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How Far Have Home Prices Dropped in Glendale?

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Real Estate Agent with Teles Properties
This is the sum total of sold homes this week in Glendale and Above the 134. The average escrow is 30 days long, so these are homes that opened escrow toward the end of August. Before we get started, though, I have a little bidness to take care of. (Never mind the dangling participle. It's not hurting anyone). I finally updated my Glendale sales numbers to include 3rd quarter. I was shocked - shocked, I tell you!- to find that the average sales price in Glendale has only dropped by 11%! The number of homes sold has dropped by nearly 30% and the number of homes available has dropped by 12%. The LA Times reporter who asked me to do these numbers asked the reasonable question, "why?". He was especially incredulous because his Dataquick numbers (this is a data crunching service that looks at the tax assessor records) show a 17% drop in Glendale prices. Why, indeed? I think there might be a large number of banks taking homes back from thier owners. This sort of transfer is not part of the MLS and the tax records would show low transfer values. If I am right, than this is scary news. It means there is a whole wave of REO homes about to flood the market. Anyone have a more hopeful theory? Ok, back to our regularly scheduled report... <!--[if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:PunctuationKerning /> <w:ValidateAgainstSchemas /> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:Compatibility> <w:BreakWrappedTables /> <w:SnapToGridInCell /> <w:WrapTextWithPunct /> <w:UseAsianBreakRules /> <w:DontGrowAutofit /> </w:Compatibility> <w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel> </w:WordDocument> </xml><![endif]--><!--[if gte mso 9]><xml> <w:LatentStyles DefLockedState="false" LatentStyleCount="156"> </w:LatentStyles> </xml><![endif]--><!--[if !mso]><span class="mceItemObject" classid="clsid:38481807-CA0E-42D2-BF39-B33AF135CC4D" id=ieooui></span> <mce:style><! st1\:*{behavior:url(#ieooui) } --> <!--[endif]--><!-- /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:""; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman"; mso-fareast-font-family:"Times New Roman";} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.25in 1.0in 1.25in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} --><!--[if gte mso 10]> <mce:style><! /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} --> <!--[endif]--> <!-- 2 City --> <!-- 3 Map --> <!-- 15 Sale Price --> <!-- 16 SP%LP --> <!-- 2 City --> <!-- 3 Map --> <!-- 15 Sale Price --> <!-- 16 SP%LP --><!-- 1 Address --> <!-- 2 City --> <!-- 3 Map --> <!-- 15 Sale Price --> <!-- 16 SP%LP --><!-- 1 Address --> <!-- 2 City --> <!-- 3 Map --> <!-- 15 Sale Price --> <!-- 16 SP%LP --><!-- 1 Address --> <!-- 2 City --> <!-- 3 Map --> <!-- 15 Sale Price --> <!-- 16 SP%LP --><!-- 1 Address --> <!-- 2 City --> <!-- 3 Map --> <!-- 15 Sale Price --> <!-- 16 SP%LP --><!-- 1 Address --> <!-- 2 City --> <!-- 3 Map --> <!-- 15 Sale Price --> <!-- 16 SP%LP --><!-- 1 Address --> <!-- 2 City --> <!-- 3 Map --> <!-- 15 Sale Price --> <!-- 16 SP%LP -->

Address

City

Bd

Bth

SqFt

LotSz

List Price

Sale Price

1515 5th ST

Northwest

2

0

816

6000sf

399,900

350,000

844 Grant Ave

Northwest

2

1

1,023

5500sf

440,000

440,000

2515 E Glenoaks

Chevy Chase

2

1

1,126

5160sf

574,000

550,000

5117 Maryland Ave

La Crescenta

4

4

2,129

9820sf

648,000

615,500

1421 Linden Ave

Northwest

3

2

1,637

5968sf

749,000

719,000

1325 Sinaloa Dr

Rossmoyne

3

2

2,703

6000sf

974,900

905,000

4089 Dover Rd

La Canada

4

3

2,468

41382sf

1,390,000

1,290,000

1515 5th Street is a 'Dozer Special, zoned for multiple units. This one took an astonishing 411 days to sell. More than a year! Of course, they started out at $679k. 844 Grant is the short sale from first quarter. They finally reduced the price, advertised it as an "approved" short sale, accepted an offer and still took over 3 months to close escrow. The banks want to know how they got themselves in this pickle? Complete inability to make business decisions would be my vote. Sheesh. 2515 E. Glenoaks was a very nice home and I am surpised it took over 2 months to sell it. However, it is a much smaller home than you would expect. It is very cute! 5117 Maryland is not the street near downtown. No, this is up in La Crescenta near New York, above Santa Carlotta. This clean home sold for $289/sf - that's a hella hella deal for someone! This had a house and guest house and a pool. Main house needed work. But still.... 1421Linden. This is a gorgeous house, lovely yard, dramatic master suite added by a talented architect. It seems well priced. The house is on the market for 10 days. It sells fo 4% less than asking in this very short marketing time. Seller must have been really motivated.... 1325 Sinaloa is an REO that needs needs needs. The kitchen remodel belongs in another house and there is very little yard. The location, however, is fantastic. This is the week of distressed sales! 4089 Dover Rd. is another 'Dozer Special, this time in La Canada. $1.3 million dollar 'dozer special. Honestly. This stuff can only happen in LA! Anyway, this listing agent gave it her very best - wrestling down the best deal she could for her seller. I think the new buyer is going to build their dream home and thank their lucky stars that they got in when they did. Want to know more? Want pictures, statistics, data? Ok, click here to view an MLS report of all the properties included on this report.