La Canada Foreclosures

In Southern California, foreclosure opportunists are going after cheap homes in downtrodden neighborhoods, but there are plenty of million dollar-plus homes out there, in good neighborhoods, which have fallen into foreclosure as the result of shoddy lending practices, speculative buyers and homeowners walking away from a negative equity situation.

Many of those in the high-end La Canada foreclosures market were traditionally good borrowers with strong credit scores, unlike the profile of the typical subprime borrower. Still, the same gaffes occurred on the lending approval side, as people were given excessively high loans, based on the presumption that housing prices would continue upward.

Foreclosures have always been present in the top end of the market, but what best accounts for the increase are negative equity situations. For homes around the million-dollar mark, it's a case of the home no longer matching the value of the loan. Many of the million dollar-plus homes listed as foreclosures and REOs were built in the last five years and are now worth significantly less than the inflated prices the owners originally paid. But it's not necessarily that buyers didn't put down enough money or had a piggyback loan; the owners may have owed more on the house than it was worth, sinking them into a negative equity situation. Banks are often reluctant to list foreclosures for less than the loan's outstanding value because they don't want to take a loss. In addition, they're usually paying a brokerage firm to list the house, as banks aren't in the business of owning and selling property.

Brokerages take foreclosed home listings on a case-by-case basis. Despite the previous owners not being able to, or not wanting to, make payments, there's nothing wrong with the houses. The best way to find such homes is through a local La Canada Real Estate Agent that knows the foreclosure inventory. View La Canada Real Estate Listings.

Foreclosures are not all bad news for the high-end real estate market. In fact many buyers see the current market as a financial opportunity. The increase in foreclosures has driven interest from investors, out-of-town and foreign buyers looking to snag a deal in sunny California.

THE SAN GABRIEL VALLEY: ONE OF THE NATION'S TOP REAL ESTATE MARKETS

Whether you live among the foothills in the Crescenta-Canada Valleyor San Gabriel Valley, it really is the best of California living.

Pasadena’s proud achievement in historic preservation, with more than 1,000 properties now listed on the National Register for Historic Places., has made it the leading city in Los Angeles that links us to the past. The Norton Simon Museum, The Pacific Asia Museum, and The Pasadena Playhouse are just a few to name if you’re seeking culture within the city.

In 2003 La Canada property values rose by 23.4%, an astronomical increase that placed the city at the top of the charts for the entire nation. Although now, five years later, the market has shifted, the community of La Canada, as well as many surrounding areas, have held its own in comparison to the nationwide drop in house prices. La Canada has not dropped anywhere near any number that would compensate for the rise in property values that have occurred like that 23.4% increase in 2003. Profiled as having one of the lowest crime rates in the country has been one of the contributing factors for the desirability to live in La Canada.

I could touch on the many other wonderful communities among the foothills, but will need pages to go on. Important to be said though, if you live with the San Gabriel Mountains serving as a dramatic backdrop, you have a lot to be thankful for.

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RAMIRO RIVAS & ASSOCIATES
www.LivingLaCanada.com

LANTERMAN HOUSE: A PIECE OF LA CANADA HISTORY

Completed in 1915, “El Retiro”, as it was known, was built by the second generation of La Canada’s founding family, the Lantermans, and today is one of a very few surviving pre-1920 residences in the city of La Canada Flintridge.

Dr. Roy Lanterman commissioned architect A. L. Haley to design a fireproof craftsman bungalow of reinforced concrete for his family. The house sits on 1.4 acres of restored lawns, gardens and oak groves, comprising 11,250 square feet. There are many arts and crafts elements to the Lanterman House, which was constructed with a U-shaped floor plan, including 32 pairs of French doors. The entire second floor is devoted to the ballroom, and the interior of the house retains its original furnishings and is elaborately decorated with plant and flower motifs that are characteristic patterns seen in the arts and crafts style of the early 20th century. Beautiful hand painted ornamentation, wallpapers and light fixtures are still remaining within the home.

Following the deaths of Roy and his wife Emily in 1948 and 1949, the house remained virtually unchanged, even though occupied by sons Frank and Lloyd until their deaths in 1981 and 1987. The house was left by Lloyd Lanterman to the City of La Canada Flintridge and has become one of La Canada’s few remaining historic landmarks, a veritable time capsule of early 20th-century Southern California life. It has been lovingly restored to its 1915 appearance by a grant from the California State Legislature and by efforts of community volunteers who have formed the Lanterman Historical Museum Foundation.

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Hours: Tours are provided Tuesday, Thursday, and the first and third Sundays of the month 1:00 pomp - 4:00 p.m. The museum is closed the month of August and holidays.

Admission: Adults $3.00. Students (12 - 18 years old) $1.00. Children under 12 are free with adult admission (children must be accompanied by an adult at all times - no strollers are permitted in the house).

Group Tour Schedule: Groups of ten or more, Tuesday and Thursday mornings (and one Wednesday morning each month) by appointment.

