Last month (October), the most expensive La Canada Luxury home sale was at 4055 Chevy Chase Drive. This seven-bedroom, seven-bath home was built in 2003. The home is over 8,000 square feet on nearly one acre. In addition, there is a 1,000+ square foot guest house, cabana, infinity pool, spa, and seven-car garage.
The home sold for $6,000,000. This home was purchased as new in 2005 for $5,550,000.
The UCLA Anderson Forecast notes L.A. is only three years into a rebound that started in 2012. Home prices have since climbed 27 percent. History suggests there will be four more years of price increases and home values will go up another 35 percent before there is any sort of correction. The reason comes down to a fundamental imbalance: there’s lots of job growth, but because of strict building and environmental regulations, there will be very little increase in the housing supply.
