Neighborhood Shopping Center Sells for $16,000,000 in La Cañada, Calif.

The 42,093-square-foot shopping center, known as Foothill Promenade, sold for as much as 16 million dollars recently. Tenant’s include Trader Joe’s, Union Bank, Petco, Aaron Brothers, Starbucks and Han’s Beauty. The purchase is part of the buyers’ plan to acquire high quality shopping centers in Southern California. “This combined with an increased demand from investors has created a very competitive environment so far this year. In the past couple of months, the market has started to see an increase in neighborhood shopping centers sold and marketed for sale in southern California. Watch for this trend to continue and pick up momentum moving into the fourth quarter,” reported William B. Asher of Hanley Investment Group.

California Leads the Way

Berkeley, California homes lead the country in homes sold above the asking price, about 108% above the asking price. Seven of the top ten zip codes with homes sold above the asking price where in California.

Four Consecutive Quarters of Profit and Growth – 1st Capital Bank Announces its Unaudited Financial Results

1^st Capital Bank announced its impressive fourth consecutive quarter of profit and growth today. The bank has continued to grow in asset size and has expanded its market share in Monterey County. “The three months ended June 30, 2010 represent the fourth consecutive quarter of profitable operations for 1st Capital Bank,” said Fred Rowden, President and CEO of 1st Capital Bank. In addition, net income recorded for the quarter ended June 30, 2010 increased $187,000 (1169%) to $203,000, compared to $16,000 for the trailing quarter ended March 31, 2010.

California Up in June

An estimated 43,964 new and resale houses and condos were sold statewide last month. That was up 7.3% from 40,965 in May, and down 0.5% from 44,167 for June 2009, according to MDA DataQuick.

California sales for the month of June have varied from a low of 35,202 in 2008 to a peak of 76,669 in 2004, while the average is 50,405. MDA DataQuick’s statistics go back to 1988.

The median price paid for a home last month was $270,000, down 2.9% from $278,000 in May, and up 9.8% from $246,000 for June a year ago. The year-over-year increase was the eighth in a row, following 27 months of year-over-year decline. The bottom of the current cycle was $221,000 in April 2009, the peak was at $484,000 in early 2007.

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San Francisco up 16.2%, SD 10.8%, LA 6%

The San Francisco area had the strongest quarterly performance among metropolitan regions in a closely watched home price index released Tuesday, although other areas and national numbers showed some weakening.

The S&P/Case-Shiller Home Price Index showed the San Francisco area – which it defines as the counties of San Francisco, San Mateo, Marin, Alameda and Contra Costa – up 16.2 percent in the first quarter, compared with the same quarter in 2009.

Other California areas also showed recovery, with San Diego up 10.8 percent and Los Angeles up 6 percent.

“San Francisco, San Diego and Los Angeles went way up and came way down, so to some extent this is a rebound from the bottom,” said David Blitzer, chairman of the index committee for Standard & Poor’s, which publishes the index.

Marin County Up 10.1%

http://marinrealestateblog.com/ reports that the  median price for homes in Marin County rose for the second month, gaining 10.1%. The median price for condominiums also rose. The median price for homes Sold in Marin in April of 2009 was $800,000, the median price for homes Sold in April of 2010 was $865,000. The average price for homes Sold in April of 2009 was $1,022,859, the average price for homes Sold in April of 2010 was $1,164,496. Average days on the market for homes Sold in April of 2009 was 107 days, and the average number of days on the market for homes Sold in April of 2010 was 80 – the shortest time since August of 2008.

Los Angeles industrial real estate outperforms nation

Image via WikipediaFrom LA Times

Industrial property landlords are suffering in most of the country – but not so much in Los Angeles, a real estate brokerage said Tuesday.

Vacancy in the U.S. increased for a 10th consecutive quarter to 10.9% in the first three months of this year, Grubb & Ellis said. Asking rents were down almost 7% from a year ago. With the economy finally starting to improve a bit, the pace of deterioration in the industrial real estate market is easing, “but not quickly,” said the brokerage in a report.

In Los Angeles, vacancy rose a smidgen from a year ago to a mere 3.4% in the first quarter, though that was a six-year high. Asking rents have been coming down for the most part since 2008.

40 percent fewer default notices to California homeowners

Lenders issued 40 percent fewer default notices to California homeowners during the first three months of 2010 than in the same period last year, another sign that the state’s foreclosure crisis is easing, new data shows.

California also saw a sharp drop in the number of trustees deeds — recorded when a house or condo actually is forfeited to foreclosure — in January, February and March, according to the latest figures from San Diego-based MDA DataQuick.

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Bay Area Come Back

Bay Area home prices edged higher in April for the first time in 18 months, a sign that the region’s housing downturn may finally be easing, according to a new report.A total of 7,139 new and resale houses and condos sold in the Bay Area last month, up 13.1 percent from a year ago. It was the eighth consecutive year-over-year gain for the nine-county region.

From http://www.pressdemocrat.com/article/20090521/BUSINESS/905219940/1036?Title=Is-the-Bay-Area-housing-market-stabilizing-

Parts of Cali Home Sales Surge in Feb

Sales have increased in California on a year-over-year basis the last eight months. California sales for the month of February have varied from last year’s low to a peak of 48,409 in 2004, while the average is 32,517. MDA DataQuick’s statistics go back to 1988. Bay Area home sales beat the year-ago mark for the sixth straight month in February as the winter market sizzled in many foreclosure-heavy inland areas offering the deepest discounts. The median price dipped below $300,000 for the first time since late 1999.

From David Hoshaw: Santa Clarita Valley Home Sales Surge 45% in February, Price declines Slow, and the median price is up 3% since January 2009. For the eleventh consecutive month, sales of existing single-family home surged compared to the prior year and the rate of falling home prices appears to be easing, the Southland Regional Association of Realtors reported Friday, March 20.

A total of 167 homes closed escrow during February, an increase of 52 transactions or 45.2 percent compared to activity reported 12 months ago. Get his Santa Clarita Foreclosure list

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