Lanterman House. 4420 Encinas Drive, La Canada Flintridge, CA 91011. (818)790-1421

LA CANADA TOWN CENTER

The Thursday, August 21st 2008, opening of Sport Chalet’s 45,000 square foot “Building A” of the La Canada Town Center is the first of several grand openings expected to occur in coming months at the $60 million complex. The new development encompasses 11 acres of prime real estate in the center of the La Cañada community, which allows for the self proclamation as La Cañada Town Center.

The development is the accomplishment of a dream that Norbert Olbertz, Sport Chalet’s founder, has tried to carry out for over half a century. Norbert’s vision stems back to 1959 when he and his wife owned and operated the Sport Chalet ski shop that was located on the Northeast corner of Foothill Boulevard and Angeles Crest, which remained in business up until it was demolished to make way for the new Town Center. Olberz has come a long way since the first opening of the humble ski shop, as he now stands behind the companies chain of 52 Sport Chalet stores. In addition to the La Canada Sport Chalet, 15 restaurants and shops will be located at the complex, gradually opening to the public as they each are nearing completion.

Some have argued against the commercial development being brought into the secluded upper-middle to upper class family community of La Cañada, which is a town that caters to its residents by providing a safe environment and top public schools. One should hope though, that the majority of La Cañada’s residents appreciate the refreshing change brought in; A lifelong vision of a La Canada Flintridge resident who seems to have maintained the ideals of a family town with his 11 acre complex located in the towns new center.

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A DESCANSO GARDENS WEDDING

More couples are choosing outdoor locations for their weddings and has become one of the top choices for Pasadena wedding locations and La Canada wedding locations in sunny Southern California. With the sun softly filtered by mighty California oaks and the richness of the camellia forest, or amidst the breathtaking beauty of the International rosarium in full bloom, Descanso Gardens in La Cañada Flintridge provides an extraordinary setting for special occasions and treasured memories. Purchased and developed by Manchester Boddy in 1937, Descanso Gardens comprises 150 acres of land, and can usually accommodate up to three weddings at a time. Seven different sites within the grounds are available to hold a wedding ceremony and/or reception, which include:

The Boddy House is a 22 room Regency style mansion designed by James Dolena. Sited above lush oak woodland, the house was built for Descanso Garden’s developer and publishing tycoon Manchester Boddy and his family.
Weddings held at the Boddy House Lawn or Terrace may have their reception in one of the locations below:

Boddy House Lawn/Terrace, capacity 90
Solarium and Foyer, capacity 50
Living Room, capacity 50
Dining Room, capacity 40

Van de Kamp Hall is a Craftsman-styled building used for lectures,large meetings and corporate functions, wedding receptions, memorial services and other larger gatherings. Fully enclosed, climate controlled and equipped with speakers and a microphone, Van de Kamp can accommodate up to 200 people for table seating or 250 for lecture/ theater style seating. The Hall is part of a complex of buildings located by the Visitors’ Center that includes an outdoor courtyard ideal for after-hours receptions.
Weddings held on the East Garden have their receptions in Van de Kamp Hall.

Magnolia Lawn An East Garden Location, can accommodate up to 200 guests.
Weddings held on the Magnolia Lawn have their receptions in Van de Kamp Hall.
The Japanese Garden: It lends itself to stylish outdoor events in a serene setting of Asian elegance. A feast for the senses, the Japanese Garden is graced by a blue-tiled Tea House and lovely raked rock garden, and the murmur of a koi-filled stream infuses the setting with the sound of nature. The Japanese Garden can accommodate up to 25.

The Japanese Garden is part of the East Garden Locations. Weddings held in the Japanese Garden have their reception in Van de Kamp Hall.

The Main Lawn and The Under the Oaks Theatre are East Garden Locations. The Main Lawn can accommodate up to 400 guests. The Under the Oaks Theatre, is an open-aired location with natural redwood benches that can seat up to 250 guests.
Weddings held on the Main Lawn or Under the Oaks Theater have their reception in Van de Kamp Hall.

Feather Falls is an East Garden Location. An intimate outdoor location that can accommodate up to 75 guests.
Weddings held at Feather Falls have their reception in Van de Kamp Hall.

The Oak Forest is an outdoor location located on the West side of the Gardens. This location can accommodate up to 300 guests
Ceremonies on the West Side of the Gardens have their receptions in the Rose Pavilion.

The Rose Garden is an outdoor location located on the West side of the Gardens. Within the Rose Garden, there are several areas to choose from: the Rose Garden Gazebo (capacity 200); Rose Pavilion; other Rose Garden Nooks (capacity 160 under roof).
Ceremonies on the West Side of the Gardens have their receptions in the Rose Pavilion.

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Descanso Gardens, 1418 Descanso Drive, La Canada, Ca 91011

818-949-4200 http://www.descansogardens.org/