Micro-Market Snapshot: In Glendale, If It's North of The 134 and Under $1 Million, It Sells
In Glendale's prettiest neighborhoods -- on the shade-dappled streets north of the 134, where Spanish Revivals are populated by what Realtor Gerri Cragnotti calls "studio people" -- there are signs of a slowing market, but nothing approaching weakness.
"If it's under a million in Glendale, and it's a nice house -- in move-in condition -- you will sell and you might get multiple offers," Cragnotti told LA Land this morning. "Over a million is a different story. There are 70 homes sitting on the market in the $1 million to $2 milliion range."
Why the split market? At the $1 million price tag and above, "We have a lot of people who have to sell first before they buy. So houses are sitting on the market," she says. "In the $800,000 range -- and I know this sounds ridiculous -- but you have first-time buyers who don't have to sell anything."
Example: 1934 Verdugo Knolls, a picket fenced, 3-bedroom Traditional listed two days ago at $839,000, already has a full-price offer, Cragnotti says.
In the $700,000 to $900,000 range, Cragnotti says Glendale is stealing buyers from more expensive nearby neighborhoods, notably Los Feliz, Studio City, and Pasadena. "People move here for authenticity, for the character of the neighborhoods," she says.
Read below for more from Gerri Cragnotti, including her (intense) dislike of McMansions, and why fraud is a major cause of foreclosure in Glendale.
On Glendale's Preservation Movement: "The city is very against 'mansionization.' Houses have to be compatible design-wise and size-wise."
On Foreclosures: "Most of the foreclosures we're seeing today around here are fraud -- they were intentionally planned when they purchased. They got 100% financing, they got cash back at closing, they buy themselves a new Mercedes and their kid a new BMW."
On the Glendale real estate market in the near future: "It's going to be flat." She believes Rick Caruso's coming Americana at Grand retail-and-residential development will help support home values. "I think it'll give Glendale a lot of buzz."
Pictured: 925 Crestview. 4-bedrooms, 2-bath, 2,300 square feet, listed at $1.150 million.
LOL... More insanity Over 800k in an area with the worst air quality in Los Angeles, only 2300 sqft and probably a postage stamp lot. How do people keep a straight face when they quote prices on this idiocy.
What's even more insane is your're posting this on your blog like it's a good thing. LMAO you must be a Los Angeles transplant. FYI 800k is utter nonsense on a property like that.
The foreclosures are a result of fraud and the prevelance of stated income and no-doc loans IE: some knucklehead rolling the dice on the fact that California real estate never goes down in value and he can refinance it again in a year and save himself. Some folks are going to be in for a rude awakening. This mirage that people are getting cash back deals and just walking away in mass before the first payment is complete lunancy.
Posted by: Mr. IncomeStream | May 23, 2007 at 03:20 PM
"Only" 2300 square feet?! In regular Los Angeles, particularly the old parts of town (and much of nearby Glendale is filled with 1920s homes), that's huge.
And as for Glendale itself, don't discount Adams Hill. Quiet, family-friendly and close to Los Feliz/Silver Lake/Eagle Rock/Downtown.
Posted by: Mike | May 23, 2007 at 05:01 PM
I agree with MIke and i have a home in silverlake, lived there, los feliz, and went to school in Eagle rock. Mr. Incomestream must not be from this neighborhood!
Posted by: mina | August 21, 2007 at 12:58 PM