms those outside the gates have in exchange for the assurance that your neighbor also gives up some of those same freedoms.
All right. If you read further, they’re just talking about choices like the ability to paint your house purple – but still.
Anyhow, back to the real estate. According to Redfin, the average listed price of homes selling in this gated community is currently $3,000,000. The average listed price per square foot is $678. The average price of homes sold in the last three months is $1,987,408. The average sold price per square foot is $581. I certainly couldn’t afford to buy here, and many of our readers might not either. But still, it’s fun to take a look.
Entry Level Luxury Living: 5550 Penland Rd./4bd, 4bth/2,140 sq. ft./$1,750,000
New On The Market: 5207 Round Meadow Rd./3bd, 2bth/2,827 sq. ft./$2,499,000
Reduced: 5839 Jed Smith Rd./5bd, 6bth/8,053 sq. ft./$7,999,000 to $7,499,000
Posh Property Priced Sky High: 25067 Jim Bridger Rd./9bd, 12bth/17,129 sq. ft./$10,500,000
Do take a peek at the one on Jim Bridger Rd. It’s so not my style, but the 20-seat theater is still a nice touch.
September 15, 2008
When I first moved to Southern California about 15 years ago, I had some issues with the air quality. I lived in downtown Los Angeles and was literally coughing and hacking for the first few nights because the polluted air did not agree with my respiratory system. (I used to live in the Bay Area).
Just having moved to the West Valley, I was curious about how the air quality was in my neck of the woods. Have you ever wondered how the air quality was in the neighborhood you’re living in or thinking about moving to? There’s an agency called the South Coast Air Quality Management District. They cover all of Orange County, Los Angeles County, and San Bernardino County. Their mission, says the site, is to “protect public health from air pollution.”
You can go to the site and find out exactly how good the air is or isn’t in your neighborhood. I’ll give you today’s snapshot of the Valley for starters. (The lower the AQI or Air Quality Index, the better.)
West Valley – Air Quality Index 13/Good Air Quality Conditions
East San Fernando Valley - Air Quality Index 113/Unhealthy For Sensitive Groups
And now, here are my real estate picks for Woodland Hills this week.
Reduced: 6145 Fallbrook Ave./3bd, 2bth/1,377 sq. ft./$565,000 to $495,000
Bang For The Buck: 5216 Sale Ave./4bd,4bth/$180 a square foot/3,666 square feet/$659,900
New On The Market: 23117 Hatteras St./4bd,3bth/3,322 sq. ft./$1,750,000
September 11, 2008
I’ve been following the properties around my new neighborhood in Woodland Hills. One home in particular interested me. It’s 6311 Callicott Avenue in Woodland Hills. It’s a three-bedroom, two-bathroom fixer with just 1,150 square feet of space. According to my records, it was on the market way back in March ‘08 when it was reduced from $509,000 to $499,000. In May, it dropped again to $474,900. In July, the home made its final price reduction to $459,900. Well, recently the seller accepted an offer. I’m told it’s $435,000.
That would put this home at $378 a square foot. And that’s for a fixer. As far as I could tell, this home had no structural damage. It was clean, but not pretty. There was a lot of updating to be had – kitchen cabinets, bathroom fixtures, grass for the backyard, and the list goes on.
Taking a look at the current snapshot of the market, the average sold price per square foot is just $290 a square foot. Perhaps the difference in price is due to foreclosed homes? But this home had a number of things going for it.
1. A nice 7,500 square foot lot with plenty of room to expand.
2. Open floor plan, making the existing space seem a little larger than it was.
3. Mostly cosmetic type upgrades needed, bringing down updating costs.
4. Location on a good street – plenty of trees, no busy traffic.
5. Good schools – Welby Way and El Camino School District.
September 8, 2008
I was talking to a local real estate agent out here and was quite surprised to learn that they’re still flipping properties in this market. Take this property on 23340 Bassett St. in West Hills. It has 1,670 square feet of space and is going for $359 a square foot. It’s relatively new on the market. This three-bedroom, two-bathroom home has upgrades like granite countertops, recessed lighting and stone flooring. The owner, I’m told, is a broker and her husband is a contractor.
