Last month, May the most expensive sale in La Canada was 5118 Hillard Ave. This Craftsman originally listed for $4,500,000 and sold in twelve days at the asking price. The sellers purchased this home as land value in 1997 for $680,000. In 2002, they took out a construction loan for $1,300,000 and rebuilt the home from the ground up.
MLS remarks for 5118 Hillard Ave., La Canada read: A beautiful Modern Craftsman awaits you. Created in 2002 by its current owners, the home is surrounded by lush native landscaping and mature trees. The wrap-around porch, full copper gutters, stained glass entry, imported tile floors and beautiful period carpentry takes you back to the early days of California but with every modern convenience. Located in the Deodar Area of La Canada Flintridge. This 5 bedroom/5 bathroom, two story home with dedicated office and sunlit library. Basement/recreation room and pool house (with bath and steam room) pool and spa with waterfall feature has everything you would want for California living at its finest.
Additionally, the kitchen comes equipped for your inner chef. With a 6-burner range, 2 ovens, salamander, griddle, built-in wok/stock pot 30,000 BTU gas fired unit, deep fryer, built-in wine-keeper. Miele coffee maker and drink station with water dispenser, icemaker and beverage refrigerator, bon appetite. But, don’t stop there. The garage, built for the car enthusiast, comes with bays for 3 cars and a lift for an additional 4th. This home has been impeccably maintained and loved by its creators since being built.
Inflation is the new reality and is eroding savings and income. It will impact consumer spending growth in coming quarters. To keep inflation under control, the Federal Open Market Committee (FOMC) has already raised its target range for the federal funds rate to 150 (1.5%) basis points since March. It’s likely there will be further interest rate increases this year and 2023. There is no question that an economic slowdown is forthcoming in the next few quarters. We can only hope the Fed’s newly found action will lead to a soft landing and not a recession.