Commercial Real Estate broker Eon Lew said there are several other properties now on the market that carry hefty asking prices.
“In terms of a residential market, it’s as strong as it’s ever been,” said Lew, of Keller Williams Realty in Glendale. “La Cañada home prices are slowly on the rise, especially in the $1 and $2 million range. The great schools bring in the bulk of the interest in our area. Everything closes here at 9 p.m. It’s a desirable city and a great place to raise your kids. We’ve seen this market grow and strengthen. La Cañada is a hidden gem.
“When people come from China, they want a good city with great schools. La Cañada is just as good as Beverly Hills and some other markets,” Lew said.
He said when homes top the $7 million mark, they take longer to sell. He said at $13.3 million, the Stratford Manor could take a year or longer to sell. “(But) the market is strong to say the least.”
According to local Realtor Keith Sorem with Keller Williams Realty in Glendale, the median price for a home in La Cañada hovers above the $1 million mark and those prices don’t appear heading south any time soon.
“Inventory goes way up in the spring,” Sorem said. “I think the market is pretty good right now. As always, when supply goes up, prices go down. But there are several really nice homes on the market right now.”
Zillow.com lists 90 homes for sale currently in La Cañada, many topping the $3 million mark.
A seven-bedroom, eight-bathroom 8,005-square-foot home in the 500 block of Meadow Grove Street is on the market for $6.795 million. A six-bedroom, seven-bathroom 7,358-square-foot home in the 4300 block of Woodleigh Lane carries an asking price of $5.98 million.
A five-bedroom, six-bathroom, 6,097 square-foot home in the 700 block of Forest Green Drive is on the market for $4.5 million. A four-bedroom, 7,475 square-foot home on Greenridge Drive is listed for $3.95 million. Almost next door is a four-bedroom, four-bathroom, 5,926-square-foot home in the 700 block of Greenridge Drive listed for $3.6 million.
And prices remain steady.
Realtor Phyllis Harb with Prudential California Realty said her firm recently completed a luxury home comparison.
“La Cañada has incredible homes that have not sold yet,” Harb said. “The shortage of available homes for sale (listing inventory) is bringing multiple offers on most homes and often pushing selling prices above asking.”
Sorem said it’s tough to gauge an average price for a home in La Cañada because each one is unique.
“So when someone asks about home values I look at the trend line. Is it headed up, or headed down?” he said.
Sorem said the median price for a home in La Cañada was $1,260,000 in December, “which would make it $56,000 better than last December, or an increase in the median sale price of 4.4%.”
Follow Tim Traeger on Twitter: @TraegerTim.