The husband and wife pair flip on a regular basis in the area and though their margin may be more modest, they do make a decent profit. I suppose they don’t have to worry about the cost of commissions and some of the remodel overhead, so that’s how they can still turn a profit.
Got any stories to share about a flipped property in this neighborhood or any other? I’d love to hear it.
For this Monday, I’ll leave you with a few of my picks in the Valley.
Reduced In Woodland Hills: 21901 Dumetz Rd./3bd, 2bth/$545,000 to $525,000
New Construction Fresh On The Market In Tarzana: 4411 Angostura Pl./4bd, 2bth/$879,000
Bang For The Buck In Calabasas: 3948 Black Bird Way/4bd, 6bth/$244 a square foot (average sold: $366 a square foot)/$939,900
September 5, 2008
My fellow blogger Anita Chabria just wrote a post about foreclosures based on Property Shark’s Foreclosure Report for August 2008. And guess what? Once upon a time, Palmdale/Lancaster was the only area leading the pack in foreclosures, but several zip codes in the Valley are placing in the top five trustee sales for August.
They include Sylmar for third place, with a total of 103 new trustee sales. The average amount owed on a home is $402, 687. Pacoima takes fourth place with a total of 100 new trustee sales. The average amount owed on a home is $378, 491. Anyone ever been out to Sylmar or Pacoima? No offense to anyone who lives there, but they’re both way out in the northern part of the San Fernando Valley – right before you make your departure to Valencia.
North Hills took the #15 spot with 58 new trustee sales. The average amount owed on a home there was $403,615.
According to the report, many of these homeowners paid double what their homes are worth now. (Yikes!) The foreclosed homes were mostly purchased from 2005 through the first half of 2007. For instance, the July stats say that in the 91432 zip code (Sylmar), homeowners who paid $520,519 for homes that are now worth $326,798. (That’s not quite double, but it’s still a painful drop.)
Check out the charts for yourself. (Click to enlarge.)
September 1, 2008
Got plans for the weekend? If you think you’ve got what it takes to work the runway in fabulous style, actress Jenny McCarthy is hosting an event at the Westfield Topanga in Canoga Park on Saturday, September 6th.
Besides being a part of this celebrity hosted event, if you’re one of the top five catwalkers deemed to be Westfield’s “Most Stylish Shoppers”, you’ll also win $1,000 in free stuff and certificates.
The event takes place from noon to 2 pm at the lower level Center Court. You can register online at the Westfield Topanga site.
And in case all that shopping doesn’t wear you out, here’s some real estate in Woodland Hills you might want to check out nearby the mall.
Best Buy: 22322 Vanowen St./4bd, 2bth/$149 per sq. ft./3,365 sq. ft./$500,000
New On The Market: 22400 Califa St./3bd, 2bth/$316 per sq. ft./2,084 sq. ft./$659,000
Foreclosure: 6415 Ponce Ave./4bd, 2bth/$352 per sq. ft./7,492 sq. ft./$589,000
August 31, 2008
I have my favorite areas in the Valley. West Hills is one of them. Much of the area has unpretentious, tree-lined neighborhoods with single-family homes built in the 1950’s. Many of the schools are good. (At least at the elementary level grades.) And part of West Hills is even zoned for the Las Virgenes School District.
So for this weekend, I thought I could share some of the homes that are dropping down in price in the area. Redfin currently shows the median list price of a single-family home to be $454,500 with an average cost per square foot of $300. The sold median price is $442,300. And the average sold cost per square foot is $282.
7042 Semrad Rd./4bd, 3bth/$565,999 to $544,999
8346 Natalie Ln/4bd, 2bth/$689,000 to $620,000
8720 Moorcroft Pl./5bd, 5bth/$949,000 to $869,000
It’s true. The good deals will still go quickly. I originally noted 23442 Vanowen as a great deal from a purely cost per square footage standpoint ($264 per square feet). As I was reviewing this post, it was removed from the marketplace.
